Speciality Medicines is launching an IPO worth ₹29.14 crore, and the entire issue consists of fresh shares (24 lakh shares). There is no offer-for-sale component.
The IPO will open for subscription on March 20, 2026, and close on March 24, 2026. The allotment is likely on March 25, 2026, and the shares are expected to be listed on the BSE SME platform on March 30, 2026.
The price band for the IPO is set between ₹117 and ₹124 per share. Investors need to apply for a minimum of 1,000 shares per lot.
- For retail investors, the minimum investment is ₹2,48,000 (2 lots or 2,000 shares).
- For HNI investors, the minimum investment is ₹3,72,000 (3 lots or 3,000 shares).
The IPO is being managed by Unistone Capital Pvt. Ltd. as the lead manager, while Skyline Financial Services Pvt. Ltd. is the registrar. Aikyam Capital Private Limited will act as the market maker.
Speciality Medicines IPO Objectives
- Nearly ₹1,267.64 lakhs will be allocated for setting up a new R&D facility. This includes the construction of the building, procurement of laboratory machinery, and electrical equipment at a site in Manda, Taluka Umargam.
- The company has earmarked ₹800.00 lakhs to meet its incremental working capital needs. This capital is intended to support the company’s strategic decision to prioritize uninterrupted supply of inventory and strengthen relationships with vendors through timely payments.
- Around ₹299.25 lakhs will be used for product registration and development in international markets.
- The company plans to spend ₹165.61 lakhs on marketing activities and brand promotion, which includes participating in global industry events like CPHI Worldwide (Milan, Frankfurt) and Arab Health.
- A portion of the proceeds will be utilised for general corporate activities to support the overall business infrastructure, with the final amount to be determined upon the finalization of the Issue Price.
About Speciality Medicines
Speciality Medicines Limited is a pharmaceutical company focused on the marketing and distribution of finished formulations, especially high-cost speciality medicines used to treat serious and long-term conditions. These include areas like oncology, immunology, neurology, and rare diseases.
The company currently has a portfolio of 128 products, with plans to expand it to 281 products, available in forms such as tablets, capsules, injections, and inhalers.
It operates through two main business models: contract manufacturing of approved formulations and trading of registered pharmaceutical brands.
Speciality Medicines has a strong presence across 20+ states in India and exports to 35+ countries across Asia, Africa, and Europe. To support future growth, the company is setting up an in-house R&D centre to improve product development and speed up regulatory approvals.
Industry Outlook
- The Indian pharmaceutical market, valued at approximately US$55 billion in 2025, is projected to reach US$130 billion by 2030, growing at a CAGR of over 10%.
- The industry is pivoting from mass-producing low-cost generics to high-value "Specialty Medicines," which include complex generics and biologics.
- Demand is driven by an increasing prevalence of chronic conditions in India; for instance, kidney diseases now affect nearly 200 million people, and diabetes/cardiovascular cases are rising steadily.
- India’s pharma exports reached US$30.38 billion in FY25. Projections suggest exports could reach $65 billion by 2030 as global markets seek affordable specialty therapies.
- With around US$90 billion worth of biologics facing patent expiry by 2030, the market for biosimilars and specialty formulations is expected to explode.
- Initiatives like the PLI (Production Linked Incentive) Scheme, with outlays over ₹15,000 crore, are encouraging self-reliance in API and complex medicine manufacturing.
How To Apply for the Speciality Medicines IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Speciality Medicines IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Speciality Medicines IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Speciality Medicines IPO
- Registered office: 913, One World West, S. No. 396, FP 119, Village- Vejalpur, Ahmadabad City, Ahmedabad, Gujarat, India, Ahmedabad, Gujarat, 380051
- Phone: +91 22 4604 5344
- Email: investors.grievances@specialitymedicine.com
Speciality Medicines IPO Reservation
| Investor Category | Shares Offered |
| QIB (Qualified Institutional Buyers) | Not more than 2% of the Net Issue |
| Retail Investors | Not less than 49% of the Net Issue |
| NII (Non-Institutional Investors) | Not less than 49% of the Net Issue |
Speciality Medicines IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual Investors (Retail) – Min | 2 | 2,000 | ₹2,48,000 |
| Individual Investors (Retail) – Max | 2 | 2,000 | ₹2,48,000 |
| S-HNI – Min | 3 | 3,000 | ₹3,72,000 |
| S-HNI – Max | 8 | 8,000 | ₹9,92,000 |
| B-HNI – Min | 9 | 9,000 | ₹11,16,000 |
Speciality Medicines IPO Promoter Holding
The promoters of the company are Parth B Goyani and Goyani Sumit Babubhai.
| Particulars | Holding (%) |
| Pre-IPO Promoter Holding | 59.67% |
| Post-IPO Promoter Holding | Not disclosed |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Speciality Medicines
| Key Performance Indicator (KPI) | Value (FY 2025) |
| Revenue Growth (%) | 111.70 |
| EBITDA Margin (%) | 15.60 |
| Return on Net Worth (RoNW) | 28.30 |
| PAT Margin (%) | 14.77 |
| Current Ratio | 5.36 |
Speciality Medicines IPO Prospectus
Speciality Medicines IPO Registrar and Lead Managers
Speciality Medicines IPO Lead Managers
Unistone Capital Pvt.Ltd.
Registrar for Speciality Medicines IPO
Skyline Financial Services Pvt.Ltd.
Phone: 02228511022
Email: ipo@skylinerta.com
Financial Performance of Speciality Medicines
| Particulars (₹ in Lakhs) | FY 2024-25 (Standalone) | FY 2023-24 (Standalone) | FY 2022-23 (Consolidated) |
| Revenue from Operations | 5,827.14 | 2,752.48 | 2,317.50 |
| EBITDA | 909.21 | 526.08 | 357.77 |
| EBITDA Margin (%) | 15.60% | 19.11% | 15.44% |
| Profit After Tax (PAT) | 860.82 | 293.36 | 169.61 |
| Net Worth | 3,041.65 | 1,506.39 | 593.13 |
| Total Assets | 3,822.46 | 2,233.72 | 1,273.66 |
Speciality Medicines Peer Comparison
| Name of the Company | Revenue from Operations (₹ in Lakhs) | P/E Ratio (Times) | RoNW (%) |
| Speciality Medicines Limited | 5,827.14 | [●] | 28.42% |
| Remus Pharmaceuticals Limited | 62,036.00 | 10.41 | 15.02% |
| Trident Lifeline Limited | 8,696.47 | 27.00 | 18.23% |
| Mono Pharmacare Limited | 16,834.49 | 7.49 | 9.90% |
Strengths and Opportunities for Speciality Medicines IPO
- The company has demonstrated significant top-line performance, with revenue from operations growing by 111.70% from ₹2,752.48 lakhs in FY 2024 to ₹5,827.14 lakhs in FY 2025.
- Restated Profit After Tax (PAT) gas surged by 193.44% year-on-year to ₹860.82 lakhs in FY 2025. The Return on Net Worth (RoNW) stood at a robust 28.30% for the same period.
- The company offers a diverse range of 128 specialty pharmaceutical items, with active plans to expand this portfolio to 281 products in the near future to address complex chronic conditions.
- SML maintains a strong international presence, exporting specialty drugs, orphan drugs, and vaccines to more than 35 countries globally.
- Within India, the company serves over 20 states, marketing and distributing high-cost specialty pharmaceuticals for therapeutic areas like oncology, immunology, and neurology.
- The company exclusively partners with WHO-GMP-certified manufacturers and authorized distributors, ensuring high standards of traceability and quality for its sourced medicines.
Risks and Threats for Speciality Medicines
- A significant portion of the company’s revenue is derived from a limited number of customers. In FY 2025, the Top 10 customers contributed 58.07% of total revenue. Losing any of these major clients could severely impact financial stability.
- The company does not manufacture its own products currently and relies on third-party WHO-GMP-certified manufacturers. The Top 10 suppliers accounted for 71.95% of total purchases in FY 2025. Any disruption in these relationships or manufacturing delays could halt supply.
- The business is capital-intensive. As of March 31, 2025, the company had significant trade receivables. While management reduced trade payable days to 12 days to maintain vendor trust, any delay in collecting payments from customers could create a liquidity crunch.
- The company is allocating ₹1,267.64 lakhs (the largest portion of IPO proceeds) to set up a new R&D centre. As a firm currently focused on trading, there is no guarantee that this transition into research and formulation development will be successful or yield timely regulatory approvals.
- The pharmaceutical industry is highly regulated. The company must comply with standards set by the CDSCO in India and various international health authorities. Any failure to maintain licenses or meet quality standards could lead to product recalls or bans in its 35+ export countries.
- Since the company deals with "Speciality Medicines" for critical conditions like oncology and neurology, any side effects or quality defects in the distributed formulations could lead to expensive legal battles and irreparable brand damage.
