NewsIPOAnondita Medicare IPO Opens with Strong Grey Market Premium, Aims to Raise Rs 69.5 CroreAnondita Medicare IPO Opens with Strong Grey Market Premium, Aims to Raise Rs 69.5 Crore
Anondita Medicare, a Noida-based male condom manufacturer, has launched its IPO to raise Rs 69.5 crore. The IPO, priced at Rs 137-145 per share, offers 47.93 lakh fresh equity shares. It has a 40% grey market premium, indicating an expected listing price of Rs 200-205. The company, which produces COBRA brand condoms, reported significant financial growth with revenue increasing 66% to Rs 77.13 crore and profit after tax rising 327% to Rs 16.42 crore in FY22.
*this image is generated using AI for illustrative purposes only.
Anondita Medicare, a Noida-based manufacturer of male condoms, has launched its Initial Public Offering (IPO) with a robust start, commanding a significant grey market premium. The IPO, which opened for subscription today, aims to raise Rs 69.5 crore through the issuance of 47.93 lakh fresh equity shares.
IPO Details
- Price Band: Rs 137-145 per share
- Issue Size: 47.93 lakh fresh equity shares
- Total Fundraise Target: Rs 69.5 crore
- Subscription Period: Opens today, closes on Tuesday
- Tentative Listing Date: September 1 on NSE SME
Strong Market Interest
The IPO has garnered substantial interest in the grey market, commanding a premium of 40%. This indicates an expected listing price in the range of Rs 200-205 per share, significantly higher than the issue price band.
Minimum Investment
Investors looking to participate in the IPO need to make a minimum investment of Rs 1.45 lakh for a lot size of 1,000 shares.
Anchor Investment
Prior to the public offering, Anondita Medicare successfully raised Rs 19.58 crore from anchor investors by allotting 13.5 lakh shares.
Company Overview
Anondita Medicare specializes in manufacturing male condoms under the COBRA brand. The company boasts an impressive annual production capacity of 562 million units. Its products are not only distributed domestically but also exported to various regions including Southeast Asia, Africa, and the Middle East.
Financial Performance
Anondita Medicare has demonstrated strong financial growth in recent years:
| Fiscal Year | Revenue (Rs Crore) | Profit After Tax (Rs Crore) | Growth (Revenue) | Growth (PAT) |
|---|---|---|---|---|
| FY22 | 77.13 | 16.42 | 66% | 327% |
| FY21 | 46.56 | 3.85 | - | - |
The company's revenue surged by 66% from Rs 46.56 crore in FY21 to Rs 77.13 crore in FY22. More impressively, the profit after tax witnessed a remarkable increase of 327%, rising from Rs 3.85 crore to Rs 16.42 crore during the same period.
This IPO presents an opportunity for investors to participate in the growth story of a rapidly expanding player in the healthcare products sector. However, as with all investments, potential investors are advised to carefully review the company's prospectus and consider their financial goals before making an investment decision.
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