September 17, 2025

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Aptus Pharma Dates, Price, Lot Size & Review

JD Cables IPO is a book-built issue of Rs. 95.99 crore, comprising a fresh issue of 0.56 crore shares worth Rs. 84.41 crore and an offer for sale of 0.08 crore shares worth Rs. 11.58 crore. The issue opens on September 18, 2025, and closes on September 22, 2025. Allotment is expected on September 23, and the shares will list on BSE SME on September 25, 2025. The price band is fixed at Rs. 144–152 per share, with a lot size of 800 shares. Minimum investment for retail investors works out to Rs. 2,43,200 (1,600 shares), while HNIs need to apply for at least 3 lots (2,400 shares) amounting to Rs. 3,64,800.

🕗 Last Update: 17 September 2025, 6.00 AM

Table of Contents

Aptus Pharma IPO Key Dates

Anchor Investor Subscription
IPO opens on	18 Sept. 2025
IPO Closes on	22 Sept. 2025
Allotment on	23 Sept, 2025
Credit of shares on	24 Sept. 2025
Tentative Listing on	25 Sept. 2025

Aptus Pharma IPO Concise Verdict

Aptus Pharma Ltd., engaged in marketing and distribution of pharmaceutical formulations, has grown its revenue from Rs. 13.90 crore (FY23) to Rs. 24.64 crore (FY25) with PAT rising from Rs. 0.19 crore to Rs. 3.10 crore in the same period. Margins have improved (EBITDA Rs. 4.76 crore in FY25 vs Rs. 0.57 crore in FY23). However, the balance sheet shows weakness – borrowings Rs. 10.36 crore vs net worth Rs. 6.97 crore, indicating leveraged structure. Further, inventory Rs. 7.06 crore and receivables Rs. 5.64 crore are high compared to monthly sales of Rs. 2.04 crore, reflecting stressed working capital.

Final Subscription Tally

Size Rs. Crore
QIB	NII x	RII x	Total x	Applications

Subscription Review:

About Aptus Pharma

Aptus Pharma Ltd., incorporated in 2010, is engaged in the marketing and distribution of finished pharmaceutical formulations across multiple therapeutic segments. The company operates with a diversified product basket spanning antacids & PPIs, pain management, anti-inflammatories, antibiotics, cardiology & antidiabetics, neuropsychiatry, dental, injectable parenterals, syrups, nutraceuticals, sachets and more.

Product Divisions

Aptus Pharma: Acute therapies such as anti-infectives and pain management
Aptus CD Care: Chronic therapies (cardio-diabetic focus)
Aptus Wellcare: Wellness & nutraceutical products
Aptus Global: Overseas exports

As of March 31, 2025, the company had a strong portfolio of 194 pharmaceutical formulations across 11+ therapeutic areas.

Operations & Distribution

Warehousing facilities: 15,732 sq. ft. + 1,989 sq. ft. in Ahmedabad, Gujarat.
Distribution network: 125 direct and sub-distributors, backed by a sales team of 54 field personnel.
Workforce: 70 employees as of March 31, 2025.

Aptus Pharma IPO Details

Sector:
IPO opens on	23 September 2025
IPO closes on	25 September 2025
Issue Type	Book Built Issue IPO
Issue Size	18,60,000 Shares / Rs 13.02 Crore
* Fresh Issue	–
* Offer for Sale –	–
Market Maker Portion	94,000 Shares
Net offer to Public	17,66,000 Shares Rs. 12.36 Crores
Face Value per share	Rs. 10
Price Band	Rs. 65-70
Employee discount	Rs. 0 per share
Retail Lot Size	2000 Shares
Listing will at	BSE SME

How shares are being offered

Investor Category	Shares Offered
Market Maker Shares Offered	94,000 (5.05%)
QIB Shares Offered	8,80,000 (47.31%)
NII (HNI) Shares Offered	2,66,000 (14.30%)
Retail Shares Offered	6,20,000 (33.33%)
Total Shares Offered	18,60,000 (100.00%)

How shares can be applied?

Application	Lots	Shares	Amount Rs.
Retail (Min)	2	4,000	2,80,000
Retail (Max)	2	4,000	2,80,000
S-HNI (Min)	3	6,000	4,20,000
S-HNI (Max)	7	14,000	9,80,000
B-HNI (Min)	8	16,000	11,20,00

Who are the Promoters of Aptus Pharma IPO?

The company promoters are Tejash Maheshchandra Hathi, Chatrabhuj Vallabhbhai Butani, Kapilbhai Hasmukhbhai Chandarana, Ghanshyam Vinubhai Pansuriya, Milly Chetan Lalseta, Riddhish Natwarlal Tanna, Gaurang Rameshchandra Thakker, Kripaliben Mayank Thakker And Kunjal Piyushbhai Unadkat

The promoters hold 100.00% of the pre-IPO capital

What are the Objects of Aptus Pharma IPO?

The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects

+Capital Expenditure for Office Premises with furniture and Industrial Racks-Rs.1.63 Crore
+Working Capital-Rs.8 Crore
+General Corporate purposes

Registered Office of the Company

Aptus Pharma Ltd.
Ashutosh Buildcon, Opp. Slok – 2,
Nr. Harikrupa Logistic Park,
Aslali, Ahmedabad, Daskroi,
Ahmedabad, Gujarat, 382427

Email: info@aptuspharma.com

Lead Manager of the IPO

Interactive Financial Services ltd

Who is the Registrar to the IPO?

Bigshare Services Pvt. ltd
https://ipo.bigshareonline.com/IPO_Status.html

Aptus Pharma Financials Snapshot

Period Ended	31-Mar-25	31-Mar-24	31-Mar-23
Assets	115.23	45.08	17.89
Total Income	250.7	100.85	40.86
Profit After Tax	22.15	4.58	0.32
EBITDA	34.14	7.22	0.81
NET Worth	29.98	7.83	1.18
Reserves and Surplus	29.93	7.78	1.15
Total Borrowing	45.91	17.77	3.84
Amount in Rs. Crore

Key Financial Indicators

KPI	Values
ROE	117.17%
ROCE	43.64%
Debt/Equity	1.53
RoNW	73.89%
PAT Margin	8.84%
EBITDA Margin	13.62%
Price to Book Value	8.39
EPS	13.03
PERatio	11.66

How Aptus Pharma IPO compares with the Peers?

Aptus Pharma IPO Review

by Paresh Gordhandas, Chartered Accountant & Research Analyst

Business Model

Incorporated in 2010, Aptus Pharma is engaged in distribution and marketing of pharmaceutical formulations.
Strong product basket of 194 formulations across 11+ therapeutic areas, spanning acute, chronic, wellness, nutraceuticals, and exports.
Distribution network includes 125 distributors and sub-distributors supported by a sales team of 54 field personnel.

Financial Performance

Revenue: Rs. 13.90 crore (FY23) → Rs. 17.88 crore (FY24) → Rs. 24.64 crore (FY25).
PAT: Rs. 0.19 crore (FY23) → Rs. 0.80 crore (FY24) → Rs. 3.10 crore (FY25).
EBITDA: Expanded to Rs. 4.76 crore in FY25 from Rs. 0.57 crore in FY23.
Net Worth: Rs. 6.97 crore (FY25) vs Rs. 0.97 crore (FY23).

Balance Sheet Concerns

Borrowings: Rs. 10.36 crore vs net worth Rs. 6.97 crore – indicating high leverage.
Working Capital Stress: Inventory Rs. 7.06 crore + Receivables Rs. 5.64 crore vs monthly sales Rs. 2.04 crore, which is not efficient.
Heavy dependence on distributor collections and inventory management could hurt liquidity.

Positives

Diversified portfolio across multiple therapeutic areas.
Improving profitability and EBITDA margins.
Established distribution network across Gujarat and other states.

Risks

High debt levels compared to net worth.
Working capital stress with disproportionate receivables and inventory.
Primarily trading/distribution model, with lower entry barriers.

What does Aptus Pharma Ltd. do?

Aptus Pharma is engaged in marketing and distribution of finished pharmaceutical formulations across multiple therapeutic areas including acute, chronic, wellness, and nutraceuticals.

How has the financial performance been?

Revenue has grown from Rs. 13.90 crore in FY23 to Rs. 24.64 crore in FY25, while PAT improved from Rs. 0.19 crore to Rs. 3.10 crore in the same period.

Is the balance sheet strong?

No. The company has borrowings of Rs. 10.36 crore vs net worth of Rs. 6.97 crore, indicating a leveraged position.

What are the red flags for investors?

High inventory and receivables (Rs. 12.70 crore combined) compared to average monthly sales of Rs. 2.04 crore, along with high borrowings, reflect stressed working capital and liquidity concerns.

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