August 18, 2025
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Final Subscription Tally
| Size Rs.15.29 Crore LM: | ||||
| QIB | NII x | RII x | Total x | Applications |
| – | 289.15 | 461.11 | 382.14 | 166129 |
| Subscription Review: Good subscriptions on the last day |
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About Medistep Healthcare
Medistep Healthcare Limited, incorporated in June 2023, is a young and fast-growing pharmaceutical company engaged in the production of sanitary pads, energy powders, pharmaceutical, nutraceutical, intimate care, and surgical products. With a strong focus on quality, hygiene, and health, the company aims to expand its product portfolio as it steps into the public market. Its offerings include essential feminine hygiene products, energy supplements, nutraceuticals for overall wellness, intimate hygiene solutions, and surgical supplies. For FY24 (annualized), the company reported revenues of ₹45.00 crore and a Profit After Tax (PAT) of ₹4.08 crore. As of December 28, 2024, it employed nine permanent staff, supported by daily-wage labourers as per production needs.
Medistep Healthcare IPO Details
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Sector: Healthcare Products |
|
| IPO opens on | 8 August 2025 |
| IPO closes on | 12 August 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 37,44,000 Shares / Rs 16.10 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 189000 Shares |
| Net offer to Public | 35,55000 Shares Rs. 15.29 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 43 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 3000 Shares |
| Listing will at | NSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| Retail Shares Offered | 50% of the Net Issue |
| NII Shares Offered | 50% of the Net Issue |
How shares can be applied?
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 6,000 | 2,58,000 |
| Retail (Max) | 2 | 6,000 | 2,58,000 |
| HNI (Min) | 3 | 9,000 | 3,87,000 |
Who are the Promoters of Medistep Healthcare IPO?
The promoters hold 93.62% of the pre-IPO capital
What are the Objects of Medistep Healthcare IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+Funding of capital expenditure towards purchase of plant and machineries for expansion at the existing manufacturing facility Rs. 0.51 Cr.
+Working Capital requirement Rs. 12.34 Cr.
+General Corporate purposes
Medistep Healthcare IPO Timetable
Tentative timetable |
|
| IPO opens on | 8 August 2025 |
| IPO Closes on | 12 August 2025 |
| IPO Allotment on | 13 August 2025 |
| Refund Initiation | 14 August 2025 |
| Credit of Shares | 14 August 2025 |
| Listing on | 18 August 2025 |
| Registered Office of the Company Medistep Healthcare Ltd. 05, S. No-245/B, Plot-19, T.P.S. 56, Free Way Trade Center, Nr.A-One Hotel N.H.-8 Narol Gam, Narol Daskroi, Ahmedabad, Gujarat, 382405 |
| Lead Managers of this IPO Fasttrack Finsec Pvt ltd |
| Who is the Registrar to the IPO? Cameo Corporate Services ltd |
Medistep Healthcare Financials Snapshot
| Period Ended | 30-Jun-24 | 31-Mar-24 | 31-Mar-23 | 31-Mar-22 |
| Assets | 24.02 | 14.96 | 14.66 | 7.1 |
| Total Income | 11.25 | 31.63 | 27.74 | 7.62 |
| Profit After Tax | 1.02 | 2.91 | 0.92 | 0.19 |
| Net Worth | 13.71 | 11.69 | 1.07 | 0.33 |
| Reserves and Surplus | 3.25 | 6.79 | ||
| Amount in Rs. Crore | ||||
Performance Indicators
| KPI | Values |
| ROE | 44.44% |
| ROCE | 59.10% |
| RoNW | 44.44% |
| PAT Margin | 8.52% |
How Medistep Healthcare IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Medistep Healthcare | 28.46 | |
| Fabino Enterprises | 135 | 1.15 |
| Achyut Healthcare | 10.08 | 2.53 |
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Medistep Healthcare IPO Review
– by Paresh Gordhandas, CA & Research Analyst
Medistep Healthcare Limited, based in Ahmedabad, is launching a fixed‑price SME IPO worth Rs.16.10 crores, comprising a fresh issue of 37.44 lakh shares at ₹43 per share. The offer opens on August 8, 2025, and closes on August 12, 2025; allotment is expected on August 13, with listing on NSE EMERGE slated for August 18, 2025
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Revenue grew ~14% from Rs.27.74 cr to Rs.31.63 cr, while PAT surged by over 3x to Rs.2.91 cr, boosting PAT margin from ~3% to ~9%
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Q1 FY25 annualized suggests continued healthy margins and operational leverage.
✅ Why Investors May Consider Applying
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High Growth in Profitability
After a modest PAT of Rs.0.92 cr in FY23, the leap to Rs.2.91 cr in FY24 signals rapid business scaling and improved margins (~9%) -
Strong Return Metrics
With an RoNW over 28%, RoCE at 69%, and an EPS of Rs.19.96, the business demonstrates efficient capital use and robust returns -
Low Leverage and Asset Light Model
Debt-to-equity ratio of just ~0.03 ensures financial stability and flexibility. The company plans to use IPO capital towards expansion of manufacturing capacity, working capital, and general corporate purposes -
Diversified Product Portfolio
Medistep serves essential segments including sanitary pads, energy powders, nutraceuticals, pharmaceuticals, intimate care, and surgical products, offering wide exposure across health and wellness categories -
Long-Term Growth Potential
Given focus on healthcare essentials and early-stage profitability, the IPO may suit long-term investors looking to benefit from business scaling and improving margins—especially since current valuations likely remain modest given SME pricing
⚠️ Risks & Considerations
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Modest Absolute Scale
Even after growth, revenues and profits Rs.30 cr revenue, Rs.3 cr PAT) are small in the broader healthcare universe—returns depend heavily on upward business trajectory. -
SME-Specific Risks
As an SME IPO, liquidity post-listing may be limited and volatility higher compared to mainboard listings. -
Sectoral Competition & Execution Risk
Healthcare and FMCG-adjacent segments are competitive; consistency in quality, supply chain, and regulatory compliance is pivotal.
