Subscribe for Anlon Healthcare Ltd IPO; Anand Rathi

Anand Rathi, has come out with its report on Anlon Healthcare Ltd. The research firm has recommended to “ Subscribe” the ipo in its research report as on August 25, 2025.

Broker Research

August 25, 2025 / 14:09 IST

IPO

Anand Rathi, Anlon Healthcare Ltd

Anlon Healthcare is a chemical manufacturing company engaged in manufacturing of; (i) high purity advance pharmaceutical intermediates (“Pharma Intermediate”) which serves as raw material/ key starting material in the manufacturing of active pharmaceutical ingredients; and (ii) active pharmaceutical ingredients (“APIs”) which serves as a raw material for pharmaceutical formulations in preparation of various type of Finished Dosage Formula (“FDF”) such as tablet, capsules, ointment, syrup etc, ingredients in nutraceuticals formulations, personal care products and animal health products. Their products span across the family of pharmaceutical intermediates, active pharmaceutical ingredients, nutraceutical APIs and ingredients for personal care and veterinary API. Their active pharmaceutical ingredient products are manufactured in accordance with Indian and international pharmacopeia standards such as IP, BP, EP, JP, USP. Company is one of the few manufacturers of loxoprofen sodium dihydrate in India, which is a notable API widely used in treatment of pain/inflammation associated with conditions including rheumatoid arthritis, osteoarthritis, lower back pain, frozen shoulder, neckshoulder-arm syndrome, tooth pain or after surgery, injury or tooth extraction. In addition to the manufacturing of Pharma Intermediate and APIs in accordance with various domestic and international standards, they have recently started undertaking custom manufacturing services for complex or novel chemical compounds, tailoring the manufacturing process to meet specific customer requirements, including producing chemicals with purity levels that exceed industry standards. Their domain knowledge and expertise enable them to reduce existing impurities and employ appropriate processes to achieve the desired level of purity.

Valuation and Outlook

At the upper price band company is valuing at P/E of 19.0x to its FY25 earnings, with EV/EBITDA of 16.7x and market cap of Rs 4,836 million post issue of equity shares. We believe that the IPO is fully priced and recommend a “SubscribeLong Term” rating to the IPO.

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