The issue, which kicked off on Monday, September 01, was overall subscribed more than 4.5 times on day one.
Ahmedabad-based Amanta Healthcare is selling its shares in the price band of Rs 120-126 apiece. Investors can apply for a minimum of 119 shares and its multiples thereafter. It is looking to raise Rs 126 crore via IPO, which is entirely a fresh share sale of 1,00,00,000 equity shares.
According to the data, the investors made bids for 11,32,77,290 equity shares, or 16.18 times, compared to the 70,00,000 equity shares offered for the subscription by 3.00 pm on Tuesday, September 02, 2025. The three day bidding for the issue shall conclude on Wednesday, September 03.
The allocation for retail investors was subscribed 20.19 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 28.22 times. However, the quota set aside for qualified institutional bidders (QIBs) saw bids for only 14 per cent as of the same time.
Amanta Healthcare is a pharma company that specializes in the development, manufacturing, and marketing of a diverse array of sterile liquid products, specifically parenteral products, which are packaged in plastic containers utilizing Aseptic Blow-Fill-Seal and Injection Stretch Blow Moulding technologies since 1994. It is also a manufacturer of medical devices.
The grey market premium (GMP) of Amanta Healthcare has seen a strong correction amid the rising volatility, despite the strong bidding for the issue. Last heard, the company was commanding a premium of Rs 13 per share in the unofficial market, suggesting 10-11 per cent listing gains for the investors. The GMP stood around Rs 25, a day ago.
Brokerage firms as mostly positive on the issue, suggesting to subscribe to it thanks to its strong and diversified portfolio, robust manufacturing capabilities, experienced leadership, domestic and global presence. However, rich valuations, high competition, debt and margin pressure are major concerns for the issue.
"We assign a 'subscribe' rating to this IPO as the company is a well-established manufacturer of pharmaceutical formulations with diverse product portfolio and diverse market. Also, it is available at reasonable valuation considering its growth potential," said Marwadi Financial Services.
Amanta Healthcare reported a net profit of Rs 10.50 crore with a total revenue of Rs 276.09 crore for the financial year ended on March 31, 2025. The company clocked a net profit of Rs 3.63 crore with a revenue of Rs 281.61 crore for the year 2023-24. The company shall command a market capitalization of 489.25 crore.
Amanta's revenue growth has remained largely flat over the reported periods. The performance in FY23 and FY24 was impacted due to MAT incentive reversals and related adjustments. It operates in a highly competitive and fragmented industry, said Swastika Investmart. "Considering the recent financials, the valuation of the issue seems quite expensive," it said with an ' avoid' rating.
Amanta Healthcare has reserved 50 per cent of the shares for qualified institutional bidders, while non-institutional investors will get 15 per cent of the allocation. Retail investors will have 35 per cent of the allocation this IPO.
Beeline Capital Advisors is the book running lead manager and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE with Tuesday, September 09 as the tentative date of listing.