New Delhi, July 16(HS): Asston Pharmaceuticals limited faced disappointment on its IPO debut, with shares issued at 123 rupees listing at 119 rupees on the BSE's SME platform, a decline of 3.25%. Following selling pressure, shares dropped to a lower circuit level of 113.05 rupees, resulting in an 8.09% loss for IPO investors on the first trading day.

The IPO, amounting to 27.56 crore rupees, was open from July 9 to 11 and attracted significant interest, leading to an overall subscription of 186.55 times, with 85.76 times for qualified institutional buyers, 353.14 times for non-institutional investors, and 172.06 times for retail investors. The offering involved 22.41 lakh new shares with a face value of 10 rupees, aiming to fund new machinery, repay debts, and meet working capital needs.

Financially, the company shows improvement, reporting a net profit of 1.06 crore rupees in fiscal year 2022-23, anticipated to rise to 1.36 crore rupees in 2023-24 and 4.33 crore rupees by 2024-25. Revenue is projected to grow from 7.19 crore rupees in 2022-23 to 25.61 crore rupees by 2024-25, with 1.32 crore rupees profit and 6.21 crore rupees revenue in April and May of fiscal year 2025-26.

Hindusthan Samachar / Jun Sarkar