Amanta Healthcare Limited IPO

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Amanta Healthcare Limited, incorporated in 1994, is a pharmaceutical company specializing in the development, manufacturing, and marketing of sterile liquid products including parenterals, injections, ophthalmic solutions, respiratory care, and irrigation products. The company also manufactures medical devices and operates with advanced technologies such as Aseptic Blow-Fill-Seal (ABFS) and Injection Stretch Blow Moulding (ISBM).

Business Model – AeroVein Brand

Amanta operates under the “AeroVein” brand, producing a wide range of injections, oral liquids, eye-care, respiratory, and wound-cleaning solutions. Its dual revenue model includes supply and services, with project-specific operations supported by skilled manpower and hired machinery where needed.

Business Segments

The company operates across six key therapeutic categories:

1. Fluid Therapy (IV Fluids)
2. Formulations
3. Diluents and Injectables
4. Ophthalmic Care
5. Respiratory Care
6. Irrigation Solutions

Additionally, Amanta manufactures medical devices such as irrigation solutions, eye lubricants, and first-aid products, with diverse closure systems (nipple head, twist-off, leur-lock, screw types) and container volumes ranging from 2ml to 1000ml.

Marketing & Distribution

Amanta operates through three strategic business units:

1. National Sales – Products marketed under its own brands in India via 320+ distributors and stockists.
2. International Sales – Products exported to 21 countries including Africa, Latin America, UK, and others; currently registered in 19 countries across 120 jurisdictions.

3. Product Partnering – Large-scale manufacturing and loan licensing for Indian and global pharmaceutical companies.

The company integrates Pharma Cloud and sales force automation tools to enhance sales efficiency, forecasting, and distributor management.

Competitive Strengths

i) Diverse Product Portfolio – 47 products registered in 120 jurisdictions across six therapeutic categories.
ii) Strong Manufacturing Capabilities – End-to-end sterile liquid manufacturing from 2ml–1000ml, backed by advanced ABFS & ISBM technology.
iii) Wide Marketing Network – Strong domestic presence and growing international footprint across advanced and emerging markets.
iv) Experienced Leadership – Led by Bhavesh Patel (Promoter & MD) with 30+ years of experience, supported by a skilled workforce of over 500 employees including 123 in formulation & quality labs.

Objects of the Amanta Healthcare Limited IPO:

Company proposes to utilise the Net Proceeds from the Issue towards the following objects: 1. Capital expenditure for setting up new manufacturing line of SteriPort, Gujarat (₹70 cr) 2. Capital expenditure for setting up new manufacturing line for SVP, Gujarat (₹30.13 cr) 3. General corporate purposes.
DRHP of Amanta Healthcare Limited IPO
RHP of Amanta Healthcare Limited IPO

Amanta Healthcare Limited IPO Details:

Open Date: Sep 01 2025
Close Date: Sep 03 2025
Total Shares: 1,00,00,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 126 Cr.
Lot Size: 119 Shares
Issue Price: ₹ 120-126 Per Equity Share
Listing At: NSE,BSE

Promoters And Management:

1. Bhavesh Patel – Chairman & Managing Director, is the Chairman and Managing Director of the Company and has been associated since its incorporation as one of the promoters. He holds a diploma in mechanical engineering from the Maharashtra State Board of Technical Education and a master’s degree in management from B.K. School of Management, University of Gujarat. With over 30 years of experience in the pharmaceutical industry, he specializes in the formulation and manufacturing of IV fluids. 2. Nimesh Patel – Non-Executive, Non-Independent Director, has been serving on the Board since December 14, 2020, as a Non-Executive, Non-Independent Director. He earned a Bachelor of Science in Economics from the Wharton School, University of Pennsylvania, and was a California state valedictorian. He has over three years of experience in the pharmaceutical industry. 3. Kshitij Patel – Independent, Non-Executive Director, has been associated with the Company since August 22, 2023, as an Independent, Non-Executive Director. A qualified Chartered Accountant, he passed the final ICAI examination in 1992 and holds a bachelor’s degree in commerce from H.L. Commerce College and a law degree from L.A. Shah Law College, both under the University of Gujarat. He was awarded a fellow membership of CPA Australia in 2014. He brings over 25 years of expertise in finance and accountancy.

Financials of Amanta Healthcare Limited IPO:

Particulars ( in cr ) FY25 FY24 FY23
Revenue from Operations 274.71 280.34 259.13
Other Income 1.39 1.27 3.57
Total Income 276.09 281.61 262.7
Total Expenses 215.04 222.85 206.39
EBITDA 61.05 58.76 56.31
Finance Costs 27.95 33.64 35.27
Depreciation & Amortisation 18.4 19.73 18.35
Profit Before Tax (PBT) 14.71 5.39 2.69
Tax Expenses 4.21 1.76 4.8
Profit After Tax (PAT) 10.5 3.63 -2.11

Lead Manager of Amanta Healthcare Limited IPO:

  1. Beeline Capital Advisors Pvt Ltd

Registrar of Amanta Healthcare Limited IPO:

  1. MUFG Intime India Private Limited

Discussion on Amanta Healthcare Limited IPO:

3 Comments

    Avoid – The company offers little in terms of growth visibility, valuations at ~48x appear stretched, and the debt levels remain significantly high, making it an unattractive proposition.

    Reply

    1. In March 2022, Amanta Healthcare Limited undertook a significant debt restructuring exercise with lenders including KKR India Financial Services, Avendus Finance, and BOI AXA Credit Risk Fund, under which the company paid ₹15,251.72 lakh in cash, issued ₹1,000 lakh of Non-Convertible Redeemable Preference Shares (NCRPS), and secured a waiver of ₹7,466.85 lakh in accrued interest.

    2. The NCRPS were structured to provide lenders with an assured 14% internal rate of return (IRR) on redemption, for dividends accruing from October 1, 2022, meaning that for every ₹1 crore subscribed, the combination of annual dividend payouts and redemption value would yield a 14% annualized return over the tenure of the instrument. Additionally, an exceptional gain of ₹6,852.26 lakh was recognized from the difference between the carrying value of loans and the settlement consideration.

    3. While this restructuring eased immediate financial pressure, improved reported profitability, and resolved outstanding obligations, it underscores Amanta’s past financial stress and continuing reliance on high-cost capital, with the 14% IRR obligation weighing on profitability until redemption and future refinancing carrying risks of higher costs and restrictive covenants.

    Reply

    Risks / Red Flags

    1. High Finance Costs: Consuming nearly half of EBITDA.
    2. Leverage: Debt-to-equity at 2.02 remains elevated.
    3. Customer Concentration: Top 10 customers = 28.6% of revenue.
    4. Past Financial Stress: Debt restructuring in 2022; promoter guarantees & pledged shares.
    5. Single Plant Risk: Entire operations in Hariyala, Gujarat.
    6. Material Litigation: Cases worth ₹1,465 lakhs pending.
    7. Regulatory Risks: Past manufacturing license suspension (2015). Heavy sector regulation & price control (DPCO).
    8. Employee Attrition: High historical attrition, though improving.

    Reply

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