Medistep Healthcare limited IPO

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Medistep Healthcare Limited, incorporated on June 05, 2023, is a Public Limited Company operating in the pharmaceutical and healthcare sector. The company is engaged in the manufacturing and trading of pharmaceuticals, nutraceuticals, surgical products, and intimate care and hygiene products. A key milestone in its early growth was the acquisition of M/s MG Pharma, a proprietorship firm owned by Ms. Prajapati Hetalben Girdharilal, enabling the seamless integration of MG Pharma’s business into the Medistep brand.

Business Model

Medistep Healthcare Limited has developed a robust and scalable business model built around two core verticals:

a) Manufacturing Division

1. DRYSTEP: In-house production of sanitary pads, contributing to the intimate care and hygiene segment.
2. VITASTEP-Z: Production of nutraceutical energy powders, addressing the growing demand for wellness and health supplements.

b) Trading & Distribution Division

The company is actively engaged in the trading and distribution of:

i) Pharmaceutical products
ii) Nutraceuticals
iii) Surgical products
iv) Intimate care and hygiene products

Medistep’s operations are supported by a strong distribution network that ensures timely and consistent product availability across markets. The company is committed to providing quality-assured products that comply with safety and regulatory standards.

Competitive Strengths

1. Experienced Promoters and Management Team: The leadership team brings deep domain expertise and entrepreneurial vision, having successfully guided the company’s growth and operational efficiency. Their active involvement ensures strategic direction and daily business execution.

2. Scalable Business Model: Medistep’s business model is customer-driven and order-based, focusing on product quality, cost optimization, and market expansion. The company leverages economies of scale and marketing expertise to grow sustainably.

3. Wide Product Portfolio: The company offers a comprehensive range of healthcare products, including its own manufactured brands (DRYSTEP & VITASTEP-Z) and a diverse portfolio of traded goods across pharmaceutical, nutraceutical, surgical, and hygiene categories.

Objects of the Medistep Healthcare limited IPO:

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: 1. Capital expenditure for purchasing new plant and machineries for expansion (₹0.50 crore) 2. Working Capital requirements of the Company (₹12.34 crore) 3. General Corporate Purposes (₹1.64 crore) 4. Issue Expenses.
DRHP of Medistep Healthcare limited IPO
RHP of Medistep Healthcare limited IPO

Medistep Healthcare limited IPO Details:

Open Date: Aug 08 2025
Close Date: Aug 12 2025
Total Shares: 37,44,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Fixed Price
Issue Size: 16.10 Cr.
Lot Size: 1500 Shares
Issue Price: ₹ 43 Per Equity Share
Listing At: NSE Emerge

Promoters And Management:

1. Mr. Girdhari Lal Prajapat, 36, is the Founder and Managing Director of Medistep Healthcare Limited. A B.Pharm graduate from Rajasthan University of Health Sciences, he has over 12 years of experience in the pharmaceutical industry. He began his career at Cadila Pharmaceuticals and also served as a pharmacist at AIMS Hospital, Ahmedabad. He currently oversees overall management and business expansion of the company. 2. Ms. Hetalben Girdharilal Prajapati – Non-Executive Director, has over six years of experience in sales, inventory management, and operations within the pharmaceutical sector. She started as a Sales Executive at Nand Kishor Medical and later founded MG Pharma, which was acquired by Medistep Healthcare Limited. As a Non-Executive Director, she supports strategic growth with her operational insights. 3. Dr. Vipul Gobarbhai Dabhi – Executive Director, 44, is an Executive Director and holds a BAMS degree from Gujarat Ayurved University. With over 19 years of hospital practice, he has been associated with institutions like Hope Neurocare and Narol ICU & Trauma Center, contributing valuable clinical experience to the company.

Financials of Medistep Healthcare limited IPO:

Metric FY25 FY24 FY23
Total Revenue (₹ Lakhs) 4,965.48 3,161.51 2,764.68
EBITDA (₹ Lakhs) 559.74 395.61 133.91
PAT (₹ Lakhs) 414.42 291.35 92.1
RoNW (%) 29.06% 44.44% 131.24%
RoCE (%) 38.91% 59.10% 109.62%
PAT Margin 8.35% 9.22% 3.33%

Comparison With Peers:

Company CMP EPS P/E RoNW PAT (₹ Lakhs)
Medistep ₹43 4.01 13.85 24.62% 414.42
Fabino Enterprises ₹26 0.29 91 2.85% 0.06
Achyut Healthcare ₹4.18 0.55 180 1.77% 0.55

Recommendation on Medistep Healthcare limited IPO:

Review of Medistep Healthcare Limited IPO by IZ Team

Lead Manager of Medistep Healthcare limited IPO:

  1. Fast Track Finsec Private Limited

Registrar of Medistep Healthcare limited IPO:

  1. Cameo Corporate Services Limited

Discussion on Medistep Healthcare limited IPO:

1 Comment

    Medistep Healthcare is a very small company with a post-IPO market cap of just ₹60 crore, raising ₹16 crore through its IPO—of which ₹12 crore is earmarked for working capital and ₹50 lakh for capex. Until FY24, the company was mainly engaged in trading pharma products like sanitary pads and energy powders, operating much like a small distributor. It has recently entered manufacturing, but the scale remains modest. In FY25, it posted ₹50 crore in revenue and ₹4 crore in PAT, with no debt on its books. While the IPO is priced at a reasonable P/E of ~13x, there’s no clear business moat or competitive edge. Given the micro-cap nature and absence of a scalable model, skipping this IPO may not result in any major loss. However, the small size could help manage listing momentum. Conservative investors may prefer to avoid, while high-risk takers can track post-listing behavior.

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