WHO Is Influx Healthtech?
Influx Healthtech, established in September 2020, is a Mumbai-headquartered Contract Development & Manufacturing Organization (CDMO). As an early entrant in the space, they focus on manufacturing a diverse range of products for various clients.
Product Portfolio
The company's manufacturing capabilities span several key sectors:
- Nutrition and Diet Supplements
- Housecare & Cosmetics
- Ayurvedic and Herbal Products
- Veterinary Feed Supplements
- APIs and Filled Doses (injectables, pills, and capsules)
Manufacturing and Compliance
The company operates from its Thane plant, which comprises three factories with a total area of approximately 36,000 square feet.
These facilities are certified with multiple quality standards, reinforcing their commitment to compliance: GMP, HACCP, ISO 22000, and Halal-rated.
IPO Size & Structure
| Particulars | Details |
|---|---|
| Total Offer | Up to 61,00,800 equity shares |
| Fresh Issue | 50,00,400 shares |
| Offer for Sale (OFS) | 11,00,400 shares by promoter Mr. Munir Chandniwala |
| Price Band | ₹91 - ₹96 per share |
| Minimum Lot Size | 1,200 shares |
| Listing | NSE Emerge (SME platform) |
Allocation
| Category | Allocation Percentage |
|---|---|
| QIB (Qualified Institutional Buyers) | Not more than 50% |
| NII (Non-Institutional Investors) | Not less than 15% |
| Retail Investors | Not less than 35% |
Use of Proceeds
The net proceeds from the fresh issue will be utilized for the following purposes:
| Purpose | Amount (₹ lakhs) |
|---|---|
| Facility expansion (Nutraceutical) | 2,249.11 |
| Set up of veterinary feed facilities | 1,148.58 |
| Homecare and accessories machineries | 275.65 |
| General corporate purposes | ~1,000.00* |
*The figure for General Corporate Purposes has been rationalized. The source mentioned '1,00,000 lakhs', which appears to be a typographical error, as it exceeds the total issue size. The value shown is an estimate based on the remaining proceeds.
IPO Schedule
| Event | Date |
|---|---|
| Issue Opens | 18 Jun 2025 |
| Issue Closes | 20 Jun 2025 |
| Basis of Allotment Finalized | 23 Jun 2025 |
| Refunds Initiated | 24 Jun 2025 |
| Shares Credited to Demat | 24 Jun 2025 |
| Listing Date | 25 Jun 2025 |
| Anchor Investor Lock-in Ends | 23 Jul 2025 (50%) / 21 Sep 2025 (50%) |
Also Read: Sambhv Steel Tubes Ltd IPO: Dates, Price Band & Insider Tips
IPO Subscription Status
The issue was heavily oversubscribed, indicating strong investor interest. On the final day, the IPO was oversubscribed 187.31 times.
| Category | Subscription (times) - Final Day |
|---|---|
| QIB | 137.87× |
| NII | 356.17× |
| Retail | 117.68× |
Day-wise Subscription Trend
Financial Performance (The Numbers That Jump Out)
The company has demonstrated consistent growth in revenue and profitability over the past few fiscal periods.
| Period (₹ lakhs) | 8m to Nov ’24 | FY ’24 | FY ’23 | FY ’22 |
|---|---|---|---|---|
| Revenues | 6,275 | 9,997 | 7,606 | 5,920 |
| EBITDA | 1,187 | 1,687 | 1,072 | 617 |
| PAT | 805 | 1,122 | 720 | 443 |
| EPS (post-bonus) | 4.43 | 6.18 | 3.96 | 2.44 |
| NAV/share | 17.03 | 12.60 | 6.42 | 2.45 |
Financial Growth Visualization
Public Review & Grey Market Premium (GMP)
Market sentiment, reflected by the Grey Market Premium, suggests a positive listing.
- An X (formerly Twitter) post from @Team_IPOMantra suggested a GMP of ₹35 against the IPO price of ₹96. This indicates a potential listing gain of approximately 36.46%.
- Another post from @investorniti mentioned a GMP of +12%, highlighting speculative interest in the IPO for listing gains.
Also Read: HDB Financial Services IPO: Dates, Price Band & Review
Peer Comparisons
Here's how Influx Healthtech stacks up against some of its industry peers based on data as of March 31, 2025.
| Company | Price (₹) | EPS (₹) | P/E (×) | RoNW (%) | NAV (₹) | Revenue (₹ lakhs) |
|---|---|---|---|---|---|---|
| Sudarshan Pharma Industries | 31.85 | 0.66 | 48.28 | 12.45% | 5.30 | 50,538.39 |
| Quest Laboratories | 85.90 | 8.28 | 10.38 | 16.58% | 49.92 | 10,815.87 |
| Influx Healthtech | [₹91-96] | 7.36 | [12.36 - 13.04] | 36.98% | 19.91 | 10,498.67 |
Influx Healthtech's P/E ratio is calculated based on the IPO price band and the provided EPS. The company shows a very strong Return on Net Worth (RoNW) compared to its peers.
What can go wrong? (Risk Factors)
- Regulatory Scrutiny: Minor compliance oversights could lead to penalties, impacting operations and financials.
- Concentrated Shareholding: A high promoter stake could lead to poor liquidity and price volatility post-listing.
- Market Risk: Trading on the NSE Emerge platform can be illiquid, making it difficult to buy or sell shares at desired prices.
- Industry Cyclicality: As a CDMO, margins are sensitive to fluctuations in raw material costs and changes in client demand.
- Forward-looking Statements: The company's projections and future plans are subject to uncertainties and may not materialize as expected.
Bid or Bail? The Final Verdict
The company's strong growth trajectory and position in the expanding Indian CDMO market are attractive. The financials are robust, and the IPO is reasonably priced compared to some peers, especially considering its high RoNW.
However, the risks associated with promoter concentration and the potential for low liquidity on the SME platform are significant concerns for short-term investors.
Analyst's Take:
"Bite, but not swallow."
For investors with a higher risk appetite and a long-term belief in the CDMO sector, applying for a single lot at the lower end of the price band could be considered. For those who prioritize liquidity and quick exits, it might be better to observe the stock's performance on Day 1 before making a decision.