As per the latest grey market data, the last traded grey market premium (GMP) for Astonea Labs is Rs 0. With the IPO price fixed at the upper band of Rs 135 per share, the estimated listing price is expected to remain at Rs 135, reflecting no expected gains or losses on listing.
The IPO was entirely a fresh issue of 27.90 lakh shares, and the proceeds are to be used for a mix of expansion plans, including registration in Bolivia, setting up an ointment production unit for exports, advertising, tech upgrades, working capital, and general corporate purposes.
Astonea Labs, incorporated in 2017, is engaged in the contract manufacturing of pharmaceutical and cosmetic products. Its portfolio includes skincare and healthcare products under the brands “Glow Up” and “Regero”, with plans to launch a new brand “Avicel.” The company exports to markets like Iraq and Yemen and trades packaging and raw materials within the industry.
The IPO was subscribed 1.79 times overall. The retail category was subscribed 1.69 times, QIB just 0.70 times, while the NII portion saw the strongest demand at 5.60 times.
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Despite its strong financial performance in FY24 — including a jump in net profit to Rs 3.81 crore from Rs 0.67 crore in FY23 — the lukewarm subscription and zero GMP suggest limited excitement among investors.Analysts say the SME stock’s fully priced valuation and sector-specific risks may have kept some bidders on the sidelines.
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