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Zenith Drugs IPO
Price Band
₹75.0–79.0
Issue Size
₹40.68 Cr
Lot Size
1,600 shares
Min Investment
₹126,400
GMP
+₹35.0 (44.3%)
Issue Price
₹79.0
Subject to Sauda
₹42600
Paid only if allotted
Zenith Drugs IPO AI Summary
- Zenith Drugs IPO is listed on NSE SME in the Pharmaceuticals sector.
- Price band: ₹75.0–₹79.0 per share, lot size 1,600 shares (min. investment ₹126,400).
- Subscription window: 19 Feb–22 Feb 2024, listing on 27 Feb 2024.
- Current GMP is +₹35.0 (44.3%), an estimated listing price of ₹114 — unofficial and can change daily.
Zenith Drugs Limited is a pharmaceutical company with a focus on affordable generic medicines and a commitment to quality. The IPO aims to raise funds for expansion and operational purposes, with a promising market presence and a solid product portfolio.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Zenith Drugs IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 22 Feb 2024 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Zenith Drugs IPO Grey Market Premium (GMP) Today
GMP
+₹35.0
GMP %
+44.3%
Est. Listing
₹114.0
Updated: 25 Jul 2026 14:07
About the Company
Incorporated in 2000, Zenith Drugs Limited is a pharmaceutical company specialising in manufacturing and trading high-quality, affordable medicines, including generic drugs. The company adheres to WHO-GMP guidelines and has received the ISO 9001:2015 certification from a respected EuroUK certification body, demonstrating its commitment to quality. The product portfolio of the company includes ORS Powder; Liquid Orals; Ointments; Liquid Externals; and Capsules The Food & Drugs Administration has approved over 600 products, of which 325 are currently in production. The company is in the process of setting up a new manufacturing facility in Village Muradpura, Depalpur, Indore, Madhya Pradesh. The company supplies its products to countries such as Costa Rica in Central America and the Caribbean and Pacific regions, Malawi, Mauritius, Mozambique, Sudan, Tanzania, Bhutan , Cambodia in Southeast Asia, Tajikistan, Liberia, Sierra Leone, and Conakry. Zenith Drugs Limited specializes in third-party manufacturing, also known as white label manufacturing, for esteemed pharmaceutical companies such as Ajanta Pharma, Bio Medical Laboratories, and Zest Pharma, among others. There are currently 89 employees as of March 31, 2023 - 61 on payroll and 28 on contract.
Company Financials (₹ Cr)
As of 2023-09-30
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Assets | 112.49 | 97.94 | 68.58 |
| Total Income | 69.48 | 115.70 | 92.67 |
| Profit After Tax | 5.39 | 5.15 | 3.13 |
| NET Worth | 22.65 | 17.24 | 12.09 |
| Reserves and Surplus | 10.65 | 16.84 | 11.69 |
| Total Borrowing | 29.03 | 26.05 | 18.81 |
Key Ratios
EPS
₹4.29
NAV
₹431.10
ROE
35.13%
ROCE
37.29%
RoNW
29.88%
P/B Value
5.50
P/E Ratio
18.4
Market Cap
₹135.48 Cr
PAT Margin
4.50%
Debt/Equity
1.51
Peer Comparison
| Company | RoNW | P/E (x) | EPS Basic | EPS Diluted | NAV |
|---|---|---|---|---|---|
| Sigachi Industries Limited | 18.75% | 28.64 | 13.52 | 13.52 | — |
| Sudarshan Pharma Industries Ltd | 13.07% | 41.11 | 5.48 | 5.48 | — |
| Zenith Drugs Limited This IPO | 29.88% | 18.4 | 4.29 | 4.29 | 14.37 |
Promoters
Sandeep Bhardwaj, Bhupesh Soni and Ajay Singh Dassundi
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Purchase of Machinery & Equipments for Setting up New Unit 10.61 2 Existing Manufacturing Block Upgradation 2.11 3 Working Capital Requirements 14.40 4 General Corporate Purposes 8.84 Total 35.96
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total Income was ₹92.67 Cr in the period ending 31 Mar 2022, increasing to ₹115.70 Cr by 31 Mar 2023. However, it decreased to ₹69.48 Cr by 30 Sep 2023, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit After Tax was ₹3.13 Cr in the period ending 31 Mar 2022, rising to ₹5.15 Cr by 31 Mar 2023, and further increasing to ₹5.39 Cr by 30 Sep 2023.
Valuation
Zenith Drugs Limited's implied P/E at the issue price is 18.4, priced at roughly 18.4 trailing earnings, versus peers trading at P/E ratios of 28.64 for Sigachi Industries Limited and 41.11 for Sudarshan Pharma Industries Ltd.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an indicator of the expected listing price of an IPO based on unofficial trading before its official listing. A positive GMP suggests that the stock may list at a higher price than the issue price, while a negative GMP indicates the opposite.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall portfolio strategy and risk tolerance. It's essential to consider the company's fundamentals and market conditions before making a decision.
Who May Want to Wait
Investors averse to risk or those who prefer stable, established companies may want to avoid IPOs like this, which can be subject to market fluctuations and uncertainties.
IPO Timeline, Explained
The IPO opens for subscription on February 19, 2024, and closes on February 22, 2024. Allotment of shares is expected on February 23, 2024, with the listing date set for February 27, 2024.
Listing Gains — The Risk
Listing-day gains can be unpredictable and may not reflect the stock's long-term performance. Investors should be aware that while some IPOs experience significant gains on their first day, others may decline in value shortly after listing.
This evaluation is generated from Zenith Drugs's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Zenith Drugs IPO GMP today?
Zenith Drugs IPO GMP today is +₹35.0 (44.3%), indicating an estimated listing price of ₹114. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Zenith Drugs IPO?
The price band of Zenith Drugs IPO is ₹75.0–₹79.0 per share.
When does Zenith Drugs IPO open and close?
Zenith Drugs IPO opens on 19 February 2024 and closes on 22 February 2024.
When does Zenith Drugs IPO list on the stock exchange?
Zenith Drugs IPO listed on 27 February 2024 at ₹114.0.
What is the lot size for Zenith Drugs IPO?
The lot size for Zenith Drugs IPO is 1600 shares, requiring a minimum investment of ₹126,400.
What is the price band for the Zenith Drugs IPO?
The price band for the Zenith Drugs IPO is ₹75.0 to ₹79.0.
What is the minimum investment required for this IPO?
The minimum investment required is ₹126,400.
When does the Zenith Drugs IPO open and close?
The IPO opens on February 19, 2024, and closes on February 22, 2024.
What does GMP mean?
GMP stands for Grey Market Premium, indicating the expected premium or discount at which a stock may list compared to its issue price.
What is the lot size for the Zenith Drugs IPO?
The lot size for the Zenith Drugs IPO is 1,600 shares.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
19 Feb 2024
Close
22 Feb 2024
Allotment
23 Feb 2024
Listing
27 Feb 2024
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