- Price band
- ₹196 – ₹208
- Issue size
- ₹30.24 Cr
- Lot size
- 600 sh
- Bidding
- 18 – 22 Jun
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 25 Jun 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Avience Biomedicals raised Rs 30.24 Cr entirely as fresh equity, with no offer for sale, taking promoter holding from 87.89% to 64.59%, and listed on NSE Emerge on 25 June 2026. Revenue rose from Rs 24.37 Cr in FY24 to Rs 45.97 Cr in FY25, up 88.63%, with profit after tax rising from Rs 2.14 Cr to Rs 7.23 Cr; the ten-month stub to 31 January 2026 carries Rs 41.94 Cr of revenue and Rs 5.74 Cr of profit. The record's business-model field states that in FY24 trading revenue of Rs 2,064.73 lakh ran against Rs 331.67 lakh of manufacturing revenue out of Rs 2,396.40 lakh total, consolidated, per the December 2024 DRHP — 86.16% of that total being resale. The issue was subscribed 385.32 times on day three. It listed at Rs 395.20 against a band top of Rs 208 and last traded at Rs 240 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Avience Biomedicals, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2019 · New Delhi, Delhi, India · 108 employees
Avience Biomedicals makes and sells in-vitro diagnostic products from a factory at G-1, Sector-11, Noida, Uttar Pradesh. Its manufactured range began with viral transport media and rapid test kits for COVID-19, HIV, hepatitis B surface antigen, malaria and dengue, and has widened to serology products, semi-automatic biochemistry analysers and biochemistry reagents, several sold under the AviSure name. Alongside manufacturing it distributes and trades medical equipment made by others. It sells business-to-business and business-to-government: pathology and microbiology labs, hospitals and research centres, concentrated in North India with a smaller export stream. The company holds ISO 9001, ISO 13485 and GMP certifications and manufacturing licences from the CDSCO.
Most of the revenue is resale, not manufacture. In FY24 the group booked Rs 2,064.73 lakh of trading revenue against Rs 331.67 lakh of manufacturing revenue out of Rs 2,396.40 lakh total (consolidated, per the December 2024 DRHP), so bought-in goods resold dominate the mix. That caps gross margin and ties working capital up in inventory and receivables. Consolidated total income was Rs 45.97 crore in FY25 against Rs 11.41 crore of EBITDA, with total borrowings of Rs 22.16 crore. The issue is meant to shift the mix toward own manufacturing: Rs 15.96 crore of the Rs 30.24 crore raised goes to a new plant at the YEIDA Medical Device Park, Rs 8.25 crore to working capital.
The company on paper
- Legal name
- Avience Biomedicals Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 23 Dec 2019
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U74999DL2019PLC359158
- Sector
- Health Care · In-vitro diagnostic rapid test kits, biochemistry analysers and reagents, plus medical-equipment trading
- Employees
- 108
- Registered office
- New Delhi, Delhi, India
- Promoters
- Dharam Deo Choudhary, Ram Nagina Choudhary, Janardan Pal, Deepa Choudhary
- Promoter holding, pre-issue
- 87.9%
- Promoter holding, post-issue
- 64.6%
- Website
- avienbio.com
The numbers
Financial performance
Revenue has compounded at 88.6% a year across the 2 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹30.24 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹30.24 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 82,200
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 23.3% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹208.00
- Listed at
- ₹395.20
- Listing gain
- up 90.0%
- Since listing
- down 35.9%
- Against the issue price
- up 21.7%
Trading at ₹253.15 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 1,200
- At cut-off price
- ₹208.00
- Amount blocked
- ₹2,49,600
One lot is 600 shares at ₹1,24,800. This issue requires a minimum of 2 lots, so the smallest application is ₹2,49,600. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~0.2%
chance of one lot, per application
- Retail subscription
- 401.36×
- Applicants per share available
- 401.4× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹395.20
listed at, 90.0% against the issue price
- Issue price
- ₹208.00
- Premium said
- —
- If allotted 600 shares
- ₹1,12,320
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue, EBITDA and profit after tax all grew between the two full years the record carries: revenue from Rs 24.37 Cr to Rs 45.97 Cr (up 88.63%), EBITDA from Rs 4.08 Cr to Rs 11.41 Cr (up 179.66%), and PAT from Rs 2.14 Cr to Rs 7.23 Cr (up 237.85%).
- EBITDA margin was 16.74% in FY24 (4.08 on 24.37), 24.82% in FY25 (11.41 on 45.97) and 24.65% in the ten-month stub to 31 January 2026 (10.34 on 41.94).
- Borrowings measured against net worth fell at every period on record: 2.44x in FY24 (15.13 on 6.21), 0.97x in FY25 (22.16 on 22.78) and 0.94x at 31 January 2026 (26.73 on 28.52), as net worth rose from Rs 6.21 Cr to Rs 28.52 Cr, up 359.26%.
- The ten-month stub's Rs 41.94 Cr of revenue works out at Rs 4.19 Cr a month against FY25's Rs 45.97 Cr over twelve months, or Rs 3.83 Cr a month. Scaled to twelve months that stub would be Rs 50.33 Cr — that annualised figure is ours, not the record's; the record's own figure is the Rs 41.94 Cr ten-month one.
What to weigh against it
- The share listed at Rs 395.20 and closed its first day at Rs 414.95. It last traded at Rs 240 on 23 October 2026 — 42.16% below that first-day close and 39.27% below the listing price, though 15.38% above the Rs 208 band top.
- Profit margin was 15.73% in FY25 (PAT 7.23 on revenue 45.97) and 13.69% in the ten-month stub (5.74 on 41.94). Both are margins, so the differing period lengths do not affect the comparison.
- Total borrowings rose at every period on record, from Rs 15.13 Cr in FY24 to Rs 22.16 Cr in FY25 and Rs 26.73 Cr at 31 January 2026, a rise of 76.67% across the three periods. The record's cash-flow-from-operations field is null for all three, so it carries no figure for cash generated against those profits.
- On the December 2024 DRHP figures carried in the record, FY24 revenue was 86.16% resale and 13.84% manufactured — Rs 2,064.73 lakh of trading against Rs 331.67 lakh of manufacturing out of Rs 2,396.40 lakh. The record states that Rs 15.96 Cr of the Rs 30.24 Cr raised is for a new plant at the YEIDA Medical Device Park.
Easy to miss in the prospectus
- The record carries no valuation block, no peer set and no post-issue share count, so the Rs 196-208 band cannot be placed against the FY25 profit of Rs 7.23 Cr from within this record.
- The record names Rs 15.96 Cr for the new plant and Rs 8.25 Cr for working capital out of the Rs 30.24 Cr raised, totalling Rs 24.21 Cr. The offer-objects list is empty and the remaining Rs 6.03 Cr is not described anywhere in the record.
- The newest financial period on record ends 31 January 2026 while the last traded price is as of 23 October 2026, so no results covering that gap are present. The subscription array likewise holds only day three (22 June 2026) of the 18-22 June window, with no day-one or day-two figures, and the grey-market array is empty.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Fintellectual Corporate Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Skyline Financial Services Private Limited
How these figures were checked
Reconciled to Avience Biomedicals's own prospectus and to exchange disclosures, then cross-checked against 14 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- NSE Emerge archives - Avience Biomedicals Draft Red Herring Prospectus (27 Dec 2024) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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