Aakaar Medical Technologies IPO Day 1: Flat GMP, Mixed Subscription, Investor Signals

Mumbai, June 20, 2025 – Aesthetics-focused Aakaar Medical Technologies launched its maiden public issue on the NSE SME platform today, seeking ₹27 crore via fresh equity. Priced between ₹68–₹72 per share, the ₹25–27 crore offer spans June 20–24, with allotment by June 25 and listing on June 27, 2025 

Subscription Snapshot

• Overall subscription: ~31% by day‑end

• Retail: ~25%

• NIIs (Non-Institutional Investors): ~39%

• QIBs: ~33% 

Earlier, at mid‑day (~10:45 AM), total bids stood at only ~3%  reflecting tepid traction at the outset. Market-watchers noted a resurgence through the day, especially from institutional segments.

Grey Market Premium (GMP) & Price Band

• GMP: ₹0, indicating flat listing expectations 

• Price band: ₹68–₹72; lot size 1,600 shares (~₹115,200 investment at upper band) 

A neutral GMP suggests minimal pre-listing momentum compared to high‑profile SME issues recently.

Company, Use of Proceeds & Financials

Founded in 2013, Aakaar develops and distributes medical‑aesthetic products—including skincare, injectables, lasers—across 15+ states via a 90‑member sales team . FY2025 saw strong growth: revenue rose ~33% to ₹61.6 crore, while PAT more than doubled to ₹6 crore .

IPO proceeds will fund working capital (~₹20.35 crore) and general purposes . Anchor investors subscribed ahead of launch, taking 10.67 lakh shares (₹7.7 crore) on June 19 

Underwriting & Market Setup

• Book‑running lead manager: Indorient Financial Services

• Registrar: Bigshare Services Pvt. Ltd.

• Designated market maker: Alacrity Securities 

Equity allocation:

• QIB: ~47.4%

• Retail: ~33.3%

• NIIs: ~14.3%
  Plus ~5% reserved for market‑maker quota 

Analyst Commentary

“Day‑1 subscription of ~30% is modest. With flat GMP, investor appetite appears cautious amid macro uncertainties.” – Equity Strategist, Capital Markets

“Double-digit PAT growth and anchor support bolster medium‑term prospects, but dilution risk in SME listing remains a concern for risk‑averse investors.” – SME‑focused broker

Analysts point out that while fundamentals are sound, subdued debut demand may compress listing gains. With SME IPOs still in discounted territory, this offering could take longer to gain traction.

Market Context

SME IPOs often trail mainboard listings in investor interest. Enthusiasm has been varied: recent examples include Eppeltone Engineers (234× oversubscribes, GMP ~47%) and Monolithisch India (~177×, listing premium ~26%) 

By contrast, Aakaar’s Day 1 dip in demand suggests it may rely heavily on institutional bids and anchor investor backing to sustain strength during the week.

Investor Outlook

• Short-term: With flat GMP and moderate subscription, listing premium may be muted unless QIB and retail demand accelerate by Day 3.

• Mid-to-long-term: Growth in aesthetic healthcare (India’s aesthetic dermatology market growing ~14% CAGR, globally ~$35 billion in 2024) supports the firm’s strategy 

• Risks: SME volatility, narrow liquidity post-listing, and broader market headwinds.

Seasoned investors may open a conservative position towards the end of subscription if reservation quotas remain unsaturated. Retail investors eyeing long-term sector play may benefit from phased entry, balancing valuation risk.