Medistep Healthcare IPO: Price, GMP, Analysis, And Details

Medistep Healthcare IPO- Company Analysis 

Medistep Healthcare IPO under the SME IPO category is a fixed price issue of Rs. 16.10 Cr by Medistep Healthcare Ltd, which was incorporated in 2023. Energy powder, sanitary pads, and other pharmaceutical, nutraceutical, intimate, and surgical items are all produced by Medistep Healthcare Limited, a pharmaceutical firm. As a public, non-governmental organization, they are dedicated to quality and want to broaden their product line.

 

Products:

Sanitary Pads: Medistep manufactures premium sanitary pads to meet basic feminine hygiene requirements.

Energy Powder: The business produces energy supplements meant to energize and revitalize customers.

Pharmaceutical Products: Medistep trades a range of pharmaceutical products to make necessary prescription drugs easily accessible.

Nutraceutical Products: They offer products that promote overall health and well-being by fusing diet and medicine.

Personal Hygiene and Intimate Care: The company sells personal hygiene and intimate care goods.

Surgical Products: Medistep provides medical personnel with the instruments and equipment they need to perform surgery.

Medistep Healthcare IPO Details

The Medistep Healthcare IPO date is on 08 August 2025, and its initial public offering will end on 12 Aug with IPO allotment on Aug 13, and refund initiation on Aug 14, 2025.

The Rs. 16.10 crore new SME IPO comprises a wholly fresh issue of 37.44 lac Shares.

The Medistep Healthcare IPO listing date (expected) might be on Monday, Aug 18, 2025, and listing at the NSE and SME. 

The Medistep Healthcare IPO price band is Rs. 43.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Aug 08, 2025
IPO Closing Date	Aug 12, 2025
IPO Allotment Date	Aug 13, 2025
Refund Initiation	Aug 14, 2025
IPO Listing Date	Aug 18, 2025

 

Click to open demat account and apply for the IPO.

 

 

Company Financials

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	22.99	14.96	14.66
Total Revenue	49.66	31.63	27.74
PAT	4.14	2.91	0.92
Net Worth	16.83	11.69	1.07
Reserves & Surplus	6.37	6.79	-
Borrowings	0.64	0.33	0.53

 

Cash Flows

(Amount in lac)

Net Cash Flow in Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	2.16	-696.34	44.16
Net Cash Flow Investing Activities	-	(15.19)	-
Net Cash Flow Financing Activities	127.89	700.07	(34.83)

 

Revenue Bifurcation

Segment-wise Revenue Breakdown

 

Category-wise Revenue Breakdown

(Amount in lac)

 

Product-wise Revenue Breakdown

(Source: RHP)

 

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Financing major expenditures for the acquisition of equipment and plants to expand the current manufacturing facility. ~ Rs. 0.51 Cr.

• Working capital needs. ~ Rs. 12.34 Cr.

• General corporate purposes. ~ Rs. 1.64 Cr.
  
  

Listed Peers of Medistep Healthcare Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Fabino Enterprises Limited	10	0.63	41.27
Achyut Healthcare Limited	1	0.02	209

 

Valuation

Metric	Value
ROE	29.06%
ROCE	38.91%
RoNW	29.06%
PAT Margin	8.35%
Price to Book Value	2.67
EBITDA Margin	11.27%

 

Evaluation of P/E Ratio

Considering the FY ended on 31 Mar 2024 with an EPS of Rs. 4.01 from the last year, the resulting P/E ratio is 10.72x (taking the upper price). When compared with the industry’s average P/E of 68.9x, it indicates an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors.

Explore the Essex Marine IPO.

 

IPO's Strengths 

• Knowledgeable management team and promoters.

• Utilize economies of scale to save costs and maximize resources for high-quality supply.

• Offers a range of goods, such as manufacturing VITASTEP Z energy supplements, DRYSTEP sanitary pads, and trading in pharmaceutical and medical supplies.

 

 

IPO’s Weaknesses 

• In FY24, the top five clients accounted for more than 63.55% of revenue. Revenue and business continuity may be significantly impacted if any of them were lost.

• There are a number of unorganized companies selling comparable goods in the fragmented and competitive medical disposables market.

• Production and profitability may be impacted by delays or price increases in procuring raw materials.

 

Medistep Healthcare IPO GMP (Grey Market Premium)

Medistep Healthcare IPO GMP today is Rs. 12 as of 07 Aug 2025 at the time of writing this information. Hence, the Medistep Healthcare IPO listing price (estimated) might be Rs. 55 (upper price + current GMP or grey market premium).

Medistep Healthcare IPO Summary

The Medistep IPO has a market maker portion size of 1,89,000 Shares (Rs. 0.81 Cr).

IPO Opening & Closing Date	08 Aug, 2025 to 12 Aug, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 43 per Share.
Lot Size	3000 Shares
Issue Size	3744000 Shares (Rs. 16.10 Cr)
Offer for Sale	-
Fresh Issue	3744000 Shares (Rs. 16.10 Cr)
Listing at	NSE, SME
Issue Type	Fixed Price Issue
Registrar	Cameo Corporate Services Limited

 

 

IPO Lot Details 

Retail investors can invest in a minimum and maximum of 2 Lots (6000 Shares) for Rs. 2,58,000 and in multiples thereof, while for S-HNI investors, the minimum Lot is 3 (9000 Shares) for Rs. 3,87,000.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
S-HNI (Min)	3 Lots

 

IPO Reservation (% of Net Issue)

Market makers Portion	5.05%
Retail’s Portion	47.52%
Non-Institutional Portion	47.44%

 

Medistep Healthcare IPO Allotment Status

To check the Medistep Healthcare IPO Allotment Status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using Registrar’s Website or Using BSE Website - ​BSE IPO allotment status

 

Promoters And Management of Medistep Healthcare Ltd.

• Girdhari Lal Prajapat

• Dabhi Vipul Gobarbhai

• Prajapati Hetalben Girdharilal

• Jagdish Prajapati.

Pre-Issue Promoter Shareholding	93.62%
Post-Issue Promoter Shareholding	68.96%

 

IPO Lead Managers

• Fast Track Finsec Pvt Ltd.

 

 

Dividend Policy

The company has not paid any dividends during the last three years.

 

Conclusion

With solid FY24 financials, Medistep Healthcare's SME IPO offers a wide range of products in the pharmaceutical and hygiene sectors. It is worth examining because of its strong ROE and low P/E, even if it is dependent on top clients and has raw material risks. The IPO is reasonably priced at Rs. 43.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.