The Medistep Healthcare IPO is generating significant buzz in the SME segment. As a fixed-price public issue priced at ₹43 per share, it aims to raise ₹16.10 crore through a fresh issue of 37.44 lakh shares. With the subscription window open from February 10 to February 14, 2025, and listing tentatively scheduled for February 21, 2025, this IPO targets investors seeking exposure to India’s rapidly growing healthcare consumables market. This article provides a data-driven analysis of Medistep Healthcare, including live GMP updates, financials, risks, and expert recommendations.
Medistep Healthcare IPO Live GMP Today 2025
*As of February 9, 2025 (Pre-Open Session):*
- Current GMP: ₹8–10
- Expected Listing Price: ₹51–53 per share
- Anticipated Listing Gain: 18.6%–23.3%
Note: GMP is volatile and reflects unofficial market sentiment. Monitor updates until listing.
Note: GMP fluctuates daily. Check our IPO GMP Tracker for real-time updates.
1. About IPO Details
| Parameter | Details |
|---|---|
| IPO Dates | February 10, 2025 – February 14, 2025 |
| Issue Type | Fixed Price (Fresh Issue) |
| Price Band | ₹43 per share |
| Face Value | ₹10 per share |
| Lot Size | 3,000 Shares |
| Min. Investment | ₹129,000 (1 Lot = 3,000 Shares) |
| Total Issue Size | 37,44,000 Shares (Aggregating ₹16.10 Cr) |
| Listing Exchange | NSE SME |
| Market Maker | Nirman Share Brokers Private Limited |
| Book Running Lead Manager | Fast Track Finsec Pvt Ltd |
| Registrar | Cameo Corporate Services Limited |
2. About the Company
Medistep Healthcare Limited (Incorporated: June 2023) is an emerging player in the Indian healthcare sector, specializing in:
- Manufacturing: Sanitary pads (DRYSTEP brand), Energy powder (VITASTEP Z).
- Trading: Pharmaceuticals, nutraceuticals, intimate care, and surgical products.
Competitive Strengths:
- Experienced promoters with sector expertise.
- Diverse product portfolio across high-demand categories.
- Asset-light model with scalable operations.
Operations Snapshot (as of Dec 2024):
- Annualized Revenue: ₹45.00 Cr
- PAT: ₹4.08 Cr
- Employees: 9 (Permanent) + Contract Labor
3. IPO GMP & Expected Listing Gain
- GMP Trend (Feb 1–9, 2025):DateGMP (₹)Projected Gain (%)Feb 1₹5–711.6–16.3%Feb 5₹7–916.3–20.9%Feb 9₹8–1018.6–23.3%
Why GMP is High?
Strong retail demand for SME IPOs, low debt, and consistent revenue growth.
4. Financial Performance (Restated Standalone)
| Financial Metric (₹ Cr) | FY 2025 | FY 2024 | FY 2023 | 2-Yr CAGR |
|---|---|---|---|---|
| Total Revenue | 49.66 | 31.63 | 27.74 | 33.8% |
| Profit After Tax (PAT) | 4.14 | 2.91 | 0.92 | 112.4% |
| EBITDA | 5.60 | 3.96 | 1.34 | 104.5% |
| Total Assets | 22.99 | 14.96 | 14.66 | 25.2% |
| Net Worth | 16.83 | 11.69 | 1.07 | 296.2% |
| Total Borrowings | 0.64 | 0.33 | 0.53 | 9.9% |
Key Observations:
- Revenue grew 57% YoY (FY25 vs. FY24), PAT up 42%.
- Debt-to-Equity Ratio: 0.04 (FY25) – Minimal leverage risk.
- Cash Flow from Operations: ₹3.82 Cr (FY25).
5. IPO Application & Lot Size Details
| Investor Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 3,000 | ₹129,000 |
| Retail (Max) | 1 | 3,000 | ₹129,000 |
| HNI (Min) | 2 | 6,000 | ₹258,000 |
*Note: Retail investors can only apply for 1 lot. HNIs apply for 2+ lots.*
6. IPO Reservation Quota
| Category | Shares Reserved | % of Issue |
|---|---|---|
| Market Maker | 1,89,000 | 5.05% |
| NII (HNI) | 17,76,000 | 47.44% |
| Retail | 17,79,000 | 47.52% |
7. Promoter Holding Details
- Pre-IPO Holding: 93.62%
- Post-IPO Holding: 68.96%
- Dilution: 24.66%
Promoters:
Girdhari Lal Prajapat, Dabhi Vipul Gobarbhai, Prajapati Hetalben Girdharilal, Jagdish Prajapati.
8. Objectives of the Issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Capital Expenditure (Plant & Machinery) | 0.51 |
| Working Capital Requirements | 12.34 |
| General Corporate Purposes | 1.64 |
9. IPO Timeline
| Event | Date |
|---|---|
| IPO Open | Feb 10, 2025 |
| IPO Close | Feb 14, 2025 |
| Allotment Finalization | Feb 17, 2025 (Tentative) |
| Refund Initiation | Feb 18, 2025 |
| Demat Credit | Feb 18, 2025 |
| Listing | Feb 21, 2025 |
Investment Limits:
- Retail: ₹129,000 (1 lot)
- HNI: ₹258,000+ (2+ lots)
- QIB: Not applicable (No reservation).
10. Investor Category Reservations
- Retail Investors: 47.52%
- Non-Institutional Investors (HNI): 47.44%
- Market Maker: 5.05%
11. Anchor Investors
This IPO has no anchor investor portion. SME issues typically rely on retail/HNI subscriptions.
12. Key Performance Indicators (KPIs)
| Metric | Pre-IPO | Post-IPO |
|---|---|---|
| ROE (%) | 29.06 | 24.60 |
| ROCE (%) | 38.91 | 33.20 |
| PAT Margin (%) | 8.35 | 7.50 |
| EPS (₹) | 3.96 | 2.92 |
| P/E Ratio | 10.86x | 14.74x |
| Book Value/Share (₹) | 16.08 | 11.85 |
Post-IPO dilution impacts EPS and ROE, but valuations remain reasonable for the sector.
13. Risk Factors
A. Business & Operational:
- Dependence on contract labor for production.
- Limited operating history (incorporated in 2023).
- Intense competition in sanitary/personal care segments.
B. Regulatory:
- Compliance with FDA, FSSAI, and pharmaceutical regulations.
- GST and tax litigation risks.
C. Financial:
- Working capital cycle constraints.
- Revenue concentration in Western India (85% from Gujarat).
14. Company Contact Details
- Registered Office:
05, S. No-245/B, Plot-19, T.P.S. 56, Free Way Trade Center, Nr. A-One Hotel N.H.-8, Narol Gam, Narol Daskroi, Ahmedabad, Gujarat, 382405 - Phone: +91 87808 46963
- Email: Info@medistephc.com
- Website: https://www.medistephc.com
15. Registrar Details
- Name: Cameo Corporate Services Limited
- Phone: +91-44-28460390
- Email: ipo@cameoindia.com
- Website: https://ipo.cameoindia.com
16. IPO Recommendation: Buy or Not?
Pros:
- Strong revenue/PAT growth (CAGR >30%).
- Virtually debt-free balance sheet.
- Expanding product portfolio in high-margin segments.
Cons:
- Short track record and limited brand recognition.
- Post-issue P/E (14.74x) higher than peers (avg. 12x).
- High reliance on working capital for expansion.
Verdict: Subscribe for the long term. Suitable for investors with moderate risk appetite. Short-term traders can benefit from listing gains (GMP indicates 20%+ pop), but long-term holders stand to gain from sector tailwinds.
17. Allotment & Refunds
How to Check Allotment Status?
- Visit Cameo Corporate’s website: https://ipo.cameoindia.com.
- Select “Medistep Healthcare IPO”.
- Enter PAN or Application Number.
Refund Timeline:
- Feb 18, 2025: Refunds initiated for non-allotted applicants.
- Feb 18, 2025: Shares credited to demat accounts.
After Allotment:
- Hold: If invested for long-term growth (3–5 years).
- Sell on Listing: If targeting quick gains (GMP-driven).
18. RHP/DRHP
- Download DRHP Link:Medistep Healthcare IPO DRHP
- Final RHP: Medistep Healthcare IPO Final Prospectus
19. IPO Review: Pros & Cons
| Pros | Cons |
|---|---|
| High growth in revenue & PAT (CAGR >30%) | Limited operating history (Founded 2023) |
| Debt-free company with strong cash flows | Post-IPO P/E (14.74x) above peer average |
| Scalable business model | Revenue concentration in one region |
| Experienced promoters | Dependence on contract labor |
20. Frequently Asked Questions (FAQs)
1. What is Medistep Healthcare IPO GMP today?
As of Feb 9, 2025, GMP is ₹8–10 (18.6–23.3% premium).
2. How to apply for Medistep Healthcare IPO?
Via ASBA-enabled bank accounts or broker platforms like Zerodha/Upstox.
3. What is the lot size and minimum investment?
Lot size: 3,000 shares. Min. investment: ₹129,000.
4. When is the allotment date?
Tentatively February 17, 2025.
5. What is the listing date?
Expected on February 21, 2025 (NSE SME).
6. Can retail investors apply for more than 1 lot?
No. Retail quota is capped at 1 lot (₹129,000).
7. What are the company’s main products?
Sanitary pads (DRYSTEP), energy powder (VITASTEP Z), pharma/nutraceutical products.
8. Does Medistep have anchor investors?
No, this is a pure SME IPO with no anchor portion.
9. What is the post-issue market cap?
₹61.10 Cr (at issue price of ₹43).
10. Should I invest for listing gains or long term?
Both. GMP suggests 20%+ listing gains, while long-term growth prospects are solid.
