Q2. Why is the company raising funds via IPO?

Proceeds from the IPO will fund new machinery, repay existing company debt, and support its subsidiary's growth.

Q3. What is the issue size of the issue and where will it list?

The issue size of the IPO is ₹ 240 Cr. It is proposed to be listed on both the BSE and NSE exchanges.

Q4. What are the risks to an investor?

Major risks include market volatility, inflation eroding value, credit defaults, interest rate shifts, and liquidity shortages.

Q5. What are the potential upsides?

Potential upsides include a 40% domestic market share, high profit growth (34%), and strategic vertical integration.

Q6. How to apply for the IPO?

Open a demat account, select the IPO via your broker or bank, and block funds once the IPO opens for subscription.

Medicap Healthcare Limited

Upcoming

Medicap Healthcare Limited

Market Cap

—

IPO Issue Size

₹ 240 Cr

Expected Price by IPOCorner

—

IPO Score

*Score varies on actual price

Medicap Healthcare Limited, a Vadodara-based leader in high-precision pharmaceutical packaging, filed its DRHP in September 2025 to raise ₹240 crore through a fresh issue of equity shares.
The company commands a dominant 40% domestic market share in Euro Head caps, essential for IV fluid packaging. It serves top-tier pharmaceutical clients across 14 countries. Financial performance is robust, with revenue reaching ₹108.3 crore and a Profit After Tax of ₹26.62 crore in FY25, representing a two-year profit CAGR of over 34%.

The Managing Director of Medicap Healthcare Limited is Mr. Rajveer Kamal Aggarwal.

Medicap Healthcare Limited is a specialist in primary pharmaceutical packaging, primarily recognized for its dominance in the production of Euro Head caps, where it commands a 40% domestic market share. Operating from a high-tech Class 7 cleanroom facility in Vadodara, the company manufactures a comprehensive range of sterile closures, including PP and LDPE Euro caps for intravenous (IV) fluids, bottle preforms with integrated hangers, and components for Water for Injection (WFI) systems. Beyond packaging, the company has recently diversified into the direct manufacturing of IV fluids through its subsidiary, KASR Healthcare, effectively vertically integrating its operations to serve major pharmaceutical clients across 14 countries.As a B2B manufacturer, Medicap Healthcare Limited does not operate retail stores. It commands a 40% domestic market share in Euro Head caps and approximately 1.4% globally. The company serves major pharmaceutical clients across 14 countries, maintaining long-term relationships where repeat customers contribute over 90% of total revenue.

Subscription date to apply for Medicap Healthcare Limited is yet to be announced. Price band for the IPO is yet to be declared.

Year	2025
Networth	₹ 110.84 Cr
Revenue	₹ 108.30 Cr
EBITDA	₹ 37.15Cr
PAT	₹ 26.61Cr
EBITDA Margin	~34.31%
PAT Margin	~24.58%
Face Value	Rs.10 per Equity Share

IPO Important Dates

#	Date
Open Date	TBA
Close Date	TBA
Anchor Investor Bidding	TBA
Allotment Date	TBA
Refunds& Demat Credit	TBA
Tentative Listing Date	TBA

Use Of Proceeds

Purpose	Amount
Borrowing payment	~ ₹ 32.90 Cr
Purchase of plant & machinery	~ ₹ 74.37 Cr
Investment in subsidiary	~ ₹ 52.80 Cr
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	71.59	102.11	108.3
PAT (₹ Cr)	14.78	23.89	26.61
Asset (₹ Cr)	98.34	105.89	216.2
Net Worth (₹ Cr)	60.31	84.2	110.84

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
23-Aug	₹ –	₹ -	₹ –
22-Aug	₹ –	₹ –	₹ –
21-Aug	₹ –	₹ –	₹ –
20-Aug	₹ –	₹ –	₹ –
19-Aug	₹ –	₹ –	₹ –

Pros

Market Dominance: Commands a leading 40% domestic market share in specialized Euro Head cap packaging components.
High Profitability: Achieved a strong 34% CAGR in Profit After Tax between FY23 and FY25.
Customer Loyalty: Exceptional client retention with over 90% of revenue coming from consistent repeat customers.
Strategic Expansion: IPO funds will nearly double production capacity and integrate vertical IV fluid manufacturing.
Global Footprint: Successfully exports high-precision pharmaceutical packaging to major clients across 14 different international countries.

Cons

Product Concentration: Heavy reliance on a narrow product range makes revenue vulnerable to specific segment shifts.
Client Concentration: Significant revenue depends on a limited number of large pharmaceutical companies’ procurement decisions.
Regulatory Sensitivity: Must constantly meet rigorous global healthcare standards; any compliance failure could halt operations.
Capital Intensity: Business requires high ongoing investment in advanced machinery, which may pressure future liquidity.
Raw Material Volatility: Profit margins are sensitive to price fluctuations in plastic resins and medical-grade polymers.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Kamalkumar Aggarwal	~90%
Rajveer Kamal Aggarwal	~5%
Minal Aggarwal,	1%
-	-
-	-
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	–	1	–	₹ –
Retail (Max)	–	13	–	₹ –
HNI (Min)	–	14	–	₹ –
HNI (Max)	–	66	–	₹ –
Big HNI (Min)	–	67	–	₹ –

Key Performance Index (KPI)

ROE	00
ROCE	00
RoNW	00

Lead / Book Running Lead Managers

Aryaman Financial Services Limited

Registrar (RTA)

KFin Technologies Limited

Q1. What is the business of Medicap Healthcare Limited?
Medicap Healthcare is a specialist in primary pharmaceutical packaging particularly Euro Head caps.
Q2. Why is the company raising funds via IPO?
Proceeds from the IPO will fund new machinery, repay existing company debt, and support its subsidiary’s growth.
Q3. What is the issue size of the issue and where will it list?
The issue size of the IPO is ₹ 240 Cr. It is proposed to be listed on both the BSE and NSE exchanges.
Q4. What are the risks to an investor?
Major risks include market volatility, inflation eroding value, credit defaults, interest rate shifts, and liquidity shortages.
Q5. What are the potential upsides?
Potential upsides include a 40% domestic market share, high profit growth (34%), and strategic vertical integration.
Q6. How to apply for the IPO?
Open a demat account, select the IPO via your broker or bank, and block funds once the IPO opens for subscription.