A Noida-based IVD diagnostics company plans to raise Rs 28.53 crore via the NSE SME platform — incorporated barely two years ago.
Avience Biomedicals Ltd., a manufacturer, supplier, and exporter of in-vitro diagnostic products and medical devices, opens for subscription on June 18 with the issue closing on June 22. The company is listing on the NSE SME Emerge platform.
What the Company Does
Incorporated in June 2024 — barely two years before listing — Avience Biomedicals operates in the IVD diagnostics and medical devices space, with a product range covering Rapid Test Kits (Dengue, Malaria, Syphilis), Biochemistry Analyzers and Reagents, Molecular Diagnostics including COVID-19 detection kits, Hematology Analyzers, and medical devices including oxygen concentrators.
The company serves Pathology Labs, Microbiology Labs, Hospitals, and Research Centres across India and internationally through B2B and B2G channels, operating from a manufacturing unit in Noida, Uttar Pradesh.
A key structural characteristic: approximately 68% of the company’s revenue across all reported periods comes from trading activities — buying and reselling medical devices and consumables from third-party manufacturers — rather than from its own manufacturing. The company is a channel partner for Mindray, one of the world’s leading medical device manufacturers. IPO proceeds will fund a new manufacturing facility at the YEIDA Medical Device Park in Uttar Pradesh.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | June 18, 2026 |
| Issue Closes | June 22, 2026 |
| Listing | NSE SME Emerge (June 25, 2026) |
| Price Band | Rs 196 – Rs 208 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 28.53 crore (100% Fresh Issue) |
| Lot Size | 600 shares (min 2 lots = 1,200 shares) |
| Min. Retail Investment | Rs 2,49,600 |
| BRLM | Fintellectual Corporate Advisors Pvt. Ltd. |
| Registrar | Skyline Financial Services Pvt. Ltd. |
| Market Maker | Asnani Stock Broker Pvt. Ltd. |
Financial Performance
| Particulars (Rs cr – Consolidated) | FY24 | FY25 | 10M FY26 |
|---|---|---|---|
| Revenue | 24.37 | 45.97 | 41.94 |
| PAT | 2.14 | 7.23 | 5.74 |
| PAT Margin | 8.83% | 15.86% | 13.68% |
| RoCE | 17.97% | 24.88% | 16.99% |
Revenue nearly doubled from FY24 to FY25, and profits grew over 3x in the same period. Average EPS on a consolidated basis is Rs 14.88 and average RoNW is 44.75%. At the upper band of Rs 208, the P/E is 16.56x on annualised FY26 earnings and 15.78x on FY25 earnings — modest multiples on the face of it, but the very short operating history (barely 2 years since incorporation) and high trading-revenue dependency temper enthusiasm. The company has not paid any dividends. The post-IPO paid-up equity capital is tiny, meaning the road to mainboard migration will be long.
Risks to Consider
The company was incorporated in June 2024 — barely two years of operating history — making historical analysis limited and the durability of financial trends hard to assess with confidence. Nearly 70% of revenues come from trading rather than manufacturing, meaning the core business is distribution, not production. The top 10 customers account for around 46–75% of revenue depending on the period, indicating significant client concentration. The company has no long-term supply contracts — all procurement is on a requirement basis, creating supply chain vulnerability.
Analyst View
Analysts note that the company has posted steady growth in its top and bottom lines, but boosted profits from FY25 onwards — arriving just before listing — raise eyebrows in a highly competitive and fragmented diagnostics segment. The tiny post-IPO paid-up equity capital indicates a longer gestation period for migration. The issue appears fully priced based on recent financial data, note analysts.