Avience Biomedicals Limited is an ISO 9001:2016, ISO 13485, ZED MSME Gold, and Good Manufacturing Practice (GMP) certified medical consumable company established in 2019. The company manufactures In-Vitro Diagnostic (IVD) products and medical devices, producing essential diagnostic kits such as Viral Transport Media (VTM), Covid, HIV, HBs AG, Malaria, and Dengue. It has recently expanded its portfolio to include a comprehensive line of medical devices like Serology products, Biochemistry Analysers, and Biochemistry Reagents. The company primarily operates across B2B, B2G, and B2C segments. It functions as both a manufacturer and a distributor/trader of medical equipment, establishing relationships with third-party manufacturers to market products under their original brand names alongside its own "Avienbio" branded goods. The company caters to a wide spectrum of clients, including Pathology Labs, Microbiology Labs, Hospitals, and Research Centers across India as well as in overseas markets. In the B2C segment, its end customers are predominantly hospitals and laboratories. Avience Biomedicals currently operates from a 3,700 sq. ft. leased manufacturing facility located at G-1, Sector-11, Noida, Gautam Buddh Nagar, Uttar Pradesh. To address growing demands and accommodate 43 new production licenses acquired over recent fiscal years, the company is establishing a much larger, modern manufacturing plant. This new facility will be located on a 2,100 sq. meter plot in the Medical Device Park under the Yamuna Expressway Industrial Development Authority (YEIDA), Gautam Buddha Nagar, Uttar Pradesh. As of January 31, 2026, the company's installed capacity for Rapid Tests stands at 45,00,000 tests, operating at a high utilization rate of 84.12%. The Reagents & Consumables segment has an installed capacity of 3,500 liters with an 85.23% utilization rate, while the Analyzers/Instruments segment has an installed capacity of 175 units, operating at 80.57% utilization. Additionally, the Culture Media segment has an installed capacity of 1,16,667 units with a 74.53% utilization rate. The upcoming YEIDA facility is projected to significantly scale these numbers, aiming to produce 36,000,000 Rapid Tests and 28,800,000 Semi-Finished Products annually. As per financial performance, Avience Biomedicals Limited has posted total income / net profits of Rs 10.93 / 0.71 Cr (FY23), Rs 24.37 / 2.14 Cr (FY24), Rs 45.97 / Rs 7.23 Cr (FY25) and Rs 41.94 Cr / 5.74 Cr (Upto 31.01.26 FY26). So as per previous financials data, company has shown good growth, also trade receivables and debt are under control. Company has an average EPS of Rs 14.88 and average RoNW of 44.75% for last three fiscals. Issue is priced at a P/BV of 2.94 as per NAV of Rs 70.74/- as on (31.01.26). If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 57.54, 22.12 and 14.14 respectively. As per RHP, there are no listed peers in the Indian market. On BRLM's front, Fintellectual Corporate Advisors Private Limited is associated with this IPOs, and has handled 4 IPOs in last three fiscal years. From last 4 IPOs, one opened below issue price and remaining all opened above issue price or at par, on the day of listing. As of now, from last 4 IPOs, three are trading below issue price and remaining all are trading above issue price or at par. (as on 15.06.26) As per financials, Avience Biomedicals Limited has shown good growth, RoNW is 49.89% and P/E is 57.54, 22.12 and 14.14 respectively as per FY24, FY25 and annualised FY26 earnings. So, issue looks fully priced. Trade receivables and debt are under control. The company specializes in the production and fabrication of hardware structures and accessories, which is highly competitive business segment. Performance of BRLM is poor. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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