Earkart Limited IPO
Status: Closed
Overview
IPO date
25 Sept 2025 to 29 Sept 2025
Face value
₹ 10 per share
Price
₹ 135 to ₹135 per share
Issue Size
3,649,000 shares
(aggregating up to ₹ 49.26 Cr)
(aggregating up to ₹ 49.26 Cr)
Allotment Date
30 Sept 2025
Listing at
NSE
Issue type
Fixed Price - SME
Sector
Healthcare
Objectives of Earkart Limited IPO
Earkart Limited IPO Strategy
About Earkart Limited
Unlock Stock of the Month
T&C*
Strengths vs Risks of Earkart Limited
Know the pros & cons
Strengths
We have diversified client base ranging from government, to, clinics, retailers and doctors.- Established and proven track record.
- Leveraging the experience of our Promoter.
- Experienced management team and a motivated Employees.
- Cordial relations with our client.
Risks
- Our revenue from sale of products derived from government institutions accounted for 69.32%, 75.85% and
86.56% for the Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively. A failure to secure similar government
contracts or orders in the future could adversely impact our business, operating results, and financial
condition.
- We are subject to complex laws and governmental regulations governing our products and our business
operations, compliance with these laws and regulations requires time and cost, and any adverse regulatory
action may adversely affect our financial condition, cash flows and business operations.
- We face risks relating to sourcing of raw materials and components for manufacturing of our hearing aids
and related devices from third parties.
- Our Manufacturing Facility is located in Noida, Uttar Pradesh. Any disruption, breakdown or shutdown of
our Manufacturing may have a material adverse effect on our business, financial condition, results of
operations and cash flow.
- Loss of any of our key customers or reduction in demand from our customers may materially and adversely
affect our business and financial performance.
- Quality problems and product liability claims could lead to recalls or safety alerts, reputational harm, and
could have an adverse effect on our business, results of operations, financial condition and cash flows.
- We are dependent on the success of our remote audiometry system Earkart OMNI and our research and
development activities and the failure to develop new or improved products or process improvements or
production techniques could adversely affect our business, financial condition, cash flows and results of
operations and have a negative impact on our competitive position.
- If the company cannot protect its intellectual property the company's ability to sell current or future products may be negatively
impacted.
- We have had negative cash flows in the past and it is possible that we may experience negative cash flows in
the future.
- The restated financial statements have been provided by peer reviewed chartered accountants who is not
statutory auditor of our Company.
- We derive majority of our revenue from the sale of products in certain geographical region and any changes
affecting the policies, laws and regulations or the political and economic environment in the region may
adversely impact our business, financial condition and results of operations.
- We are exposed to credit risk from our customers and the recoverability of our trade receivables is subject to
uncertainties.
- We have a limited operating history in manufacturing hearing aids which may make it difficult for investors
to evaluate our business and prospects.
- Government contract are typically awarded to us on satisfaction of prescribed qualification criteria and
following a competitive bidding process. Our business and our financial condition may be adversely affected
if new contracts are not awarded to us or if contracts awarded to us are prematurely terminated.
- We have in past entered into related party transactions and we may continue to do so in the future.
- The Promoter Group does not include one of the relative of Promoter or any entity in which such relative may
have interest.
- In the past, there have been instances of delayed filings of certain forms which were required to be filed as per
the reporting requirements under the Companies Act, 2013 to RoC.
- The loss of accreditation for our Manufacturing and operations and our empanelment with government
institutions could damage our reputation, business, results of operations and cash flows.
- The Company could be exposed to risks relating to the handling of personal information, including medical
data.
- We operate in a highly competitive industry with rapid technological changes and we may be unable to compete
effectively.
- We require certain approvals and licenses in the ordinary course of business and are required to comply with
certain rules and regulations to operate our business, any failure to obtain, retain and renew such approvals
and licences or comply with such rules and regulations may adversely affect our operations.
- There are certain instances of delays in payment of statutory dues. Any delay in payment of statutory dues or
non-payment of statutory dues in dispute may attract financial penalties from the respective government
authorities, which may have an adverse impact on our financial condition and cash flows.
- Our ability to market our products successfully depends, in part, upon the acceptance of the products not only
by customers, but also by independent third parties.
- We have contingent liabilities and our financial condition could be adversely affected if any of these contingent
liabilities materializes.
- Pricing pressure from distributors, retailers and customers may affect our gross margin, profitability and
ability to increase our prices, which in turn may adversely affect our business, results of operations, cash flows
and financial condition.
- Export destination countries may impose varying duties on our products. Any increase in such duties may
adversely affect our business and results of operations.
- Our Company, its Directors, its Promoters and its KMPs and SMPs may become parties to certain litigation
and claims in the course of our business operations.
- Failure to maintain the confidentiality of our technical knowledge could undermine our competitive
advantage.
- Exchange rate fluctuations may adversely affect our business, results of operations and cash flows.
- We rely on our information technology systems for the operation of our business and to protect our patients'
personal information, and any disruption to our systems, or failure to protect such confidential information,
could adversely affect our business and reputation and result in litigation.
- Our operations are dependent on our ability to successfully identify market requirements and customer
preferences and gain customer acceptance for our products.
- Our insurance policies may not be adequate to cover all losses incurred in our business. An inability to
maintain adequate insurance cover to protect us from material adverse incidents in connection with our
business may adversely affect our operations and profitability.
- We do not own certain premises used by our Company. Disruption of our rights as licensee/ lessee or
termination of the agreements with our licensors/ lessors would adversely impact our manufacturing
operations and, consequently, our business.
- Our operations are dependent on our ability to attract and retain qualified personnel, including our Key
Managerial Personnel and Senior Management Personnel and any inability on our part to do so, could
adversely affect our business, results of operations and financial condition.
- We are exposed to the risks of malfunctions or disruptions of information technology systems.
- The Board of Directors of our Company comprises of the Promoters.
- Our Promoters and members of the Promoter Group will continue jointly to retain majority control over our
Company after the Offer, which will allow them to determine the outcome of matters submitted to shareholders
for approval.
- Our inability to meet our obligations, including financial and other covenants under our debt financing
arrangements could adversely affect our business, results of operations and financial condition.
- The Offer includes Fresh Issue and Offer for Sale by the Promoter. Company will not receive any proceeds
from the Offer for Sale. The proceeds from the Offer for Sale component of the Offer shall be received directly
by the Promoter Selling Shareholder.
- Certain of our Promoters, Directors and Key Managerial Personnel and members of Senior Management may
have interests in us other than reimbursement of expenses incurred and normal remuneration or benefits.
- The average cost of acquisition of Equity Shares by our Promoters could be lower than the Offer price.
- Our Company has issued Equity Shares during the preceding one year at a price that may be below the Offer
Price.
- If we are unable to establish and maintain an effective internal controls and compliance system, our business
and reputation could be adversely affected.
- Our Company has not declared any dividends in the three Fiscal preceding the date of this Prospectus. Our
ability to pay dividends in the future will depend upon our future earnings, financial condition, cash flows,
working capital requirements and capital expenditures.
- None of the Directors of the Company has experience of being a director of a public listed company.
- Our operations may be materially adversely affected by strikes, work stoppages or increased compensation
demands by our employees.
- Our future funds requirements, in the form of issue of capital or securities and/or loans taken by us, may be
prejudicial to the interest of the shareholders depending upon the terms on which they are eventually raised.
- Our management will have broad discretion in how we apply the Net Proceeds, including interim use of the
Net Proceeds, and there is no assurance that the objects of the Offer will be achieved within the time frame
expected or at all, or that the deployment of the Net Proceeds in the manner intended by us will result in any
increase in the value of your investment.
- Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements,
including prior shareholders' approval.
- We may be affected by competition law, the adverse application or interpretation of which could adversely
affect our business.
- There is no monitoring agency appointed by our Company to monitor the utilization of the Issue proceeds.
- We have not independently verified certain Industry related data in this Prospectus.
- Subsequent to the listing of the Equity Shares, we may be subject to surveillance measures, such as the
Additional Surveillance Measures and the Graded Surveillance Measures by the Stock Exchanges in order to
enhance the integrity of the market and safeguard the interest of investors.
- The Equity Shares have never been publicly traded, and, after the Offer, the Equity Shares may experience
price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further,
the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above
the Offer Price, or at all.
- The Offer price of our Equity Shares may not be indicative of the market price of our Equity Shares after the
Offer and the market price of our Equity Shares may decline below the Offer Price and you may not be able to
sell your Equity Shares at or above the Offer Price.
- Any future issuance of Equity Shares, or convertible securities or other equity linked securities by our
Company may dilute your shareholding and any sale of Equity Shares by our Promoters or members of our
Promoter Group may adversely affect the trading price of the Equity Shares.
- Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
Earkart Limited Peer Comparison
Understand the company’s industry standing
Earkart Limited
OSEL Devices Limited
Face Value
10
10
Standalone / Consolidated
Standalone
Standalone
Total Income Rs. Cr.
43.1921
1866.007
EPS-Basis
6.59
14.31
EPS-Diluted
---
---
NAV Per Share
---
---
P/E-Basic EPS
---
16.91
P/E-Diluted EPS
---
---
RONW(%)
41.77
15.58
Latest NAV Period
---
---
Latest NAV
---
---
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Enter details- PAN, Application number or DP client ID
Get your allotment status
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The IPO opens on 25 Sept 2025 & closes on 29 Sept 2025.
Earkart Limited was originally formed as a Private Limited Company in the name and style of 'Earkart Private Limited' on April 14, 2021 vide Certificate of Incorporation issued by Registrar of Companies, Kanpur. On October 11, 2021, Rohit Misra acquired a majority of the equity shares from them and became the Promoter of the Company. Thereafter, the status of the Company was taken public and the name was changed to 'Earkart Limited' dated December 18, 2024 by the Registrar of Companies, Central Processing Centre.
Company manufacture and distribute modern hearing aids and related accessories at affordable price across India. Along with the own manufactured hearing aid, it also trade in hearing aid, parts and accessories of other brands manufactured in India and abroad. In addition, it offer other products like adjustable foldable walkers and MultiSensory Integrated Educational Development (MSIED) and Teaching Learning Material (TLM) kits to support mobility and daily needs of physically challenged.
Earkart has developed remote Audiometry Machine named Earkart OMNI, which can be operated remotely by the Audiologist to test the hearing loss for the patient located at any place. By combining advanced technology with a strong focus on customer needs, it has improved the hearing care across India.
Apart from this, it offer hearing solutions through a network of partners and clinics across India, which sell both domestic and global hearing aid brands. It provide patients with hearing aid dispensers and access to a wide variety of other products including those manufactured/ Assembled through international brands. Earkart has established its manufacturing facility in 2022, adhering to the international standards, specifically ISO 13485 and is is working to procure additional Hearing Aid Analyzer.
Company is planning the initial public offer aggregating an issuance 36,49,000 equity shares having the face value of Rs 10 each, comprising a fresh issue of 33,15,000 equity shares and 3,34,000 equity shares via offer for sale.
Earkart Limited IPO will close on 29 Sept 2025.
- We have diversified client base ranging from government, to, clinics, retailers and doctors.
- Established and proven track record.
- Leveraging the experience of our Promoter.
- Experienced management team and a motivated Employees.
- Cordial relations with our client.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Rohit Misra | 7904397 | 75.72 | 7904397 | 55.04 |
| 2 | Monika Misra | 134692 | 1.29 | 134692 | 0.98 |
| 3 | Rashmi Tyagi | 98452 | 0.94 | 98452 | 0.72 |
| 4 | Devyansh Misra | 44092 | 0.42 | 44092 | 0.32 |
| 5 | Aditya Misra | 39411 | 0.38 | 39411 | 0.29 |
- Our revenue from sale of products derived from government institutions accounted for 69.32%, 75.85% and 86.56% for the Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively. A failure to secure similar government contracts or orders in the future could adversely impact our business, operating results, and financial condition.
- We are subject to complex laws and governmental regulations governing our products and our business operations, compliance with these laws and regulations requires time and cost, and any adverse regulatory action may adversely affect our financial condition, cash flows and business operations.
- We face risks relating to sourcing of raw materials and components for manufacturing of our hearing aids and related devices from third parties.
- Our Manufacturing Facility is located in Noida, Uttar Pradesh. Any disruption, breakdown or shutdown of our Manufacturing may have a material adverse effect on our business, financial condition, results of operations and cash flow.
- Loss of any of our key customers or reduction in demand from our customers may materially and adversely affect our business and financial performance.
- Quality problems and product liability claims could lead to recalls or safety alerts, reputational harm, and could have an adverse effect on our business, results of operations, financial condition and cash flows.
- We are dependent on the success of our remote audiometry system Earkart OMNI and our research and development activities and the failure to develop new or improved products or process improvements or production techniques could adversely affect our business, financial condition, cash flows and results of operations and have a negative impact on our competitive position.
- If the company cannot protect its intellectual property the company's ability to sell current or future products may be negatively impacted.
- We have had negative cash flows in the past and it is possible that we may experience negative cash flows in the future.
- The restated financial statements have been provided by peer reviewed chartered accountants who is not statutory auditor of our Company.
- We derive majority of our revenue from the sale of products in certain geographical region and any changes affecting the policies, laws and regulations or the political and economic environment in the region may adversely impact our business, financial condition and results of operations.
- We are exposed to credit risk from our customers and the recoverability of our trade receivables is subject to uncertainties.
- We have a limited operating history in manufacturing hearing aids which may make it difficult for investors to evaluate our business and prospects.
- Government contract are typically awarded to us on satisfaction of prescribed qualification criteria and following a competitive bidding process. Our business and our financial condition may be adversely affected if new contracts are not awarded to us or if contracts awarded to us are prematurely terminated.
- We have in past entered into related party transactions and we may continue to do so in the future.
- The Promoter Group does not include one of the relative of Promoter or any entity in which such relative may have interest.
- In the past, there have been instances of delayed filings of certain forms which were required to be filed as per the reporting requirements under the Companies Act, 2013 to RoC.
- The loss of accreditation for our Manufacturing and operations and our empanelment with government institutions could damage our reputation, business, results of operations and cash flows.
- The Company could be exposed to risks relating to the handling of personal information, including medical data.
- We operate in a highly competitive industry with rapid technological changes and we may be unable to compete effectively.
- We require certain approvals and licenses in the ordinary course of business and are required to comply with certain rules and regulations to operate our business, any failure to obtain, retain and renew such approvals and licences or comply with such rules and regulations may adversely affect our operations.
- There are certain instances of delays in payment of statutory dues. Any delay in payment of statutory dues or non-payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on our financial condition and cash flows.
- Our ability to market our products successfully depends, in part, upon the acceptance of the products not only by customers, but also by independent third parties.
- We have contingent liabilities and our financial condition could be adversely affected if any of these contingent liabilities materializes.
- Pricing pressure from distributors, retailers and customers may affect our gross margin, profitability and ability to increase our prices, which in turn may adversely affect our business, results of operations, cash flows and financial condition.
- Export destination countries may impose varying duties on our products. Any increase in such duties may adversely affect our business and results of operations.
- Our Company, its Directors, its Promoters and its KMPs and SMPs may become parties to certain litigation and claims in the course of our business operations.
- Failure to maintain the confidentiality of our technical knowledge could undermine our competitive advantage.
- Exchange rate fluctuations may adversely affect our business, results of operations and cash flows.
- We rely on our information technology systems for the operation of our business and to protect our patients' personal information, and any disruption to our systems, or failure to protect such confidential information, could adversely affect our business and reputation and result in litigation.
- Our operations are dependent on our ability to successfully identify market requirements and customer preferences and gain customer acceptance for our products.
- Our insurance policies may not be adequate to cover all losses incurred in our business. An inability to maintain adequate insurance cover to protect us from material adverse incidents in connection with our business may adversely affect our operations and profitability.
- We do not own certain premises used by our Company. Disruption of our rights as licensee/ lessee or termination of the agreements with our licensors/ lessors would adversely impact our manufacturing operations and, consequently, our business.
- Our operations are dependent on our ability to attract and retain qualified personnel, including our Key Managerial Personnel and Senior Management Personnel and any inability on our part to do so, could adversely affect our business, results of operations and financial condition.
- We are exposed to the risks of malfunctions or disruptions of information technology systems.
- The Board of Directors of our Company comprises of the Promoters.
- Our Promoters and members of the Promoter Group will continue jointly to retain majority control over our Company after the Offer, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- Our inability to meet our obligations, including financial and other covenants under our debt financing arrangements could adversely affect our business, results of operations and financial condition.
- The Offer includes Fresh Issue and Offer for Sale by the Promoter. Company will not receive any proceeds from the Offer for Sale. The proceeds from the Offer for Sale component of the Offer shall be received directly by the Promoter Selling Shareholder.
- Certain of our Promoters, Directors and Key Managerial Personnel and members of Senior Management may have interests in us other than reimbursement of expenses incurred and normal remuneration or benefits.
- The average cost of acquisition of Equity Shares by our Promoters could be lower than the Offer price.
- Our Company has issued Equity Shares during the preceding one year at a price that may be below the Offer Price.
- If we are unable to establish and maintain an effective internal controls and compliance system, our business and reputation could be adversely affected.
- Our Company has not declared any dividends in the three Fiscal preceding the date of this Prospectus. Our ability to pay dividends in the future will depend upon our future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- None of the Directors of the Company has experience of being a director of a public listed company.
- Our operations may be materially adversely affected by strikes, work stoppages or increased compensation demands by our employees.
- Our future funds requirements, in the form of issue of capital or securities and/or loans taken by us, may be prejudicial to the interest of the shareholders depending upon the terms on which they are eventually raised.
- Our management will have broad discretion in how we apply the Net Proceeds, including interim use of the Net Proceeds, and there is no assurance that the objects of the Offer will be achieved within the time frame expected or at all, or that the deployment of the Net Proceeds in the manner intended by us will result in any increase in the value of your investment.
- Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- We may be affected by competition law, the adverse application or interpretation of which could adversely affect our business.
- There is no monitoring agency appointed by our Company to monitor the utilization of the Issue proceeds.
- We have not independently verified certain Industry related data in this Prospectus.
- Subsequent to the listing of the Equity Shares, we may be subject to surveillance measures, such as the Additional Surveillance Measures and the Graded Surveillance Measures by the Stock Exchanges in order to enhance the integrity of the market and safeguard the interest of investors.
- The Equity Shares have never been publicly traded, and, after the Offer, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Offer Price, or at all.
- The Offer price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Offer and the market price of our Equity Shares may decline below the Offer Price and you may not be able to sell your Equity Shares at or above the Offer Price.
- Any future issuance of Equity Shares, or convertible securities or other equity linked securities by our Company may dilute your shareholding and any sale of Equity Shares by our Promoters or members of our Promoter Group may adversely affect the trading price of the Equity Shares.
- Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
The Issue type of Earkart Limited is Fixed Price - SME.
The minimum application for shares of Earkart Limited is 2000.
The total shares issue of Earkart Limited is 3649000.
Initial public offering up to 36,49,000 equity shares of Rs. 10 each ("Equity Shares") of Earkart limited (the "Company") for cash at a price of Rs. [*] per equity share (the "Issue Price"), aggregating Rs. [*] Crore ("Offer"). the offer comprises a fresh issue of 33,15,000 equity shares aggregating Rs. [*] Crore ("Fresh Issue") and an offer for sale of 3,34,000 equity shares ("Offered Shares") aggregating Rs. [*] Crore, by Rohit Misra (Selling Shareholder), the ("Offer for Sale"). out of which [*] equity shares of face value of Rs. 10/- each for a cash price of Rs. [*] per equity share, aggregating to Rs. [*] Crore will be reserved for subscription by market maker ("Market Maker Reservation Portion"). the offer less the market maker reservation portion i.e. issue of [*] equity shares of face value of Rs. 10 each at an issue price of Rs. [*] /- per equity share aggregating to Rs. [*] Crore (is Hereinafter Referred to as the "Net Issue"). the issue and the net issue will constitute 26.53 % and [*] %, respectively of the post issue paid up equity share capital of the company.
Price Band: Rs. 135/- for equity share of face value of Rs. 10 each.
The floor price is 13.5 times times the face value of the face value of the equity shares.
Bids can made for a minimum of 2000 equity shares and in multiples of 1000 equity shares thereafter.