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₹344 - 344Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
Sahajanand Medical Technologies Ltd
HealthcareIPO
₹344 - 344
Founded in 2001, Sahajanand Medical Technologies manufactures high-risk Class III and Class C/D cardiovascular implants—commanding a quarter of India's drug-eluting stent market and top-five positions across key European countries—by pairing in-house precision metallurgy and clinical-trial validation with low-cost manufacturing that undercuts global multinationals. It couples Indian fabrication economics with Western regulatory certifications to sell price-controlled cardiac hardware through public tenders, hospital networks, and distribution partners across dozens of overseas territories.
Lot43Min Invest₹14,792Face Value₹1Issue Size₹475 CrOffer for Sale₹475 Cr
Timeline
15 Oct
Bidding opens
19 Oct
Bidding closes
21 Oct
Allotment
22 Oct
Refund & demat credit
23 Oct
Listing
Subscription · As of 7:22 PM, 19 Oct
Demand by day
CategoryDay 1Day 2Day 5Now+0.37x+0.75x+33.57x34.7x+0.20x+0.31x+14.13x14.6x+0.40x+0.42x+2.20x3.03xOverall+0.34x+0.48x+13.38x14.2x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB34.7x64.51 L22.38 Cr7,699.21NII14.6x19.35 L2.83 Cr974.74Retail3.03x45.15 L1.37 Cr470.61Total14.2x1.38 Cr19.63 Cr6,418.12
Reports
Offer Details
Terms
Issue Size₹475 Cr1.38 Cr shares
Offer for Sale₹475 Cr
Face Value₹1
Lot Size43 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,7921-13 lots
sNII₹2,07,088from 14 lots
bNII₹10,05,856from 68 lots
Managers & Registrar
Lead ManagerMotilal Oswal Investment Advisors Limited
Co-ManagerAvendus Capital Private Limited, HSBC Securities & Capital Markets (I) Pvt Ltd, Nuvama Wealth Management Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrShree Hari TrustPRMTR27,00,00092.88Dhirajkumar Savjibhai VasoyaPRMTR20,00,00068.80Samara Capital Markets Holding LimitedOTH64,79,063222.88Kotak Pre-IPO Opportunities FundOTH13,07,87544.99NHPEA Sparkle Holding B.V.OTH13,35,17845.93Total1,38,22,116475.48
Shareholding
CategoryPre IPOPost IPOPromoter Group40.82%36.19%Public59.18%63.81%
Objects of the Issue
- Listing the Equity Shares on the Stock Exchanges.
Anchor Book
Bid Date14-Oct-2026Bid Price₹344Shares40,71,634Amount₹0 CrMutual Funds74.3% of the book30-day lock-in19-Nov-202690-day lock-in18-Jan-2027
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 690 | 796 | 902 | 0 | 0 |
| Operating ProfitCr | 47 | 111 | 110 | 0 | 0 |
| OPM% | 6.9 | 13.9 | 12.2 | - | - |
| PBTCr | -30 | 31 | 33 | 0 | 0 |
| PATCr | -49 | 12 | -7 | 0 | 0 |
| EPS | -5 | 1 | -1 | 0 | 0 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 9 | 10 | 10 | 0 | 0 |
| ReservesCr | 392 | 544 | 530 | 0 | 0 |
| BorrowingsCr | 142 | 153 | 201 | 0 | 0 |
| Total AssetsCr | 1,011 | 912 | 971 | 0 | 0 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 17 | 46 | 41 | 74 | 105 |
| Investing Cash FlowCr | -155 | 101 | -42 | -49 | -130 |
| Financing Cash FlowCr | 109 | -172 | 13 | 6 | -12 |
| Net Cash FlowCr | -29 | -25 | 12 | 30 | -37 |
Strengths & Risks
Strengths · as stated in the DRHP
- Technologically advanced products in segments with high entry barriers.
- Proven research and development capabilities across products categories and platform technologies.
- Leadership in India and key international markets across products.
- Deep global sales and marketing presence leading to fast growth in diversified international markets.
- Diversified, integrated, and efficient manufacturing facilities accredited by regulatory authorities.
- Proven M&A and strategic collaborations playbook
Strategies · as stated in the DRHP
- Drive revenue growth through deeper penetration and the launch of comprehensive product portfolio in both existing and new markets.
- Continue developing high value clinically proven products and enhancing existing products and capabilities.
- Continue to evaluate opportunity for strategic M&As to add fast-growing product segments, technological capabilities and entry into large markets.
- Focus on improving operational efficiency leading to lowering cost of manufacturing along with simplifying and derisking supply chain.
Risks · as stated in the DRHP
- We are subject to extensive regulatory requirements in applicable jurisdictions. Any adverse action by any authority against us would negatively impact our ability to offer our products to our clients and adversely impact our business and prospects.
- Our manufacturing facilities are subject to certain risks, including quality control issues, disruptions in infrastructure facilities, and obsolete plant and machinery, which could increase our manufacturing costs or interrupt our operations and adversely impact our reputation, sales and strategies.
- We are required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals in relation to our manufacturing facilities, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on our business, financial condition, cash flows and results of operations. Further, our manufacturing facilities are subject to periodic inspections and audits by various regulatory authorities and clients.
- We are dependent on the continued supply of raw materials and components, the supply and cost of which can be subject to significant variation due to factors outside our control. Additionally, we are dependent on our suppliers (our top 10 suppliers contributed to 63.61%, 59.15%, 64.37% and 58.88% of total purchases in the three months ended June 30, 2026 and in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively) for certain raw materials and components and a single supplier for certain components and an inability to procure the required quality and quantity, at competitive prices, our business, financial condition, cash flows and results of operations may be adversely affected.
- A majority of our revenues are from the sale of Vascular Intervention devices (contributed to 60.40%, 61.14%, 65.86% and 68.57% of our revenue from operations in the three months ended June 30, 2026 and in Fiscals 2026, 2025 and 2024, respectively). Additionally, the sale of the Supraflex Cruz, which forms part of our VI devices portfolio contributed to 39.00%, 37.17%, 42.06% and 47.84% of our revenue from operations in the three months ended June 30, 2026, and in Fiscals 2026, 2025 and 2024, respectively. Any adverse impact on sales of products within this vertical, or of the Supraflex Cruz would adversely affect our business, results of operations and profitability.
- We may not be able to implement our business strategies or sustain and manage our growth.