Sahajanand Medical Technologies Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹327 - ₹344
- Lot size
- 43 shares
- Issue amount
- ₹475.48 cr
- Total subscription
- 14.21×
- Opens
- 15 Oct 2026
- Closes
- 19 Oct 2026
- Allotment
- 21 Oct 2026
- Listing
- 23 Oct 2026
Offer at a glance
Issue overview
- Issue size
- 1,38,22,116 shares
- Face value
- ₹1 Per Share
- Minimum investment
- ₹14,061
- Fresh issue
- ₹0 cr
- Offer for sale
- ₹475.48 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,792
- Issue type
- Bookbuilding IPO
- Shares before issue
- 10,14,03,232
- Shares after issue
- 10,14,03,232
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 43 | ₹14,792 |
| sHNI | 14 | 602 | ₹2,07,088 |
| bHNI | 68 | 2,924 | ₹10,05,856 |
Share reservation
Subscription & GMP
Subscription by category
Reported 19 Oct 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 1,10,471 | 2,99,713 |
| EMPLOYEES | 0 | 1,460 |
| HNIs(10L +) | 2,255 | 7,355 |
| HNIs (2-10L) | 1,127 | 12,318 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 93.38 | 3,239.79 |
| RETAIL | 163.41 | 496.44 |
| NIB | 70.03 | 1,015.77 |
| HNIs 2+ | 23.34 | 261.42 |
| HNIs 10+ | 46.69 | 764.12 |
| EMPLOYEES | 8.6 | 3.2 |
| HNIs | 70.03 | 1,025.54 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| EPS | 1.48 | 6.67 | 2.09 | -1.31 |
| ROE | 0 | 0 | 0 | 0 |
| ROCE | 3.16 | 11.57 | 10.37 | 8.05 |
| RONW | 2.31 | 10.6 | 3.73 | -2.43 |
| PRE IPO(PE) | 0 | 51.57 | 0 | 0 |
| POST IPO(PE) | 57.94 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Sahajanand Medical Technologies Limited | 51.57 | 0 | 1.00 | 62.76 | 10.60 | 6.67 |
| Poly Medicure Limited | 51.40 | 0 | 5.00 | 306.40 | 10.37 | 31.79 |
| Laxmi Dental Limited | 36.35 | 0 | 2.00 | 44.27 | 11.91 | 5.27 |
Company information
Company profile
Founded in 2001 by Mr. Dhirajlal Kotadia, Sahajanand Medical Technologies Ltd. is a medical device company that focuses on advanced Class III and Class C/D devices used mainly in vascular and structural heart treatments. The company was the first in the world to receive CE certification for a drug-eluting stent with a biodegradable polymer called Infinnium. Its product range includes coronary stents and balloons for vascular interventions, technologies like TAVI and occluders for structural heart treatments, as well as renal stents and drug-coated balloons. The company operates R&D centres in India and Thailand and has a strong innovation base with over 100 granted patents and several pending applications. Its key products, including Supraflex Cruz, Hydra, and Cocoon, are supported by multiple clinical studies and are used in more than 76 countries. Sahajanand follows a global distribution strategy combining direct sales, hybrid models, and distributor partnerships across different markets. As of March 31, 2025, the company had over 1,400 employees along with consultants and contract staff supporting its operations.
Strengths
- Advanced & Technologically Sophisticated Products: The Company is among a select group of global Class III (and Class C/D) players offering advanced cardiovascular implants, including DES, PTCA balloons, TAVI systems and Occluders. Its products are supported by clinical evidence and comply with stringent domestic and international regulatory standards.
- Strong Research & Development Capabilities: The Company operates two R&D facilities in India and Thailand, supported by 156 professionals. It holds over 119 patents granted globally, with 78 applications pending, supporting ongoing innovation in products such as its proprietary LDZ link and patented AVDC system.
- Strong Market Position in India & Overseas: The Company held nearly 25% market share by DES sales volume in India in FY2026. It also ranked among the top five companies by DES sales volume in Germany, Spain, Poland and Brazil, and by Occluder sales volume in Thailand, South Korea and India.
Risk factors
- Strict Regulatory Compliance Requirements: The Company operates under stringent regulations across multiple markets, including India’s Drugs and Cosmetics Act and the EU Medical Device Regulation. Delays in approvals, adverse regulatory actions or failure to maintain required certifications could restrict product sales and negatively affect business prospects.
- Manufacturing & Operational Risks: The Company’s three manufacturing facilities may face quality control issues, operational disruptions, outdated machinery or underutilised capacity. These challenges could increase production costs, interrupt operations and adversely affect product quality, sales and reputation.
- Dependence on Key Raw Material Suppliers: The top 10 suppliers accounted for 63.61%, 59.15%, 64.37% and 58.88% of total purchases in the three months ended June 30, 2026 and FY2026, FY2025 and FY2024, respectively. Reliance on a limited number of suppliers, or a single supplier for certain critical materials, exposes the Company to supply disruptions and price fluctuations.
Promoters
Bhargav Dhirajlal Kotadia
Dhirajlal Vallabhbhai Kotadia
Priyanka Dhirajlal Cohen
Shree Hari Trust
Registrar & documents
Lead manager
Motilal Oswal Investment Advisors Limited, Avendus Capital Private Limited, Hsbc Securities & Capital Markets Private Limited, Nuvama Wealth Management Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Sahajanand Estate, Wakharia Wadi, NR. Dabholi Char Rasta Nani Ved, Ved Road Surat, Gujarat, 395004
022 49564000
[email protected]Company website ↗Understanding SMT IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.