Sahajanand Medical Technologies IPO
SEBI has approved the Initial Public Offer (IPO) of Sahajanand Medical Technologies Ltd. on 17 November 2025. The company will now proceed with the next steps for launching the IPO, depending on market conditions and other required approvals. The SEBI approval remains valid for 12 months.
This IPO is a Book-Build Issue consisting entirely of an Offer for Sale (OFS) of up to 2.76 crore equity shares. There is no fresh issue component, and hence the company will not receive any proceeds from the IPO.
The equity shares are proposed to be listed on BSE and NSE.
Motilal Oswal Investment Advisors Ltd. is the Book Running Lead Manager and MUFG Intime India Pvt. Ltd. is the Registrar of the issue.
IPO dates, price band, and lot size will be updated once announced.
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IPO Details
| Particulars | Details |
|---|---|
| IPO Date | [To be announced] |
| Listing Date | [To be announced] |
| Face Value | Rs. 1 per share |
| Issue Price Band | Rs. [.] to Rs. [.] per share |
| Lot Size | [To be announced] |
| Sale Type | Offer for Sale |
| Total Issue Size | 2,76,44,231 equity shares |
| Total Issue Size (Value) | Rs. [.] crore |
| Issue Type | Book-Build IPO |
| Listing At | BSE, NSE |
| Shareholding Pre-Issue | 10,14,03,232 shares |
| Shareholding Post-Issue | 10,14,03,232 shares |
IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
Special Bidding Limits
| Category | Maximum Investment | Cut-off Allowed |
|---|---|---|
| Retail (RII) | Up to Rs. 2 lakh | Yes |
| sNII | Rs. 2 lakh to Rs. 10 lakh | No |
| bNII | Above Rs. 10 lakh | No |
| Employee | Up to Rs. 2 lakh | Yes |
DRHP Status
| Description | Date |
|---|---|
| Filed with SEBI | 25 July 2025 |
| SEBI Approval Received | 17 November 2025 |
Promoter Holding
Promoters: Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Priyanka Dhirajlal Cohen and Shree Hari Trust
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 40.92% |
| Promoter Holding Post-Issue | [To be updated] |
About Sahajanand Medical Technologies Ltd.
Founded in 2001 by Mr. Dhirajlal Kotadia, Sahajanand Medical Technologies Ltd. is a leading medical device manufacturer specializing in Class III and Class C/D medical devices, with a strong focus on vascular and structural heart interventions.
The company was the first globally to receive CE certification for a drug-eluting stent (DES) with a biodegradable polymer — Infinnium.
Their portfolio includes:
• Vascular Intervention (VI): Coronary stents, balloons
• Structural Heart (SH): TAVI valves, Occluders
• Others: Renal stents, peripheral DCBs, and select traded devices
Sahajanand operates two R&D centres (India & Thailand) with 102 R&D professionals, and holds 102 granted patents, 71 pending applications, and five design registrations in India.
Key brands include Supraflex Cruz (DES), Hydra (TAVI), and Cocoon (Occluders) — supported by 72 clinical studies and commercialized in 76+ countries.
Global presence includes:
• Direct operations in Germany, Spain, France, UK
• Hybrid model in India (serving major hospitals including Narayana Hrudayalaya)
• Distributor-led operations in markets such as Italy
As of March 31, 2025, the company employed:
• 1,458 full-time staff
• 24 consultants
• 818 contract workers
Financial Snapshot (Rs. Crore) – Restated Consolidated
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 1,094.90 | 970.58 | 911.63 |
| Total Income | 1,035.96 | 908.59 | 803.28 |
| Profit After Tax | 25.15 | -7.35 | 11.93 |
| EBITDA | 110.77 | 110.05 | 110.77 |
| Net Worth | 545.23 | 526.30 | 539.21 |
| Reserves & Surplus | 580.71 | 556.57 | 563.35 |
| Total Borrowings | 224.96 | 175.27 | 132.18 |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 3.68% |
| ROCE | 10.37% |
| RoNW | 3.73% |
| EBITDA Margin | 12.49% |
Objects of the Issue
| S.No. | Objects | Amount (Rs. crore) |
|---|---|---|
| 1 | The company will not receive any proceeds from the Offer. | — |
Company Contact
Sahajanand Medical Technologies Ltd.
Sahajanand Estate, Wakharia Wadi,
Nr. Dabholi Char Rasta, Nani Ved Road,
Surat, Gujarat – 395004
Phone: 022-49564000
Email: investors.grievance@smt.in
Website: www.smtpl.com
Registrar
MUFG Intime India Pvt. Ltd.
Phone: +91-22-4918 6270
Email: sahajanandmedical.ipo@in.mpms.mufg.com
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Lead Managers
• Motilal Oswal Investment Advisors Ltd.
• Avendus Capital Pvt. Ltd.
• HSBC Securities & Capital Markets (India) Pvt. Ltd.
• Nuvama Wealth Management Ltd.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.