Sudeep Pharma IPO
Sudeep Pharma Ltd. is launching a Book-Built Mainboard IPO of Rs. 895 crore, consisting of a fresh issue of Rs. 95 crore and an Offer for Sale (OFS) of Rs. 800 crore by existing shareholders.
Sudeep Pharma IPO opens for subscription on Nov 21, 2025, and closes on Nov 25, 2025. The price band is fixed between Rs. 563 and Rs. 593 per share, with a lot size of 25 shares, requiring a minimum investment of Rs. 14,825 for retail investors.
For small HNIs, the minimum application size is 350 shares (Rs. 2,07,550), and for large HNIs, it is 1,700 shares (Rs. 10,08,100).
The allotment is expected on Nov 26, 2025, and the tentative listing on Nov 28, 2025, on BSE & NSE.
ICICI Securities Ltd. is the Book Running Lead Manager, and MUFG Intime India Pvt. Ltd. is the Registrar to the issue.
🕗Last Update: 18 November 2025, 6.00 AM
👉 GMP | Reviews | Subscription | Allotment
IPO Key Dates
| Event | Date |
|---|---|
| IPO Opens on | 21 Nov 2025 |
| IPO Closes on | 25 Nov 2025 |
| Allotment on | 26 Nov 2025 |
| Initiation of Refunds | 27 Nov 2025 |
| Credit of Shares | 27 Nov 2025 |
| Listing Date | 28 Nov 2025 |
| Cut-off for UPI Mandate | 5 PM, 25 Nov 2025 |
IPO Key Details
| Particulars | Details |
|---|---|
| IPO Type | Book-Built Issue |
| Sale Type | Fresh Issue + OFS |
| Total Issue Size | Rs. 895.00 crore |
| Fresh Issue | Rs. 95.00 crore |
| Offer for Sale | Rs. 800.00 crore |
| Face Value | Rs. 1 per share |
| Price Band | Rs. 563 – 593 |
| Lot Size | 25 Shares |
| Listing At | BSE, NSE |
| Pre-Issue Share Capital | 11,13,46,602 shares |
| Post-Issue Share Capital | 11,29,48,626 shares |
Investor Reservation
| Category | Shares Offered |
|---|---|
| QIB | Not more than 50% of Net Offer |
| Retail | Not less than 35% of Net Offer |
| NII | Not less than 15% of Net Offer |
How Shares Can Be Applied?
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min) | 1 | 25 | 14,825 |
| Retail (Max) | 13 | 325 | 1,92,725 |
| S-HNI (Min) | 14 | 350 | 2,07,550 |
| S-HNI (Max) | 67 | 1,675 | 9,93,275 |
| B-HNI (Min) | 68 | 1,700 | 10,08,100 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 89.37% |
| Promoter Holding Post-Issue | 76.15% |
Promoters:
Sujit Jaysukh Bhayani, Avani Sujit Bhayani, Shanil Sujit Bhayani, Sujeet Jaysukh Bhayani HUF, Riva Resources Pvt. Ltd., Bhayani Family Trust.
About Sudeep Pharma Ltd.
Incorporated in 1989, Sudeep Pharma Ltd. is a leading manufacturer of pharmaceutical excipients, food-grade minerals, and specialty nutrition ingredients, exporting to 100+ countries.
Key Highlights
-
Six manufacturing units with 50,000 MT capacity
-
200+ products across minerals (Calcium, Iron, Magnesium, Zinc, Potassium, Sodium)
-
Strong R&D infrastructure with pilot-scale facilities
-
Serves pharma, food, and nutrition industries
-
Workforce: 704 permanent employees (as of Dec 31, 2024)
Divisions
-
Pharmaceutical, Food & Nutrition Ingredients
-
Specialty Ingredients
-
Triturates
Competitive Strengths
-
Market leader with wide product portfolio in a high-entry-barrier industry
-
Global customer base with long-term relationships
-
Advanced, compliant manufacturing facilities
-
Strong R&D capability in mineral salts & excipients
Financial Snapshot (Rs. crore)
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 922.26 | 717.17 | 513.87 | 420.11 |
| Total Income | 130.08 | 511.33 | 465.38 | 438.26 |
| Profit After Tax | 31.27 | 138.69 | 133.15 | 62.32 |
| EBITDA | 48.57 | 199.28 | 187.76 | 98.64 |
| Net Worth | 688.32 | 497.53 | 359.07 | 226.29 |
| Total Borrowing | 135.97 | 135.25 | 75.03 | 82.26 |
Key Performance Indicators
| KPI | Value |
|---|---|
| Debt/Equity | 0.20 |
| RoNW | 27.88% |
| PAT Margin | 27.63% |
| EBITDA Margin | 39.70% |
| Price/Book | 12.93 |
| Market Cap | Rs. 6,697.85 crore |
Peer Comparison
| Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS (Rs.) | 12.46 | 11.07 |
| P/E (x) | 47.61 | 53.55 |
Objects of the Issue
| S.No | Purpose | Amount (Rs. Cr) |
|---|---|---|
| 1 | Capex for machinery at Nandesari Facility I | 75.81 |
| 2 | General Corporate Purposes | — |
Company Contact
Sudeep Pharma Ltd.
129/1/A, GIDC Estate, Nandesari, Vadodara – 391340
📞 +91 265 284 0656
✉ cs.sudeep@sudeepgroup.com
🌐 www.sudeeppharma.com
Lead Managers
-
ICICI Securities Ltd.
-
IIFL Capital Services Ltd.
Registrar
MUFG Intime India Pvt. Ltd.
📞 +91-22-4918 6270
✉ sudeeppharma.ipo@in.mpms.mufg.com
🌐 https://linkintime.co.in/Initial_Offer/public-issues.html
Sudeep Pharma IPO Review –
by Paresh Gordhandas, CA & Research Analyst
Sudeep Pharma Ltd. is a long-established specialty minerals and excipients manufacturer with strong global presence across pharma and nutrition industries. The company has delivered consistent growth, with FY25 revenue at Rs. 511 crore and PAT at Rs. 138.7 crore. Margins remain strong with EBITDA margin of 39.7% and PAT margin of 27.6%, indicating high-value products and operational efficiency.
At the upper price band, the IPO is valued at a P/E of 53.55 (post-issue), which appears expensive compared to typical chemical & excipient manufacturers, but justified by high margins, global footprint, and strong RoNW of 27.88%. The capex will help expand capacity for high-demand mineral salts, supporting future growth.
Chanakya View: Strong financial performance, high margins, and leadership in excipient/mineral segments make the company attractive for long-term institutional investors. However, valuation is on the higher side.
Risk-tolerant investors can Apply for listing gains and medium-term prospects.
Quick Links
Quicklinks
Disclaimer
This article is for informational purposes only. Chanakya Ni Pothi does not engage in Grey Market trading or recommend decisions based solely on GMP trends. Investors should consult their SEBI-registered advisors before investing.
