Sahajanand Medical Technologies IPO (₹475 cr) opens Oct 15–19 at ₹327–344. Check lot size, financials, risks, allotment steps, listing date and FAQs.
Last updated: Mon, Oct 12, 2026, 11:06 AM IST
- IPO dates: Thu, Oct 15, 2026 to Mon, Oct 19, 2026
- Price band: ₹327 to ₹344 per share
- Lot size: 43 shares (₹14,792 at the upper band)
- Issue size: ₹475 crore
Sahajanand Medical Technologies Ltd., a medical devices company specialising in vascular and structural heart interventions, is raising ₹475 crore through its IPO, which opens on Thu, Oct 15, 2026 and closes on Mon, Oct 19, 2026 at a price band of ₹327 to ₹344 per share. Here is everything you need to know about the Sahajanand Medical Technologies IPO.
Sahajanand Medical Technologies IPO Details
| Field | Value |
|---|---|
| IPO date | Thu, Oct 15, 2026 to Mon, Oct 19, 2026 |
| Listing date | To be announced |
| Face value | ₹1 per share |
| Price band | ₹327 to ₹344 per share |
| Lot size | 43 shares |
| Total issue size | ₹475 crore |
| Listing at | BSE |
| Lead managers | To be announced |
| Registrar | To be announced |
Sahajanand Medical Technologies IPO Timeline
| Event | Date |
|---|---|
| Anchor bidding | Wed, Oct 14, 2026 (tentative) |
| IPO opens | Thu, Oct 15, 2026 |
| IPO closes | Mon, Oct 19, 2026 |
| UPI mandate cut-off | Mon, Oct 19, 2026, 5 PM |
| Basis of allotment | Tue, Oct 20, 2026 (tentative) |
| Refunds initiated | Wed, Oct 21, 2026 (tentative) |
| Shares credited to demat | Wed, Oct 21, 2026 (tentative) |
| Listing date | Thu, Oct 22, 2026 (tentative) |
Dates other than IPO open, close and listing follow SEBI’s standard T+3 listing schedule (T = the close date) and can shift for exchange holidays.
Sahajanand Medical Technologies IPO Lot Size and Minimum Investment
| Application | Lots | Shares | Amount (₹, at upper band) |
|---|---|---|---|
| Retail (minimum) | 1 | 43 | 14,792 |
| Retail (maximum) | 13 | 559 | 1,92,296 |
| sNII (minimum) | 14 | 602 | 2,07,088 |
| sNII (maximum) | 67 | 2,881 | 9,91,064 |
| bNII (minimum) | 68 | 2,924 | 10,05,856 |
For example, at the upper price band of ₹344, one lot of 43 shares needs ₹14,792 (43 × ₹344). Retail investors can apply for up to 13 lots (₹1,92,296), within the ₹2 lakh retail limit.
About Sahajanand Medical Technologies
Sahajanand Medical Technologies Ltd. is a medical devices company founded in 2001 by Mr. Dhirajlal Kotadia. The company specialises in the development of Class III and Class C/D medical devices, with a specific emphasis on vascular and structural heart interventions. As per the DRHP, the business operates through three primary segments: Vascular Intervention (VI), Structural Heart (SH), and Others. Revenue is generated primarily through the sale of these products to a diverse customer base, including large hospitals such as Narayana Hrudayalaya Limited.
The company maintains a research and development-driven approach to its product pipeline. To support its manufacturing requirements, the firm operates three integrated facilities, with two located in India and one in Thailand. These facilities enable the company to produce a wide range of cardiovascular implants and related medical equipment. By focusing on minimally invasive procedures used to diagnose or treat diseases of blood vessels, the company has established a presence in the medical equipment sector. The business continues to evolve its product offerings to address the needs of healthcare providers in both domestic and international markets.
Sahajanand Medical Technologies Financial Performance
| Metric | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|
| Revenue from operations (₹ crore) | 1,024.88 | 901.60 | 795.55 |
| Total income (₹ crore) | 1,037.43 | 908.59 | 803.28 |
| Profit after tax (₹ crore) | 25.15 | -7.35 | 11.93 |
| Net worth (₹ crore) | 565.73 | 540.09 | 553.32 |
| Total borrowings (₹ crore) | 168.46 | 117.99 | 47.79 |
- Revenue from operations grew 13.3% in FY 2023-24 to ₹901.60 crore, followed by 13.7% growth in FY 2024-25 to reach ₹1,024.88 crore, indicating a consistent upward trend in top-line performance.
- Profit after tax fluctuated, falling 161.6% in FY 2023-24 to ₹-7.35 crore from ₹11.93 crore in FY 2022-23, before recovering to ₹25.15 crore in FY 2024-25, showing a volatile earnings history.
- PAT margins moved from 1.5% in FY 2022-23 to -0.82% in FY 2023-24, eventually reaching 2.45% in FY 2024-25, reflecting the impact of changing operational costs on the company’s bottom line.
- The debt-to-equity ratio stood at 0.30x in FY 2024-25, with total borrowings rising to ₹168.46 crore against a net worth of ₹565.73 crore, demonstrating the company’s current leverage position.
Sahajanand Medical Technologies IPO Valuation and Key Ratios
| Metric | Value |
|---|---|
| Return on equity, FY 2024-25 (%) | 4.78 |
| Debt-to-equity, FY 2024-25 (x) | 0.30 |
| PAT margin, FY 2024-25 (%) | 2.45 |
The company reported a return on equity of 4.78% and a PAT margin of 2.45% for FY 2024-25, with a debt-to-equity ratio of 0.30x. For valuation comparison, the DRHP lists Poly Medicure Limited and Laxmi Dental Limited as industry peers. Poly Medicure Limited reported a P/E ratio of 61.21 and an EPS of ₹34.13 as of July 23, 2025. During the same period, Laxmi Dental Limited recorded a P/E ratio of 78.32 with an EPS of ₹6.07. Investors can compare these metrics to evaluate the pricing of the issue.
Objects of the Issue
The objects of the offer are to carry out an Offer for Sale of up to 27,644,231 equity shares by the selling shareholders and to achieve the benefits of listing on the stock exchanges. The company will not receive any proceeds from the offer, as all funds will go to the selling shareholders. This means the IPO is entirely an Offer for Sale, where existing shareholders sell their stake, rather than a fresh issue that would bring new capital into the company.
Strengths and Risks
Strengths
- The company maintains a strong clinical foundation for flagship products like Supraflex Cruz, Hydra, Pipit, and Cocoon, which is supported by 72 clinical studies.
- It has established a robust track record in executing and integrating acquisitions and strategic alliances to expand its market presence.
- The leadership foundation is supported by reputed investors, including Samara Capital Markets Holding Limited, Kotak Pre-IPO Opportunities Fund, Plutus Wealth Management LLP, and Ashish Kacholia.
- The company operates in segments with high barriers to entry, providing a competitive edge through its technologically advanced medical devices.
Risks
- The company faces a concentrated supplier base, with the top 10 suppliers accounting for 64.37% of total purchases in Fiscal 2025.
- It is involved in various outstanding tax, regulatory, and legal proceedings that are currently pending at different levels of adjudication.
- Manufacturing operations are subject to potential disruptions if the company fails to comply with the conditions of its regulatory approvals or certifications.
- The business is exposed to risks related to its ongoing legal and regulatory matters, which could adversely affect its business and reputation.
Things Investors Should Know
- The minimum investment for retail investors is ₹14,792 for one lot of 43 shares at the upper price band of ₹344.
- The IPO opens for bidding on Thu, Oct 15, 2026 and closes on Mon, Oct 19, 2026.
- The UPI mandate cut-off time is 5 PM on the closing date of Mon, Oct 19, 2026.
- The company will not receive any proceeds from this Offer for Sale, as all funds go to the selling shareholders.
- You can track the progress of the issue and other upcoming listings on the ThePip IPO calendar.
- There are no outstanding disciplinary actions by SEBI or stock exchanges against the promoters in the last five years.
Sahajanand Medical Technologies IPO Listing Details
| Field | Value |
|---|---|
| Exchanges | BSE |
Sahajanand Medical Technologies IPO FAQs
What is the Sahajanand Medical Technologies IPO price band?
The price band for the Sahajanand Medical Technologies IPO is set between ₹327 and ₹344 per equity share. Retail investors typically bid at the upper end of this range to increase their chances of allotment. The face value of each share is ₹1.
When does the Sahajanand Medical Technologies IPO open and close?
The IPO is scheduled to open for subscription on Thu, Oct 15, 2026. The bidding process will conclude on Mon, Oct 19, 2026. Investors must ensure their applications are submitted and UPI mandates are accepted by the 5 PM cut-off time on the closing date.
What is the Sahajanand Medical Technologies IPO lot size and minimum investment?
The lot size for this IPO is 43 shares. This means you must apply for at least 43 shares or in multiples thereof. At the upper price band of ₹344, the minimum investment required for one lot is ₹14,792.
How will Sahajanand Medical Technologies use the IPO money?
The company will not receive any proceeds from this IPO. The entire issue consists of an Offer for Sale by selling shareholders. Consequently, the funds raised will go directly to these selling shareholders rather than being used for the company’s business operations or capital expenditure.
Is the Sahajanand Medical Technologies IPO a fresh issue or an offer for sale?
The Sahajanand Medical Technologies IPO is an Offer for Sale of up to 27,644,231 equity shares. There is no fresh issue component in this IPO. The primary purpose is to allow existing shareholders to sell their stakes and to achieve the benefits of listing on the stock exchanges.
What are the key risks of the Sahajanand Medical Technologies IPO?
Key risks include a high reliance on a concentrated supplier base, with the top 10 suppliers contributing 64.37% of total purchases in Fiscal 2025. Additionally, the company is involved in various outstanding tax, regulatory, and legal proceedings, and faces potential manufacturing disruptions due to regulatory compliance issues.
Are there any pending legal actions against the promoters?
As of the date of the DRHP, there are no outstanding criminal proceedings or pending actions by statutory or regulatory authorities against the promoters. Furthermore, there have been no disciplinary actions or penalties imposed by SEBI or stock exchanges against the promoters in the last five fiscal years.
When will the shares be credited to my demat account?
Following the tentative basis of allotment on Tue, Oct 20, 2026, the company expects to initiate refunds for unsuccessful bidders on Wed, Oct 21, 2026. On the same date, shares are tentatively expected to be credited to the successful applicants’ demat accounts before the listing.
This article is for information only and is not investment advice. Business, risk and litigation details are as per the company’s DRHP; issue, financial and exchange data are from ThePip’s IPO database as of Mon, Oct 12, 2026, 11:06 AM IST. IPO investments are subject to market risks; read the offer document carefully before investing.
