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Sahajanand Medical Technologies IPO: price band, dates, financials, valuation and risks
Sahajanand Medical Technologies Limited, a maker of cardiovascular implants such as coronary stents, is selling shares worth about ₹475 cr in a 100% Offer for Sale at a price band of ₹327 to ₹344. The company gets no money from the issue.
Last updated 23 Oct 2026. Sources: RHP and broker notes.
IPO means initial public offering. RHP is the Red Herring Prospectus, the offer document filed before the issue opens. UPI is the Unified Payments Interface. BSE is BSE Limited and NSE is the National Stock Exchange of India. FY26 means the financial year ended 31 March 2026.
Key dates
| Anchor investor bidding | Wed, 14 Oct 2026 |
|---|---|
| Issue opens | Thu, 15 Oct 2026 |
| Issue closes | Mon, 19 Oct 2026 (UPI mandate cut-off 5:00 pm) |
| Basis of allotment | Wed, 21 Oct 2026 (expected) |
| Refunds and credit of shares to demat accounts | Thu, 22 Oct 2026 (expected) |
| Listing | Fri, 23 Oct 2026 on BSE and NSE (expected) |
Issue details and application size
| Price band | ₹327 to ₹344 per share (face value ₹1) |
|---|---|
| Lot size | 43 shares |
| Minimum application at upper band | 43 × ₹344 = ₹14,792 |
| Total issue size | about ₹475 cr (1,38,22,116 shares) |
| Fresh issue | Nil |
| Offer for Sale | 100%, by Samara Capital Markets Holding Limited (64,79,063 shares), NHPEA Sparkle Holding B.V. (13,35,178), Kotak Pre-IPO Opportunities Fund (13,07,875), promoter Shree Hari Trust (27,00,000) and promoter group member Dhirajkumar Savjibhai Vasoya (20,00,000) |
| Anchor portion | ₹140 cr (40,71,634 shares at ₹344) |
| Quota of the net offer | Qualified institutional buyers up to 50%, non-institutional investors at least 15%, retail investors at least 35%; 2,50,000 shares reserved for eligible employees |
| Book running lead managers | Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities and Capital Markets (India), Nuvama Wealth Management |
| Registrar | MUFG Intime India Private Limited |
About the company
Incorporated on 18 October 2001 at Surat as Sahajanand Medical Technologies Private Limited (it began as a partnership firm in 1999), the company became a public limited company in May 2021. It develops, makes and sells Class III cardiovascular implants for vascular and structural heart intervention: coronary drug-eluting stents and balloon catheters (Supraflex Cruz), the Hydra transcatheter aortic valve, Cocoon occluders, renal stents and drug-coated balloons. It has three plants (two in India and one in Thailand), research centres in India and Thailand, 119 granted patents and 78 pending applications, and sold in 77 countries in FY26, with about 74% of revenue from outside India.
According to the industry report cited in the RHP, it held nearly 25% of India’s drug-eluting stent sales volume in FY26 and ranked among the top five by volume in Germany, Spain, Poland and Brazil. Vascular intervention was 61.1% of FY26 revenue and Supraflex Cruz alone 37.2%. It has direct operations in Germany, Spain, France and the United Kingdom.
Financial snapshot (year ended 31 March 2026)
| Revenue | ₹1,211 cr (₹1,025 cr in FY25, up 18.1%) |
|---|---|
| Profit after tax | ₹69 cr (₹25 cr in FY25; a loss of ₹7 cr in FY24); about 5.7% of revenue |
| EBITDA margin | 14.1% in FY26 (12.5% in FY25) |
| Debt to equity | 0.38 times, borrowings over total equity, excluding lease liabilities |
| Borrowings | ₹321 cr at 30 June 2026, up from ₹270 cr at 31 March 2026 |
EBITDA is earnings before interest, tax, depreciation and amortisation, a measure of operating profit, here worked out as profit before tax plus finance costs and depreciation, less other income. FY26 means the financial year ended 31 March 2026.
Valuation versus peers
At the upper band of ₹344 the market capitalisation is about ₹3,497 cr on 10,16,46,778 shares, which is about 50.6 times FY26 earnings (price to earnings, or P/E, is the share price divided by earnings per share). The share count is the same before and after the issue because it is a pure Offer for Sale. The peer median P/E is 43.9 times, so the issue is priced above that median.
The peer comparison has only two companies, Poly Medicure (51.4 times) and Laxmi Dental (36.4 times), so the median equals the average, and neither is a cardiovascular implant maker.
Strengths
A specialist in cardiovascular implants with nearly 25% of India’s drug-eluting stent volume and top-five positions in several European and other markets (industry report in the RHP); research-led, with 119 granted patents, 75 clinical studies and research spending of 8.6% of FY26 revenue; sales in 77 countries with about 74% of revenue from outside India; profit turned from a loss in FY24 to ₹69 cr in FY26 as the EBITDA margin rose to 14.1%; a growing structural heart business (transcatheter aortic valves and occluders) that reduced vascular intervention’s share of revenue from 68.6% to 61.1%; top-10 distributors were 15.7% of FY26 revenue, down from 26.3% in FY24.
Key risks
The whole issue is an Offer for Sale, so the company receives nothing. Revenue is concentrated, with Supraflex Cruz alone at 37.2% of FY26 sales, and stent prices in India are capped by the National Pharmaceutical Pricing Authority. Several European CE certificates are valid only until 31 December 2027, and Hydra valve registrations were rejected in Taiwan and Australia pending further clinical studies. Profits are thin and recent: FY24 was a loss and FY26 profit included a ₹8.7 cr earlier-year tax credit. Imports were 77.2% of FY26 purchases, the top 10 suppliers were 59.2% of purchases, and about 74% of sales are overseas, so currency moves matter. Borrowings rose to ₹321 cr by June 2026.
Use of proceeds
The company receives no proceeds. The entire ₹475 cr goes to the five selling shareholders: Samara Capital Markets Holding Limited, NHPEA Sparkle Holding B.V., Kotak Pre-IPO Opportunities Fund, Shree Hari Trust and Dhirajkumar Savjibhai Vasoya.
Anchor investors
Anchors put in ₹140 cr at the upper band of ₹344 on 14 Oct 2026. Reported participants include Nippon India Small Cap Fund (about ₹39 cr), DSP Healthcare Fund, Invesco India Healthcare Fund, UTI Healthcare Fund, Allianz Global Investors, Tata AIA Life Insurance, Whiteoak Capital and Natixis International Funds.
Frequently asked questions
What is the Sahajanand Medical Technologies IPO price band and lot size?
The price band is ₹327 to ₹344 per share and one lot is 43 shares, so the minimum application at the upper band is ₹14,792.
Is the Sahajanand Medical Technologies IPO a fresh issue or an Offer for Sale?
It is a 100% Offer for Sale of 1,38,22,116 shares worth about ₹475 cr by five existing shareholders. The company does not receive any proceeds.
When does the Sahajanand Medical Technologies IPO open, close and list?
Anchor bidding is on 14 Oct 2026, the issue is open from 15 Oct to 19 Oct 2026, allotment is expected on 21 Oct, refunds and credit of shares on 22 Oct, and listing on BSE and NSE on 23 Oct 2026.
Who are the lead managers and registrar?
The book running lead managers are Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities and Capital Markets (India) and Nuvama Wealth Management. The registrar is MUFG Intime India Private Limited.
What is the valuation compared with peers?
At the upper band the market capitalisation is about ₹3,497 cr, or about 50.6 times FY26 earnings, against a peer median of 43.9 times from a two-company peer set.
How much will the promoters hold after the IPO?
The promoters and promoter group hold about 40.8% before the issue and about 36.2% after it, as the promoter and a promoter group member sell 47,00,000 shares through the Offer for Sale.
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