Sahajanand Medical Technologies IPO: dates, price band, lot size and GMP
Sahajanand Medical Technologies IPO opens 15 – 19 Oct 2026 on the Mainboard, price band Band awaited, lot size awaited, no GMP reported yet. Allotment 21 Oct, listing 23 Oct.
Listing date: Sahajanand Medical Technologies IPO is scheduled to list on 23 Oct on NSE, BSE.
Updated 11 Oct 2026, 09:10 IST. Dated dealer references.
BuyUnlistedShares tracks 206 IPOs on its calendar; the Sahajanand Medical Technologies IPO has a price band of Band awaited, a lot of — shares and no grey-market premium reported yet as of 11 Oct 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 15 – 19 Oct 2026 |
| Price band | Band awaited |
| Subscription | — |
| Registrar | MUFG Intime India Pvt.Ltd. |
| Lead managers | Motilal Oswal Investment Advisors Ltd., Avendus Capital Pvt.Ltd., HSBC Securities & Capital Markets (India) Pvt.Ltd., Nuvama Wealth Management Ltd. |
| Status | Upcoming |
Timeline
- Issue opens: 15 Oct
- Issue closes: 19 Oct
- Allotment: 21 Oct
- Refunds: 22 Oct
- Demat credit: 22 Oct
- Listing: 23 Oct
Issue details
| Face value | ₹1 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE, BSE |
| Offer for sale (shares) | 2,76,44,231 |
| Total shares offered | 2,76,44,231 |
| Promoter holding pre-issue | 40.82% |
| Promoter holding post-issue | 35.51% |
| Promoters | Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Priyanka Dhirajlal Cohen, Shree Hari Trust |
| Lead managers | Motilal Oswal Investment Advisors Ltd., Avendus Capital Pvt.Ltd., HSBC Securities & Capital Markets (India) Pvt.Ltd., Nuvama Wealth Management Ltd. |
| Registrar phone | 022-49186000 |
| Registrar email | sahajanandmedical.ipo@in.mpms.mufg.com |
| Company website | smtpl.com |
| Anchor bid date | 14 Oct 2026 |
| Anchor lock-in ends (50%) | 20 Nov 2026 |
| Anchor lock-in ends (remaining) | 19 Jan 2027 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| QIB | — | — | Not more than 50% of the Net Offer |
| NII (HNI) | — | — | Not less than 15% of the Net Offer |
| Retail | — | — | Not less than 35% of the Net Offer |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹6.8 |
|---|---|
| EPS (post-issue) | ₹5.94 |
| RoNW | 10.6% |
| RoCE | 11.57% |
| RoE | 10.35% |
| PAT margin | 5.71% |
| EBITDA margin | 14.1% |
| NAV per share | ₹62.76 |
| Debt / equity | 0.27 |
Financials (₹ Cr)
| Metric | 30 Jun 2026 | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|---|
| Assets | 1,309 | 1,276.43 | 1,094.9 | 970.58 | +16.6% |
| Total Income | 354.33 | 1,218.73 | 1,035.96 | 908.59 | +17.6% |
| Profit After Tax | 15.09 | 69.08 | 25.15 | −7.35 | +174.7% |
| EBITDA | 48.58 | 170.66 | 128.02 | 110.05 | +33.3% |
| NET Worth | 631.72 | 616.05 | 545.23 | 526.3 | +13% |
| Reserves and Surplus | 706.86 | 692.48 | 580.71 | 556.57 | +19.2% |
| Total Borrowing | 320.63 | 269.53 | 224.96 | 175.27 | +19.8% |
About Sahajanand Medical Technologies
Founded in 2001 by Mr. Dhirajlal Kotadia, Sahajanand Medical Technologies Ltd. is a medical device company focused on Class III and Class C/D devices, primarily in the fields of vascular and structural heart intervention. The company was the first globally to receive CE certification for a drug-eluting stent (DES) with a biodegradable polymer-Infinnium.
The product portfolio spans three key categories:
Sahajanand operates two R&D centers-one in India and one in Thailand-supported by a team of 102 professionals, including biomedical engineers and clinical research specialists. The company has built a robust intellectual property base, with 102 patents granted globally and 71 pending patent applications, along with five design registrations in India.
Key products such as Supraflex Cruz (DES) , Hydra (TAVI) , and Cocoon (Occluders) are backed by 72 clinical studies, and are widely accepted in over 76 countries across Europe, Asia, and other regions. The global distribution strategy includes direct operations in key European markets (Germany, Spain, France, UK), hybrid models in India (serving hospitals like Narayana Hrudayalaya Limited), and distributor-led entry in markets such as Italy.
International market adoption is reinforced by endorsements from key opinion leaders (KOLs), successful government tenders, and partnerships with major Group Purchasing Organizations (GPOs) in Europe.
The company follows a "House of Brand" strategy, developing and commercializing clinically differentiated products under recognized brand names like Supraflex Cruz, Hydra, and Cocoon.
As of March 31, 2025, Sahajanand Medical Technologies employed 1,458 full-time staff, 24 consultants, and 818 contract-based personnel across its operations.
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Sahajanand Medical | 6.67 | 6.48 | 62.76 | — | 10.6% | — | — |
| Poly Medicure | 31.79 | 31.75 | 306.4 | 51.4x | 10.37% | 0 | — |
| Laxmi Dental | 5.27 | 5.26 | 44.27 | 36.35x | 11.91% | 4.34 | — |
Note for Listed Peers: Revenue from Operations means Revenue from sale of products and other operating revenue. All the financial information for listed industry peer mentioned above is sourced from the FY26 annual report for the year ended March 31, 2026. P/E Ratio has been computed based on the closing market price of equity shares on BSE on October 06, 2026 divided by the Diluted EPS provided. Return on Net Worth (%) = Net Profit after tax attributable to owners of the parent for the year ended March 31, 2026 / Net worth at the end of the year.
Strengths (per the offer document)
- Technologically advanced products in segments with high barriers to entry — According to the F&S Report, we are among a select few Class III (and Class C/D) players in India and globally to have a comprehensive portfolio of advanced cardiovascular implants, with a product…
- Drug-Eluting Stents (DES) — DES are tube-shaped metallic meshes that are coated with a drug, often embedded in a polymer, allowing the controlled release of the drug.
- Drug-coated PTCA Balloon /Coronary Drug-coated Balloon (DCB) — A coronary drug-coated balloon (DCB) PTCA balloon is a minimally invasive device used to treat narrow or blocked coronary arteries.
- Transcatheter Aortic Valve Implantation (TAVI) — Within the SH portfolio, our flagship product is the Hydra TAVI.
- Leadership in India and key international markets across products — According to the F&S Report, we are a key player in the DES market in India, with a market share of nearly 25.00% in FY 2026 of the total DES volume sales in India.
- Proven M&A and strategic collaborations playbook — We have established a robust track record in executing and integrating acquisitions and strategic alliances.
- Set out below are details of revenue from our SH product portfolio — Revenue Three months ended Fiscal SH Devices (₹ million) 564.30 2,030.62 1,573.17 1,105.43 Year-on-year growth (%) N.A.
- Experienced leadership team backed by reputed institutional investors — We are led by qualified senior executives with global experience in the medical devices R&D, manufacturing, business development, quality assurance, quality control and human resources sectors.
Risk factors (as disclosed by the company)
- Our manufacturing facilities are subject to certain risks, including quality control issues, disruptions in infrastructure facilities — We currently operate three manufacturing facilities, located in Surat Special Economic Zone (“SEZ”) in Gujarat (India), Hyderabad, Telangana (India) and Nonthaburi (Thailand).
- We are required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals in relation to our manufacturing facilities — We require certain statutory and regulatory approvals, licenses, registrations and permissions to operate our manufacturing facilities, including from the relevant state pollution control boards,…
- We are dependent on the continued supply of raw materials and components — adversely affected. Our business, financial condition and results of operations are significantly impacted by the availability and cost of raw materials and components, particularly metal tubes,…
- A majority of our revenues are from the sale of Vascular Intervention devices (contributed to 60.40%, 61.14% — profitability. A majority of our revenues are from the sale of our Vascular Intervention (“VI”) devices, which include coronary stents and coronary balloons.
- We may not be able to implement our business strategies or sustain and manage our growth — Our growth strategy includes strengthening our existing businesses as well as expanding our market presence in new geographies.
- Regulatory uncertainty associated with pricing of medical devices could adversely affect the marketing, pricing and demand for our products — Prices for medical devices are subject to regulation in India as well as other countries in which we operate.
- We are exposed to foreign currency exchange rate fluctuations — Our Restated Consolidated Financial Information has been presented in Indian Rupees.
- Our inability to expand or effectively manage our growing distribution network may have an adverse effect on our business — We have adopted a tailored approach to market entry and expansion, utilizing a mix of direct, hybrid, and distributor- led models across different geographies.
From the RHP (strengths pages 258–265, risk factors pages 25–35). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- Sahajanand Medical Technologies IPO GMP today and trend
- Sahajanand Medical Technologies IPO subscription status, day by day
- Sahajanand Medical Technologies IPO allotment status and how to check
Frequently asked questions
When does the Sahajanand Medical Technologies IPO open and close?
The issue is scheduled for 15 – 19 Oct 2026.
What is the Sahajanand Medical Technologies IPO price band?
The price band is Band awaited per share.
When will Sahajanand Medical Technologies list?
The tentative listing date is 23 Oct on the main board.
How do I apply for the Sahajanand Medical Technologies IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Sahajanand Medical Technologies · as filed with SEBI · sebi.gov.in
- Red herring prospectus (RHP), Sahajanand Medical Technologies · as filed · assets.ipopremium.in
- Registrar allotment page, MUFG Intime India Pvt.Ltd. · allotment 21 Oct · in.mpms.mufg.com
- NSE public issues page · listing 23 Oct · nseindia.com
- BSE public issues page · listing 23 Oct · bseindia.com
- Sahajanand Medical Technologies company website · smtpl.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 11 Oct, 00:25 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Sahajanand Medical Technologies IPO”, https://buyunlistedshares.com/ipo/sahajanand-medical-technologies-ipo, as of 11 Oct 2026.
Other IPOs on the calendar
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- Ravita Engineering Services IPO · 13 – 15 Oct 2026
- HD Fire Protect IPO · 13 – 15 Oct 2026
- Fusion CX IPO · 14 – 16 Oct 2026
- Zetwerk Manufacturing IPO · 15 – 19 Oct 2026
- Sahajanand Medical IPO · 15 – 19 Oct 2026
- Bonfiglioli Transmissions IPO · 15 – 19 Oct 2026
- Jio Platforms IPO · 21 – 23 Oct 2026
Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 11 Oct 2026.
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- The risks of buying unlisted and pre-IPO shares in India
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- What Happens to Your Unlisted Shares After the IPO? Lock-In Periods Explained
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