Sahajanand Medical Technologies — India's homegrown maker of cardiac stents and structural-heart devices — opens its ₹475.48 crore IPO for subscription on October 15, 2026. The price band is fixed at ₹327–344 per share with a lot size of 43 shares, and the entire issue is an offer for sale (OFS). Here is the complete deep-dive: price band, dates, lot size, business background, financials, grey market premium and our review.
Sahajanand Medical IPO: Key Details
| Particular | Details |
|---|---|
| IPO open date | October 15, 2026 (Thursday) |
| IPO close date | October 19, 2026 (Monday) |
| Price band | ₹327 – ₹344 per share (face value ₹1) |
| Issue size | ₹475.48 crore at the upper band (₹451.98 crore at the lower band) |
| Issue type | 100% Offer for Sale — 1,38,22,116 shares; no fresh issue |
| Lot size | 43 shares |
| Minimum retail investment | ₹14,792 (1 lot at ₹344) |
| Listing | BSE and NSE — tentatively October 23, 2026 |
| Allotment finalisation | October 21, 2026 (tentative) |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Book-running lead managers | Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities and Capital Markets (India), Nuvama Wealth Management |
| DRHP filed | July 25, 2025; RHP filed October 2026 |
Sahajanand Medical IPO Dates & Timeline
| Event | Date |
|---|---|
| Subscription opens | October 15, 2026 |
| Subscription closes | October 19, 2026 |
| Allotment finalisation | October 21, 2026 (tentative) |
| Refund initiation / ASBA unblocking | October 22, 2026 (tentative) |
| Credit of shares to demat | October 22, 2026 (tentative) |
| Listing on BSE and NSE | October 23, 2026 (tentative) |
Sahajanand Medical IPO Lot Size & Investment
| Category | Lots | Shares | Amount (at ₹344) |
|---|---|---|---|
| Retail (minimum) | 1 | 43 | ₹14,792 |
| Retail (maximum) | 13 | 559 | ₹1,92,296 |
| sHNI (minimum) | 14 | 602 | ₹2,07,088 |
| bHNI (minimum) | 68 | 2,924 | ₹10,05,856 |
The issue reserves 50% of the offer for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and 35% for retail investors, alongside a small employee reservation.
About Sahajanand Medical Technologies
Founded in 2001 by Dhirajlal Kotadia and headquartered in Mumbai, Sahajanand Medical Technologies (SMT) develops Class III and Class C/D medical devices — the highest-risk regulatory category, covering implants used inside the human body — across two segments: vascular intervention (VI) and structural heart (SH).
Its product portfolio includes drug-eluting stents (DES) led by the flagship Supraflex Cruz, PTCA balloons, coronary drug-coated balloons, transcatheter aortic valve implantation (TAVI) systems under the Hydra brand, and Cocoon occluders. The company says it was the first in the world to receive CE certification for a drug-eluting stent with a biodegradable polymer (Infinnium). Industry data cited in its offer documents credits SMT with roughly 25% of India's domestic drug-eluting stent market.
SMT is heavily export-oriented: international markets contributed roughly 69–76% of revenue in recent periods, with products sold in 77 countries in FY26 through direct, hybrid and distributor-led models. It runs direct operations in Germany, Spain, France and the UK, and counts large Indian hospitals such as Narayana Hrudayalaya among its customers. Vascular intervention accounts for about 60% of revenue and structural heart about 16%.
The company operates three manufacturing facilities — two in India (Surat and Hyderabad) and one in Nonthaburi, Thailand — and two R&D centres with 156 professionals, backed by 119 granted patents globally. Its Supraflex Cruz stent is supported by clinical data involving over 28,000 participants worldwide, according to the offer documents.
The selling shareholders in the OFS are the promoters — Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Priyanka Dhirajlal Cohen and the Shree Hari Trust. Ace investor Ashish Kacholia holds around 1.08% of the company.
Sahajanand Medical Technologies: Financials
SMT has staged a sharp profitability turnaround over the last three fiscals (₹ crore):
| Particular | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 901.60 | 1,024.88 | 1,210.50 | 351.66 |
| EBITDA | — | 128.02 | 170.66 | 48.58 |
| Profit after tax | (7.35) | 25.15 | 69.08 | 15.09 |
Revenue grew at about 16% CAGR between FY24 and FY26, while PAT swung from a ₹7.35 crore loss to a ₹69.08 crore profit — up 174.6% year-on-year in FY26. EBITDA margin stood at 14.1% in FY26 with a PAT margin of 5.7%, return on net worth of 10.6% and EPS of ₹6.67. The three months ended June 30, 2026 saw revenue of ₹351.66 crore and PAT of ₹15.09 crore, keeping the company on a profitable run.
Valuation: What You Pay
At the upper band of ₹344, SMT commands a market capitalisation of roughly ₹3,497 crore — about 58 times FY26 earnings as per tracker-reported KPI disclosures. That is a premium multiple, typical of listed Indian medical-device and healthcare-technology peers, but it prices in continued strong growth rather than today's profitability.
Note that the IPO is a 100% offer for sale: all proceeds go to the selling shareholders, and the company itself raises no fresh capital for expansion or debt repayment. Investors are therefore buying into the business as it stands, not funding new growth capex.
Strengths & Risks
Strengths
- Indigenous leader in drug-eluting stents with ~25% share of India's domestic DES market.
- Export-led business: 69–76% of revenue from 77 countries, with direct operations across key European markets.
- Profitability turnaround: PAT up 174.6% in FY26 after the FY24 loss, with steady EBITDA margins.
- R&D and IP moat: 2 R&D centres, 156 specialists, 119 granted patents and CE-marked flagship products.
- Structural tailwinds: India's cardiovascular disease burden and growing demand for minimally invasive cardiac procedures.
Risks
- Pure OFS — the company gets no money; valuations already bake in the turnaround story at ~58x FY26 earnings.
- Thin PAT margin of 5.7% leaves limited room for error on pricing or costs.
- Class III medical devices face stringent regulatory approvals in every market; adverse rulings or price caps (India's stent price controls are a precedent) can dent margins.
- High export dependence exposes SMT to currency swings and distributor risk in emerging markets.
- Modest grey market interest so far suggests listing gains are far from assured.
Sahajanand Medical IPO GMP Today
As of October 13, 2026, grey market trackers quote Sahajanand Medical Technologies IPO GMP at around ₹35–40 — roughly 10–12% over the ₹344 upper band. GMP is unofficial, market-reported data and can change daily; treat it as sentiment, not a prediction of the listing price. For context, the Tonbo Imaging IPO, which also opens October 15, commands a far richer grey market premium.
Review: Should You Apply?
Sahajanand Medical Technologies offers something rare in Indian primary markets: a profitable, export-led medical devices company with a genuine domestic market-leadership position in drug-eluting stents and a credible R&D moat. The FY24-to-FY26 turnaround — from losses to a ₹69 crore profit with 16% revenue CAGR — is the core of the story, and structural-heart devices (TAVI, occluders) give it a second growth engine.
The counterweight is price. A 100% OFS at ~58 times FY26 earnings leaves little margin of safety, and the modest grey market premium (₹35–40) signals tempered near-term enthusiasm. Listing-day performance will hinge on institutional demand in the anchor book and the October 15–19 subscription window.
Our take: the business quality is above average for a mid-cap medtech listing, but the issue is fully priced for the growth it has delivered. Investors comfortable with premium medtech valuations and a 2–3 year horizon may consider a selective application; those chasing listing pops or demanding a valuation cushion may prefer to watch the stock list first. This is an analysis, not investment advice — do your own due diligence.
FAQs
When does the Sahajanand Medical Technologies IPO open?
The IPO opens for subscription on October 15, 2026 (Thursday) and closes on October 19, 2026 (Monday).
What is the Sahajanand Medical IPO price band and lot size?
The price band is ₹327–344 per share (face value ₹1), and the lot size is 43 shares — a minimum retail investment of ₹14,792 at the upper band.
Is the Sahajanand Medical IPO a fresh issue or an OFS?
It is a 100% offer for sale of 1,38,22,116 shares worth ₹475.48 crore at the upper band. The company receives none of the proceeds; the money goes to the selling promoters.
When is the Sahajanand Medical IPO listing date?
Listing is tentatively scheduled for October 23, 2026 on BSE and NSE, with allotment expected on October 21.
What is the GMP of the Sahajanand Medical IPO?
Around ₹35–40 as of October 13, 2026, per grey market trackers — roughly 10–12% above the upper band. GMP is unofficial and changes daily.
Conclusion
Sahajanand Medical Technologies' ₹475.48 crore IPO (October 15–19, ₹327–344 band) brings a profitable, export-driven cardiac-devices maker to BSE and NSE — but as a fully-priced, OFS-only offering at ~58x FY26 earnings, it rewards conviction in the business more than bargain-hunting. Track the anchor book and subscription numbers before deciding.
Also read: Upcoming IPOs This Week (12–18 Oct): Dates, GMP & Sizes • Zetwerk IPO Price Band ₹143–151: Dates, GMP & Review • Tonbo Imaging IPO: Price Band ₹665–700, Dates & GMP