Sahajanand Medical Technologies IPO Opens: Rs 475 Crore Pure OFS Draws Slow First-Morning Bids

Sahajanand Medical Technologies, the Surat-based maker of coronary stents and heart-valve devices, opened its initial public offering on Thursday to a quiet start. By about 10:40 am, the Rs 475.48 crore issue had been subscribed just 0.03 times, with qualified institutional buyers yet to place a single bid, non-institutional investors at 0.02 times and retail investors at 0.05 times.

A slow first morning is common for a five-day issue, and institutional money typically arrives on the final day. But the structure of this offer gives investors a few specific things to weigh.

Every rupee goes to selling shareholders

The IPO is a pure offer for sale of about 1.38 crore shares. The company itself will not raise any fresh capital. The money goes to existing holders cashing out, led by private equity investor Samara Capital, which is selling about 64.8 lakh shares worth roughly Rs 223 crore at the top of the band. Promoter entity Shree Hari Trust, promoter Dhirajkumar Vasoya, Kotak Pre-IPO Opportunities Fund and NHPEA Sparkle Holding are also selling.

After the issue, promoter and promoter group holding will drop from 40.82% to about 36.2%.

Issue details at a glance

• Price band: Rs 327 to Rs 344 per share
• Lot size: 43 shares, or Rs 14,792 at the upper end
• Bidding window: October 15 to October 19
• Allotment: expected October 21
• Listing: tentatively October 23 on the BSE and NSE
• Lead managers: Motilal Oswal, Avendus Capital, HSBC Securities and Nuvama Wealth
• Market value at upper band: about Rs 3,497 crore

Up to half of the net offer is set aside for institutions, at least 35% for retail investors and at least 15% for non-institutional investors.

What the business looks like

Founded in 2001, the company makes devices for vascular and structural heart procedures, including drug-eluting coronary stents, balloons, transcatheter aortic valve implantation (TAVI) systems and occluders. Its brands include Supraflex Cruz, Cocoon and Hydra. It runs two plants in India and one in Thailand, and sold in 77 countries in FY26.

Revenue from operations grew about 18% to roughly Rs 1,210 crore in FY26. Profit after tax rose to about Rs 69 crore from Rs 25 crore a year earlier, recovering from a small loss in FY24. In the June 2026 quarter, it earned about Rs 15 crore on total income of Rs 354 crore.

The valuation question

At the upper end of the band, the issue is priced at about 51 times FY26 earnings. Return on equity was around 10.4% in FY26, and the company carried borrowings of about Rs 321 crore at the end of June. Those numbers will be weighed against a business that operates in high-barrier medical device segments where regulatory approvals and clinical data take years to build.

In the unofficial grey market, the shares were quoted at a premium of roughly Rs 35 to Rs 43 over the upper band on Thursday, implying an indicative listing gain of about 10-12%. Grey market quotes are unregulated and can change sharply before listing, so they are not a reliable guide to the final debut.

The real test will come on Monday, the last day of bidding, when institutional demand becomes visible.

This is an original summary based on public reporting. See our editorial policy for how we source, write, and correct our stories.