IPO Overview
Founded in 2001 by Mr. Dhirajlal Kotadia, Sahajanand Medical Technologies Limited is a research and development-driven medical device company focused on Class III and Class C/D devices, primarily in the fields of vascular and structural heart intervention. The company develops technologically advanced products including coronary stents, coronary balloons, transcatheter aortic valve implantation (TAVI) devices, occluders, renal stents, and peripheral drug-coated balloons (DCBs). Major brands include Supraflex Cruz, Hydra, and Cocoon. The company’s products reach more than 76 countries, supported by two R&D centres in India and Thailand, backed by 102 professionals, 102 granted patents, and 71 pending applications. The company is headquartered in Surat, Gujarat.
The company is launching a mainboard IPO that is structured entirely as an Offer for Sale (OFS) of 1.38 crore equity shares, with a total issue size of ₹475.48 crore. The price band is set at ₹327 to ₹344 per share, with a lot size of 43 shares, making the minimum retail investment approximately ₹14,792. The IPO opens on 15 October 2026 and closes on 19 October 2026, with listing expected on 23 October 2026 on both BSE and NSE.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| IPO Open Date | 15 October 2026 |
| IPO Close Date | 19 October 2026 |
| Allotment Date | 21 October 2026 (Expected) |
| Refund Initiation | 22 October 2026 |
| Credit to Demat | 22 October 2026 |
| Listing Date | 23 October 2026 (Tentative) |
| Price Band | ₹327 – ₹344 per share |
| Face Value | ₹1 per share |
| Lot Size | 43 shares |
| Minimum Investment (Retail) | ₹14,792 (1 lot = 43 shares) |
| Maximum Investment (Retail) | ₹1,92,296 (13 lots = 559 shares) |
| Minimum Investment (sNII) | ₹2,07,088 (14 lots = 602 shares) |
| Minimum Investment (bNII) | ₹10,05,856 (68 lots = 2,924 shares) |
| Issue Size | ₹475.48 crore |
| Fresh Issue | Nil |
| Offer For Sale (OFS) | 1,38,22,116 shares (₹475.48 crore) |
Note: The entire issue is an Offer for Sale — proceeds go to selling shareholders; Sahajanand receives no funds for expansion, debt repayment, or working capital.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | Not more than 50% of the Net Issue |
| Non-Institutional Investors (NII) | Not less than 15% of the Net Issue |
| Retail Individual Investors (RII) | Not less than 35% of the Net Issue |
OFS / Selling Shareholders
The OFS consists of up to 2,700,000 equity shares by Shree Hari Trust; up to 2,700,000 shares by Mr. Dhirajkumar Savjibhai Casoya; up to 12,958,126 shares by Samara Capital Markets Holding Limited; up to 2,615,750 shares by Kotak Pre-IPO Opportunities Fund; and up to 6,670,355 shares by Nhpea Sparkle Holding B.V.
Objects of the Issue (Fund Utilization)
Since the Sahajanand Medical Technologies IPO is entirely an Offer for Sale, the company will not receive any proceeds from the offer. All funds raised will go directly to the selling shareholders listed above. Future growth will rely on internal cash generation and other financing sources.
Lead Managers & Registrar
- Book Running Lead Managers: Motilal Oswal Investment Advisors Ltd., Avendus Capital Private Limited, HSBC Securities and Capital Markets (India) Private Limited, Nuvama Wealth Management Limited
- Registrar to the Issue: MUFG Intime India Private Limited
Promoters & Management
- Founder & Promoter: Mr. Dhirajlal Kotadia (founded 2001)
- Promoters: President of India / Government stakeholders alongside private equity backers
Pre-issue promoter holding stands at 36.80%. The company is backed by institutional investors including Samara Capital and Kotak Pre-IPO Opportunities Fund, both of which are part-exiting through this OFS.
Company Details
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.
Sectors Served:
- Cardiovascular & Interventional Cardiology
- Structural Heart Disease
- Peripheral Vascular Intervention
- Renal Artery Intervention
- International Healthcare Markets (77 countries as of FY26)
Key Products:
- Coronary Drug-Eluting Stents (DES) — flagship brand: Supraflex Cruz
- Coronary Balloons — brand: Hydra
- Transcatheter Aortic Valve Implantation (TAVI) Devices
- Occluders — brand: Cocoon
- Renal Stents
- Peripheral Drug-Coated Balloons (DCBs)
Key Capabilities:
- Two R&D centres — one in India and one in Thailand — supported by 102 biomedical engineers and clinical research specialists, 102 granted patents, and 71 pending applications.
- As of March 31, 2025, the company employed 1,458 full-time staff, 24 consultants, and 818 contract-based personnel across operations.
Headquarters: Sahajanand Estate, Nani Ved, Ved Road, Surat, Gujarat – 395004
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY24 | ₹908.59 | –₹7.35 (Loss) | ₹110.05 |
| FY25 | ₹1,035.96 | ₹25.15 | ₹128.02 |
| FY26 | ₹1,218.73 | ₹69.08 | ₹170.66 |
| Q1 FY27 (Jun 2026) | ₹354.33 | ₹15.09 | ₹48.58 |
Key Financial Metrics
- Revenue increased by 18% and PAT rose by 175% between FY25 and FY26.
- Borrowings climbed to ₹320.63 crore as of June 2026, up from ₹269.53 crore in FY26 and ₹224.96 crore in FY25 — a rising debt trend.
- Implied P/E: ~50.6x at upper price band of ₹344 based on FY26 EPS of ₹6.80
- Market Cap at upper band: ~₹3,496.65 crore
Company Strengths
- Specialised cardiovascular product portfolio covering coronary stents, balloons, heart valves, and occluders — addressing high-demand interventional cardiology segments.
- First globally to receive CE certification for a drug-eluting stent with biodegradable polymer — strong IP and innovation credentials with 102 granted patents
- International distribution network spanning 76+ countries, providing diversified revenue exposure across global healthcare markets.
- Significant turnaround in profitability — from a net loss of ₹7.35 crore in FY24 to PAT of ₹69.08 crore in FY26
- Strong R&D infrastructure with two research centres (India and Thailand) and a dedicated team of 102 biomedical engineers and clinical specialists
- Backed by reputed institutional investors — Samara Capital, Kotak Pre-IPO Opportunities Fund, and NHPEA Sparkle Holding B.V.
Key Risks & Challenges
- Premium valuation — indicative P/E of ~50.6x at the upper price band leaves limited room for earnings disappointment.
- Pure OFS — no funds to company: All ₹475.48 crore raised goes to selling shareholders; Sahajanand receives nothing for expansion or debt reduction
- Rising borrowings — debt grew to ₹320.63 crore as of June 2026, with modest net margins raising concerns about debt sustainability.
- Regulatory and clinical risks — product quality, regulatory approvals, and clinical trial outcomes are critical in the medical device space
- International operations create currency risk and market-access exposure, particularly in emerging and regulated healthcare markets.
- Q1 FY27 PAT of ₹15.09 crore on revenue of ₹354.33 crore suggests lower quarterly margins compared to full-year FY26 — earnings consistency is not yet established
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
