Sahajanand Medical Technologies IPO: Price Band, Lot Size, Dates, Financials and Valuation
The Sahajanand Medical Technologies IPO opens on October 15, 2026, and closes on October 19, with a price band of ₹327–344 per share. The ₹475.48 crore issue is entirely an offer for sale (OFS) of 1,38,22,116 shares by existing shareholders, so the company receives none of the money. At the upper band, it seeks a market value of about ₹3,500 crore, Medical Buyer reported. One lot of 43 shares costs ₹14,792 at the upper band.
The Gujarat-based company makes cardiac stents and other cardiovascular devices, and its listing plans go back to 2021. Here's what investors should know, including what the numbers say about valuation.
Key Takeaways
- Dates: October 15–19, 2026; allotment expected October 21; listing expected October 23 on BSE and NSE.
- Price band: ₹327–344; lot size: 43 shares (₹14,792 at the upper band).
- Issue size: ₹475.48 crore, 100% OFS.
- FY26 profit rose 174.65% to ₹69.1 crore; revenue rose 18.1% to ₹1,210.5 crore.
- GoPocket calculation: the upper band values the company at about 50.6x FY26 profit; the OFS is about 13.6% of the equity.
Sahajanand Medical Technologies IPO Details at a Glance
| Detail | Information |
|---|---|
| IPO dates | October 15–19, 2026 |
| Price band | ₹327 to ₹344 per share |
| Face value | ₹1 per share |
| Lot size | 43 shares |
| Minimum retail investment | ₹14,061 (lower band) to ₹14,792 (upper band) |
| Maximum retail application (13 lots) | 559 shares, ₹1,92,296 at the upper band |
| Issue size | ₹475.48 crore (1,38,22,116 shares) |
| Issue type | 100% offer for sale |
| Expected market value | About ₹3,500 crore at the upper band |
| Allotment / Listing (tentative) | October 21 / October 23, 2026 |
Source: Medical Buyer, October 2026. Lot amounts calculated by GoPocket from the price band and lot size.
What Does Sahajanand Medical Technologies Do?
Sahajanand Medical Technologies (SMT) researches, designs, manufactures and markets vascular devices, with cardiac stents as its core product. In 2024, it was described as India's largest cardiac stent manufacturer, Business Standard reported.
The company has been preparing to list for years. In 2021, it filed draft papers for a ₹1,500 crore IPO that combined a fresh issue with an OFS, with private equity investors Samara Capital and NHPEA Sparkle among the sellers, Business Standard reported. The current issue is much smaller and entirely an OFS. Check the red herring prospectus (RHP) for the current list of selling shareholders and how much each is selling.
What Do the Financials Show?
| Period | Revenue | Profit | Profit margin (GoPocket calc.) |
|---|---|---|---|
| FY25 | ₹1,024.9 crore | ₹25.15 crore | 2.5% |
| FY26 | ₹1,210.5 crore | ₹69.1 crore | 5.7% |
| Q1 FY27 (April–June 2026) | ₹351.6 crore | ₹15.1 crore | 4.3% |
Source: Medical Buyer, October 2026.
Profit nearly tripled in FY26 on 18% revenue growth, which shows strong operating leverage. But the Q1 FY27 margin of about 4.3% is lower than FY26's 5.7%, so the improvement hasn't yet proven steady quarter to quarter.
GoPocket Analysis: Valuation and the OFS
- Shares outstanding: 10,16,46,778, unchanged after the IPO because no new shares are issued.
- Market value at ₹344: 10.16 crore shares × ₹344 ≈ ₹3,496.65 crore.
- OFS as a share of equity: 1.38 crore ÷ 10.16 crore ≈ 13.6%.
- P/E on FY26 profit: ₹3,496.65 crore ÷ ₹69.1 crore ≈ 50.6x.
- P/E on annualised Q1 FY27 profit: ₹15.1 crore × 4 = ₹60.4 crore → about 57.9x.
The second figure is a simple annualisation and not a forecast; quarterly profits can vary. Still, it shows why the valuation depends on profit continuing to grow. A business with thin margins can see its P/E look very different from one quarter to the next.
Because the issue is a pure OFS, the company gets no new capital for expansion or debt reduction. Our explainer on OFS vs fresh issue in an IPO explains why that changes what investors should focus on.
What Are the Key Risks?
- Price controls. Coronary stent prices in India are regulated, which can limit pricing power in the domestic market.
- Thin margins. At around 4–6% net margin, small cost changes can swing profit sharply.
- Competition. The stent market includes large global medical device companies.
- Seller incentives. In an OFS, sellers want the highest price; valuation is the main risk to judge.
- Crowded IPO calendar. Several issues open on October 15, which can split demand.
Important IPO Dates
- Subscription opens: October 15, 2026
- Subscription closes: October 19, 2026
- Allotment (tentative): October 21, 2026
- Listing (tentative): October 23, 2026
Track all open and upcoming issues on the GoPocket IPO page. Also read our coverage of the Bonfiglioli Transmissions IPO and Zetwerk IPO, which open on the same day.
Sources
- Medical Buyer, Sahajanand Medical Technologies to raise ₹475.48cr via IPO, October 2026
- Business Standard, Cipla, Alkem eye Rs 4,000 crore stake in India's largest stent manufacturer, October 16, 2024
- Business Standard (PTI), Stent maker Sahajanand Medical Tech files for Rs 1,500 crore IPO, September 28, 2021
Disclaimer: This article is for information and educational purposes only. IPO details are based on public filings and media reports and may change. This is not a recommendation to apply for, buy or sell any security. Read the RHP and consult a SEBI-registered investment adviser before investing.
