Minerva Capital Research Solutions

Sahajanand Medical Technologies

RHP
ListedListed 23 Oct 2026MainboardNSE: SMTCheck allotment
Current price₹ 471.05+36.93% since issue
Listing day+7.89%
Issue price
₹ 344
Issue size
₹ 475.48 Cr.
Min. investment
₹ 14,792
Listing price
₹ 371.15
Subscribed
14.2x
Lot size
43 shares
P/E
57.91
RoNW
2.31%
RoCE
3.16%
Debt / Equity
0.33
PAT margin
4.29%
EBITDA margin
13.81%
RoE
2.07%
EPS
₹ 5.94
NAV
₹ 64.35
Promoter stake
36.2%

About

Sahajanand Medical Technologies Ltd. was founded in 2001 by Dhirajlal Kotadia. It is a medical device company focused on Class III and Class C/D devices, mainly for vascular and structural heart intervention. It was the first company in the world to get CE certification for a drug-eluting stent with a biodegradable polymer, called Infinnium. The products fall in three groups. Vascular intervention covers coronary stents and balloons. Structural heart covers TAVI and occluders. Other products include renal stents, peripheral drug-coated balloons and some trading products. The company has two R&D centres, one in India and one in Thailand, with 102 professionals. It holds 102 granted patents globally and has 71 pending applications. Key brands are Supraflex Cruz, Hydra (TAVI) and Cocoon (occluders), backed by 72 clinical studies and sold in over 76 countries. It sells directly in Germany, Spain, France and the UK, uses a hybrid model in India and distributors in markets such as Italy. As of 31 March 2025 it had 1,458 full-time staff, 24 consultants and 818 contract personnel.

Timeline

  1. Opens
    15 Oct
    done
  2. Closes
    19 Oct
    done
  3. Allotment
    21 Oct
    done
  4. Refunds
    22 Oct
    done
  5. Demat credit
    22 Oct
    done
  6. Listing
    23 Oct
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 43 on 15 Oct 2026
Lowest
₹ 15 on 17 Oct 2026
First quoted
₹ 40 on 11 Oct 2026

Subscription

How many times each investor group bid for its share, as of 23 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)143₹ 14,792
Retail (Max)13559₹ 1,92,296
S-HNI (Min)14602₹ 2,07,088
B-HNI (Min)682,924₹ 10,05,856

Company overview

Financials

Financials by year
Assets1,3091,276.431,094.9970.58
Total Income354.331,218.731,035.96908.59
Profit After Tax15.0969.0825.15−7.35
EBITDA48.58170.66128.02110.05
NET Worth631.72616.05545.23526.3
Reserves and Surplus706.86692.48580.71556.57
Total Borrowing320.63269.53224.96175.27

Strengths

  • Total income grew from Rs 908.59 crore in FY2024 to Rs 1,035.96 crore in FY2025 and Rs 1,218.73 crore in FY2026.
  • Profit after tax moved from a loss of Rs 7.35 crore in FY2024 to Rs 25.15 crore in FY2025 and Rs 69.08 crore in FY2026.
  • EBITDA rose from Rs 110.05 crore in FY2024 to Rs 170.66 crore in FY2026, with an EBITDA margin of 13.81%.
  • Net worth rose from Rs 526.30 crore in FY2024 to Rs 616.05 crore in FY2026, and Rs 631.72 crore on 30 June 2026.
  • The company holds 102 granted patents and its products are backed by 72 clinical studies.
  • Products are sold in over 76 countries, with direct operations in Germany, Spain, France and the UK.

Risks

  • The whole issue is an offer for sale of Rs 475.48 crore. The company receives no money from it, so none of the proceeds fund growth or reduce borrowing.
  • At the upper band of Rs 344 the issue is priced at 57.91 times post issue EPS of Rs 5.94. One lot is 43 shares, about Rs 14,792 at the upper band.
  • RoNW is 2.31% and RoCE is 3.16%, which are low for the size of the business, and FY2024 was a loss year.
  • Total borrowing rose from Rs 175.27 crore in FY2024 to Rs 269.53 crore in FY2026 and Rs 320.63 crore on 30 June 2026.
  • Promoter holding falls from 40.82% before the issue to 36.2% after it.
  • The business depends on regulated Class III devices, so product approvals, clinical results and tenders can affect revenue.
  • Sales are spread over many countries, so currency moves and local rules can affect results.

What the money is for

Objects of the issue
Offer for sale by the selling shareholders. The company receives no proceeds from the offer—

Promoters

  • Bhargav Dhirajlal Kotadia
  • Dhirajlal Vallabhbhai Kotadia
  • Priyanka Dhirajlal Cohen
  • Shree Hari Trust
Promoter holding40.82%→36.2%before → after the issue · down 4.62 points

Anchor investors

10 anchors put in ₹ 140.06 Cr., including 7 mutual funds.

Anchor investors
NIPPON INDIA SMALL CAP FUND11,45,09039.3928.12%
DSP HEALTHCARE FUND5,90,99220.3314.51%
WHITEOAK CAPITAL FLEXI CAP FUND1,84,3416.344.53%
WHITEOAK CAPITAL MULTI ASSET ALLOCATION FUND87,20432.14%
WHITEOAK CAPITAL PHARMA & HEALTHCARE FUND1,45,34053.57%
INVESCO INDIA PHARMA & HEALTHCARE FUND4,36,0631510.71%
UTI HEALTHCARE FUND4,36,0631510.71%
ALLIANZ GLOBAL INVESTORS FUND-ALLIANZ INDIA EQUITY4,36,0631510.71%
TATA AIA LIFE INSURANCE CO.LTD.-WHOLE LIFE AGGRESSIVE GROWTH FUND-ULIF 010 04/01/07 WLA 1102,90,723107.14%
NATIXIS INTERNATIONAL FUNDS (LUX) I-LOOMIS SAYLES GLOBAL EMERGING MARKETS EQUITY FUND3,19,755117.85%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 1 a share
Registrar
MUFG Intime India Private Limited
Lead managers
HSBC Securities & Capital Markets (India) Pvt. Ltd., Nuvama Wealth Management Ltd., Motilal Oswal Investment Advisors, Avendus Capital
Red herring prospectus (RHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.