The initial public offering (IPO) for Sahajanand Medical Technologies (SMT) is set to open for subscription on Thursday, October 15, with shares priced between Rs 327 and Rs 344 apiece. Investors can apply for a minimum of 43 equity shares and in multiples thereafter. The issue, which aims to raise Rs 475 crore, will close on Monday, October 19.
This IPO is structured entirely as an Offer for Sale (OFS) of up to 1,38,22,116 equity shares by its promoters and existing shareholders. Consequently, Sahajanand Medical Technologies will not receive any proceeds from the issue, with all funds going to the selling shareholders.
About Sahajanand Medical Technologies
Incorporated in 2001, Sahajanand Medical Technologies is a prominent medical technology company. It specializes in the development, manufacturing, and marketing of advanced medical devices, primarily focusing on vascular and structural heart interventions. Its diverse product portfolio includes essential items such as coronary stents, coronary balloons, transcatheter aortic valve implantation (TAVI) devices, occluders, renal stents, and peripheral drug-coated balloons.
IPO Details and Key Dates
Ahead of its public debut, SMT successfully raised Rs 140 crore from 10 anchor investors. These investors were allocated 3,19,755 equity shares at Rs 344 apiece and included major names like Nippon Life India Trustee, DSP MF, Whiteoak Capital MF, Invesco India MF, UTI MF, Tata AIA Life Insurance Company, Allianz Global Investors Fund, and Natixis International Funds.
The IPO allocation is segmented as follows: 50% for Qualified Institutional Bidders (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for retail investors. Shares of Sahajanand Medical Technologies are slated for listing on the bourses on Friday, October 23.
Financial Performance
Sahajanand Medical Technologies reported a net loss of Rs 15.09 crore on revenue of Rs 354.33 crore for the quarter ended June 30, 2026. However, for the full financial year 2025-26, the company recorded a net profit of Rs 69.09 crore with a revenue of Rs 1,218.73 crore. At current valuations, the company commands a market capitalization close to Rs 3,500 crore.
Brokerage Views on SMT IPO
Several brokerage firms have issued their recommendations on the Sahajanand Medical Technologies IPO:
Antique Stock Broking: "Subscribe"
Antique Stock Broking recommends a 'Subscribe' rating, highlighting SMT's advanced device portfolio across vascular and structural heart interventions. The firm notes SMT's presence in 77 countries, with 74% of revenue from international markets, and its position as a top-five player by volume in Germany, Spain, Poland, and Brazil. They project revenue and EBITDA CAGR of 16% and 25% respectively over FY24-26, driven by scaling the heart portfolio and R&D investments.
Anand Rathi Share & Stock Brokers: "Subscribe for Long-Term"
Anand Rathi suggests a 'Subscribe for long-term' rating, citing the medical technology industry's high entry barriers, stringent regulations, and strong innovation. They praise SMT's leading domestic market position in drug-eluting stents, expanding structural heart franchise, integrated manufacturing, and proven acquisition strategy as drivers for future growth.
SBI Securities: "Neutral"
SBI Securities assigns a 'Neutral' rating, acknowledging SMT as an R&D-centered company developing Class III and Class C/D medical devices. While noting the company's revenue and EBITDA CAGR of 15.9% and 24.5% over FY24-FY26, and its net loss turning positive in FY25, they prefer to track the company's performance for a few quarters post-listing.
Religare Broking: "Neutral"
Religare Broking also recommends a 'Neutral' rating. They point to healthy growth in revenue and profitability, but note that absolute profits remain modest and profitability metrics trail those of listed peers. Concerns include peak capacity utilization in certain product categories, which could constrain growth without further capital investments, and valuation risks.
BP Equities: "Subscribe"
BP Equities gives a 'Subscribe' rating, despite the issue trading at 53.1 times FY26 earnings, a premium to the peer average. They believe SMT's specialized product portfolio, established international presence, and improving financial performance offer a credible long-term growth opportunity.
With mixed reviews from brokerages, potential investors should carefully consider Sahajanand Medical Technologies' market position, financial performance, and growth prospects against the IPO's valuation before making an investment decision.