Sahajanand Medical Technologies' initial public offering entered its second day of bidding on October 16, 2026, with the issue receiving 47% subscription by 12:20 pm as per NSE data. The IPO received bids for 46,28,262 shares against 97,50,482 shares on offer, with retail investors leading the demand at 61% subscription followed by non-institutional investors at 34% subscription. The shares are priced in the ₹327-344 per share band with a lot size of 43 shares, requiring a minimum investment of ₹14,792 for retail investors. The IPO issue closes on October 19, 2026, with shares tentatively scheduled to list on BSE and NSE on October 23, 2026.
According to latest reports from CNBC TV18, Sahajanand Medical Tech plans to reduce debt by ₹20-30 crore in FY27, driven by improved cash generation and limited capital expenditure. The company's absolute debt stood at around ₹190 crore, while its net debt-to-EBITDA ratio was approximately one time. CFO Amit Kumar Khandelia noted that the company's EBITDA-to-operating-cash conversion improved from around 40% in FY24 to 60% in FY26, indicating better cash generation. The company's revenue from operations rose to ₹1,210.50 crore in FY26 from ₹1,024.88 crore in FY25 and ₹901.60 crore in FY24. As the IPO comprises entirely an offer for sale (OFS) of 1.38 crore equity shares, the company will not receive any proceeds from the offering. The company's profit after tax (PAT) surged 175% to ₹69 crore in FY26 amid steady revenue growth.
As per CNBC TV18, Sahajanand Medical Tech will continue to focus on India and Europe as its key markets, with CEO Bhargav Kotadia confirming the company is still not commercially present in three of the big markets, namely US, Japan, or China. The company's revenue of around ₹1,210 crore last year was distributed with India contributing approximately 26%, Europe accounting for 38-39%, and the remaining 35% from other international markets, including Latin America, the Middle East and Asia Pacific. The company spends around 9-10% of its revenue on research and development (R&D), including investments in technical operations and regulatory approvals, with these investments helping build expertise across markets. As of June 30, 2026, the company had 1,605 full-time employees, 31 consultants and 707 contract workers.
In the grey market, Sahajanand Medical Technologies shares were commanding a premium of 12% on the morning of October 16 as per InvestorGain, indicating potential listing gains. However, grey market premiums are unofficial indicators based on speculative trading and do not guarantee listing gains. The estimated listing price is ₹387 based on the upper end of the price band, compared to the current issue price of ₹327-344 per share. At the estimated listing price, investors applying for one lot of 43 shares would achieve a potential gain of ₹1,849 from their minimum investment of ₹14,792. The IPO comprises an offer for sale (OFS) of 1.38 crore shares priced at ₹327-344 per share, with the company raising ₹475.48 crore through the issue.
Mumbai-headquartered cardiovascular device maker Sahajanand Medical Technologies has successfully raised ₹140.06 crore through its anchor book on October 14, a day ahead of the IPO opening. The company allotted 40.71 lakh equity shares at ₹344 per share, the upper end of the price band, to eight institutional investors. Of the total allocation, 30.25 lakh shares, worth approximately ₹104 crore, were allotted to five domestic mutual fund houses: Nippon Life India, DSP Mutual Fund, WhiteOak Capital, Invesco India, and UTI AMC. These investors participated through a total of seven schemes. Allianz Global Investors Fund, Tata AIA Life Insurance Company, and Natixis International Funds were among the other participants in the anchor book. The company seeks to raise up to ₹475.48 crore entirely through an offer for sale (OFS) of 1.38 crore equity shares, with Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities & Capital Markets (India), and Nuvama Wealth Management serving as the merchant bankers.
