Sahajanand Medical Technologies IPO is due to list on the NSE and BSE on 23 October 2026. The grey market premium on our tracker is ₹17 (4.94%) against the ₹344 issue price, after the book closed at 14.2x. Retail investors bid 3.03x.
What our data shows
The ₹475.48 crore issue, entirely an offer for sale, is the 58th largest of 105 mainboard IPOs that have closed in 2026. Its 14.2x subscription ranks 55th, against a median of 24.96x. The GMP, an unofficial dealer quote, has eased every few days, from ₹28 (8.14%) on 18 October to ₹17 now. On the last 10 mainboard listings, the final GMP was off by 9.39 percentage points on average. It overstated the listing gain six times and understated it four times.
How the GMP moved
| Date | GMP (₹) | GMP (%) |
|---|---|---|
| 18 October | 28 | 8.14 |
| 19 October | 24 | 6.98 |
| 20 October | 24 | 6.98 |
| 21 October | 21 | 6.10 |
| 22 October | 17 | 4.94 |
What the final book looked like
QIBs, the large institutions, bid 34.70x. Non-institutional investors bid 14.64x, with bigger bids at 16.37x and smaller ones at 11.19x. Retail bid 3.03x, which means roughly one retail application in three gets a lot, an estimate, since allotment is a lottery once a portion is oversubscribed. Employees bid 0.37x. Our final-day subscription story has the closing figures.
Key facts before listing
- Issue price ₹344 (band ₹327–344), lot of 43 shares, so ₹14,792 for one lot.
- The company receives no proceeds. Selling shareholders take the money, and promoter holding goes from 40.82% to 36.2%.
- At the upper band the offer document puts the price-to-earnings multiple at 57.91 on an EPS of ₹5.94, with a market cap of ₹3,496.65 crore.
- Registrar: MUFG Intime India. Allotment was due on 21 October, refunds and demat credit on 22 October.
The lead managers are Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities and Nuvama Wealth Management. On our records, 15 of Motilal Oswal's 22 earlier listings opened above the issue price, at an average gain of 10.5%.
What the numbers leave open
A 4.94% premium is below this year's median listing gain of 6.92%. The premium has fallen on three of the last four days, and the stock could still open above or below the issue price on the day.
What happens next
Shares are scheduled to list on 23 October. Track the live premium on our Sahajanand Medical GMP page. This year 68 of 102 mainboard IPOs opened above the issue price, with a median listing gain of 6.92%. The IPO performance page has the full list.
