The Sahajanand Medical Technologies IPO listing took place on 23 October 2026. Shares opened at ₹371.15 on the NSE on 23 October 2026, 7.89% above the issue price of ₹344. One lot of 43 shares was worth ₹15,959 at the open, a gain of ₹1,167.
How the open compares with the grey market
The last grey market quote was ₹17 (4.94%), pointing to a listing near ₹361. The stock opened ₹10.15 above that mark. The last grey market quote of ₹17 pointed to a listing near ₹361, and the stock opened ₹10.15 above that. GMP is an unofficial dealer quote, not an exchange price.
| Date | GMP | As % of ₹344 |
|---|---|---|
| 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% |
The quote slid on four of the five days we recorded and never turned back up.
What our data shows
The ₹475.48 crore issue closed 14.2x subscribed, 55th of 105 mainboard IPOs that closed in 2026. The median is 24.96x. QIBs bid 34.7x, NIIs 14.64x and retail 3.03x, so roughly one retail application in three would get a lot, though allotment is a lottery. Across 2026, 68 of 102 mainboard IPOs opened above issue, with a median gain of 6.92%. The final GMP missed by 9.39 percentage points on average over the last 10 listings. Compare with our IPO performance table.
| Category | Subscription |
|---|---|
| QIB | 34.7x |
| NII (bNII 16.37x, sNII 11.19x) | 14.64x |
| Retail | 3.03x |
| Employee | 0.37x |
| Total | 14.2x |
What the company does
Sahajanand Medical Technologies, founded in 2001, makes heart devices such as coronary stents, balloons and TAVI valves. It says it was the first company in the world to get CE certification for a drug-eluting stent with a biodegradable polymer.
The issue was an offer for sale only, so the company received no proceeds. Promoter holding falls from 40.82% to 36.2%. Total income rose from ₹1,035.96 crore in FY2025 to ₹1,218.73 crore in FY2026, and profit after tax from ₹25.15 crore to ₹69.08 crore. Motilal Oswal, Avendus, HSBC and Nuvama were the lead managers.
The retail portion was subscribed 3.03x, the weakest of the three major categories apart from employees. Employee bids covered only 0.37x of that reserved portion. QIB demand of 34.7x was the strongest signal in the book. Net worth was ₹616.05 crore on 31 March 2026 and borrowing was ₹269.53 crore.
What happens next
Allotment was finalised on 21 October through MUFG Intime. The shares trade on the NSE and BSE from 23 October 2026. The issue price was ₹344 and one lot cost ₹14,792 at the upper band. Details are on the Sahajanand Medical Technologies IPO page.
