The Sahajanand Medical Technologies IPO opens on 15 October 2026 at a price band of ₹327 to ₹344 a share. The issue is worth ₹475.48 crore and is entirely an offer for sale, so the company receives none of the money. One lot of 43 shares costs ₹14,792 at the upper band.
What are the key facts of the Sahajanand Medical Technologies IPO?
| Item | Detail |
|---|---|
| Price band | ₹327 to ₹344 a share |
| Issue size | ₹475.48 crore, all offer for sale |
| Shares on offer | 1,38,22,116 (about 1.38 crore) |
| Lot size | 43 shares |
| Minimum investment at ₹344 | ₹14,792 |
| Opens / closes | 15 October / 19 October |
| Allotment / refund | 21 October / 22 October |
| Listing | 23 October on BSE and NSE |
| Registrar | MUFG Intime India |
Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities and Nuvama Wealth Management are the lead managers. A pure offer for sale means the promoters and other existing shareholders sell. Promoter holding falls from 40.82% before the issue to 35.51% after it.
What does the company do?
Sahajanand Medical Technologies, founded in 2001 by Dhirajlal Kotadia, makes heart devices. These include drug-eluting stents, TAVI valves (used to replace a heart valve without open surgery) and occluders. Its products are sold in over 76 countries. It holds 102 granted patents.
| Year to 31 March | Total income | Profit after tax |
|---|---|---|
| 2026 | ₹1,218.73 crore | ₹69.08 crore |
| 2025 | ₹1,035.96 crore | ₹25.15 crore |
| 2024 | ₹908.59 crore | Loss of ₹7.35 crore |
Total income rose 18% in FY2026 and profit nearly tripled. The base is small, though. Return on net worth is 2.31%, and borrowings were ₹320.63 crore on 30 June 2026, up from ₹175.27 crore in March 2024.
What our data shows
At ₹475.48 crore, this is the 53rd largest of 99 mainboard IPOs in 2026. The grey market is quoting a ₹40 premium, or 11.63% over the upper band, as of 9:36 AM on 12 October. GMP is an unofficial dealer quote, not an exchange price. On the last 10 mainboard listings, the final GMP was off by 11 percentage points on average, and it overstated the listing gain five times.
Of Motilal Oswal's 21 earlier listings in our records, 14 opened above the issue price, with an average gain of 10.7%. Across 2026, 66 of 100 mainboard IPOs opened above issue, with a median gain of 6.92%.
What happens next
Bidding runs from 15 to 19 October. Allotment is expected on 21 October and shares are due in demat accounts on 22 October. Track bids on our subscription page and the full Sahajanand Medical Technologies IPO page. Four other mainboard issues open in the same week, listed in our week-ahead post.
