The Sahajanand Medical Technologies IPO will open for subscription on 15 October 2026 with a price band of ₹327 to ₹344 per share, as announced. The issue is worth up to about ₹475 crore at the upper end, and it closes on 19 October. Sahajanand Medical Technologies, a maker of coronary stents and other heart devices, plans to list on the BSE and NSE.
The offer is unusual in one way: it is entirely an offer for sale, so the company itself receives no money. This report sets out the dates, the price and lot details, the financial snapshot, the valuation and the risks, using the offer details as reported. It is not a recommendation to subscribe.
Sahajanand Medical Technologies IPO: key dates
- Anchor bidding: 14 October 2026, according to one report.
- Opens: Thursday, 15 October 2026.
- Closes: Monday, 19 October 2026.
- Basis of allotment: 21 October, tentative.
- Refunds and share credit: 22 October.
- Listing: 23 October on the BSE and NSE, tentative. One source says the listing date has not yet been announced, so confirm it with the exchanges.
Sahajanand Medical Technologies IPO price band and lot size
- Price band: ₹327 to ₹344 per share, with a face value of ₹1.
- Lot size: 43 shares, and multiples after that.
- Minimum investment: ₹14,792 at the upper band.
- Retail maximum: 13 lots, or 559 shares, worth ₹1,92,296 at the upper band.
By our arithmetic, a retail bidder would need ₹14,061 for one lot at the lower band, and the full issue would come to about ₹452 crore at ₹327. The ₹475 crore headline is the upper-band figure of about ₹475.48 crore.
How the Sahajanand Medical Technologies IPO is structured
The issue covers 1,38,22,116 shares, all through an offer for sale by existing shareholders, with no fresh issue. Because no new shares are created, the share count stays at about 10.16 crore before and after the IPO, and by our calculation the offer is about 13.6% of the company. Reported shareholding shows the promoter and group holding falling from 40.82% to 36.2% after the issue. By our arithmetic, that gap is equal to roughly 47 lakh shares, around a third of the offer, which suggests other selling shareholders are also taking part.
- Qualified institutional buyers: not more than 50% of the net offer.
- Retail investors: not less than 35%.
- Non-institutional investors: not less than 15%.
- Book-running lead managers: Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities and Capital Markets (India) and Nuvama Wealth Management.
- Registrar: MUFG Intime India.
What the company behind the Sahajanand Medical Technologies IPO makes
Incorporated in October 2001, the company develops devices for vascular and structural heart intervention, including coronary stents and balloons, transcatheter aortic valve implantation (TAVI) systems, occluders, renal stents and peripheral drug-coated balloons. Its brands include Supraflex Cruz, Cocoon and Hydra. It has three manufacturing sites, two in India and one in Thailand, sold products in 77 countries in the financial year 2025-26, holds 119 granted patents and had 1,605 full-time employees on 30 June 2026.
Financial snapshot behind the Sahajanand Medical Technologies IPO
Restated consolidated figures, in ₹ crore, show a business that has swung from a loss to a profit within two years.
- Revenue from operations: 901.60 in FY24, 1,024.88 in FY25 and 1,210.50 in FY26.
- Profit after tax: a loss of 7.35 in FY24, 25.15 in FY25 and 69.08 in FY26.
- EBITDA: 110.05, 128.02 and 170.66.
- Total borrowing: 175.27, 224.96 and 269.53.
- First quarter of FY27 (to 30 June 2026): total income of 354.33 and profit after tax of 15.09.
By our calculation, FY26 revenue grew about 18% over FY25, while profit rose about 2.7 times, to a margin of 5.7%. Borrowing climbed by about 20% in FY26 alone, so the profit recovery came with more debt. Debt to equity stands at 0.27.
Valuation: what the Sahajanand Medical Technologies IPO price band implies
At the upper band, the market capitalisation is about ₹3,497 crore, and reported earnings per share of ₹6.80 imply a price-to-earnings ratio of about 50.6 times before the issue and 57.9 times after it. The price-to-book multiple is 5.48, against a return on equity of 10.35% and a return on capital employed of 11.57%. At the lower band, we calculate the market capitalisation at about ₹3,324 crore. In our assessment, the valuation is demanding for a company with a thin profit history and a single-digit net margin, though investors may be paying for its growth and global reach. We cannot say whether the price is fair.
Risks to weigh before the Sahajanand Medical Technologies IPO
- The company receives none of the proceeds, so the IPO does not fund growth or reduce debt.
- Profits are recent, with a loss as late as FY24, and margins are thin.
- Borrowing has risen for two years running.
- Coronary stents are a price-sensitive category in India, and the reported figures do not tell us how pricing affects margins; this is our background context, not a statement from the offer.
- Newly listed shares can be volatile, and the listing date is not yet fixed.
Offer documents are available on the exchange websites and from Securities and Exchange Board of India (SEBI); the issue is also listed on National Stock Exchange (NSE) and BSE. For related coverage, see our report on the City Therapeutics IPO and its valuation, on Emcure Pharmaceuticals’s IPO, or browse more medical devices news.
What to watch during the Sahajanand Medical Technologies IPO
- The anchor investor allocation on 14 October.
- Day-by-day subscription across the three categories.
- The final price within the band, and the allotment on 21 October.
- Listing-day trading on 23 October.
Frequently asked questions on the Sahajanand Medical Technologies IPO
What is the Sahajanand Medical Technologies IPO price band?
₹327 to ₹344 per share, with a face value of ₹1.
When does the Sahajanand Medical Technologies IPO open and close?
It opens on 15 October 2026 and closes on 19 October 2026.
How big is the Sahajanand Medical Technologies IPO?
Up to about ₹475 crore, entirely through an offer for sale.
What is the lot size?
43 shares, so a minimum of ₹14,792 at the upper band.
Will the company get the money?
No. The proceeds go to the selling shareholders.
How we reported this: we relied on the issue details and restated financials as reported in public coverage of the offer documents, and we did not read the prospectus itself. Figures labelled as ours are our own calculations. Last updated: 12 October 2026. This article is news reporting and not investment advice. Please read the offer document before investing.
