Sahajanand Medical Technologies IPO: Price Band ₹327-344

The Sahajanand Medical Technologies IPO opens for public bidding on 15 October 2026 with a price band of ₹327 to ₹344 per share. The issue is worth about ₹475.5 crore at the top of the band and is entirely an offer for sale, so existing shareholders sell and the company itself receives no money. Bidding closes on 19 October.

This is an upcoming offering and not a new announcement: the price band was set on 12 October, and anchor investors bid on 14 October. The facts below come mainly from the abridged prospectus filed with SEBI, with our own calculations labelled. This is news reporting, not a recommendation to subscribe.

Key takeaways

• Price band ₹327–₹344; issue opens 15 October and closes 19 October 2026; shares list on BSE and the NSE.
• The offer is up to 1,38,22,116 equity shares of ₹1 face value, about 13.6% of pre-offer capital, all sold by existing shareholders.
• The company receives no proceeds; there is no fresh issue.
• Minimum bid is one lot of 43 shares, or ₹14,792 at the top of the band.
• The prospectus lists risks including heavy reliance on one stent brand, rising borrowings and litigation.

Sahajanand Medical Technologies IPO: issue details

• Anchor bidding: 14 October 2026.
• Bid/offer period: 15 to 19 October 2026.
• Allotment and listing: indicatively around 21 and 23 October; the prospectus we reviewed does not fix these dates.
• Allocation: up to 50% for qualified institutional buyers, at least 15% for non-institutional investors and at least 35% for retail investors, with 2.5 lakh shares reserved for employees.
• Lot size: 43 shares; retail bids go up to ₹1,92,296 in value.
• Lead managers: Motilal Oswal, Avendus, HSBC and Nuvama; the registrar is MUFG Intime India.

Our check of the numbers: 1,38,22,116 shares at ₹344 comes to about ₹475.5 crore, which matches the reported issue size, and 43 shares at ₹344 is ₹14,792.

Who is selling shares in the Sahajanand Medical Technologies IPO

Because this is a pure offer for sale, the money goes to the sellers. According to the prospectus summary, the selling shareholders are up to these numbers of shares:

• Samara Capital Markets Holding: 64,79,063 shares.
• Shree Hari Trust, a promoter: 27,00,000 shares.
• Dhirajkumar Savjibhai Vasoya, of the promoter group: 20,00,000 shares.
• NHPEA Sparkle Holding B.V.: 13,35,178 shares.
• Kotak Pre-IPO Opportunities Fund: 13,07,875 shares.

The 2025 draft filing proposed a larger sale of up to about 2.76 crore shares, according to reports at the time, so the offer now being made is roughly half that size. Investors who want the company to receive growth capital should note that none of this issue does.

What the Sahajanand Medical Technologies IPO company makes

Sahajanand, founded in 2001, develops and makes medical devices for vascular and structural heart procedures. In the first quarter of FY2027, vascular intervention products such as coronary stents and balloons made up about 60% of revenue, structural heart products such as transcatheter aortic valve (TAVI) devices and occluders about 16%, and other products about 24%. It has three manufacturing facilities, two in India and one in Thailand, and says it sold in 77 countries in FY2026 and in 65 in the June 2026 quarter.

The prospectus cites an industry report that puts the global cardiovascular device market at about US$26.3 billion in 2025, growing to US$37.8 billion by 2030, a rate of 7.5% a year. For other India cardiology device stories, see our report on Translumina’s SPARX drug-coated balloon trial and our report on Fortis’s AI-powered hybrid cath lab.

Financial snapshot behind the Sahajanand Medical Technologies IPO

• Revenue from operations: ₹901.6 crore in FY2024, ₹1,024.9 crore in FY2025 and ₹1,210.5 crore in FY2026.
• Restated profit after tax: a loss of ₹7.4 crore in FY2024, ₹25.2 crore in FY2025 and ₹69.1 crore in FY2026.
• EBITDA margin: 12.2% in FY2024, 12.5% in FY2025 and 14.1% in FY2026.
• First quarter of FY2027: revenue ₹351.7 crore, EBITDA ₹48.6 crore and profit ₹15.1 crore.

Our calculation, from the prospectus figures: the pre-offer share count of 10,16,46,778 gives a market capitalisation of about ₹3,497 crore at ₹344, and FY2026 earnings per share of about ₹6.80 implies a price-to-earnings ratio of roughly 50.6 times on trailing profit. Valuation is therefore a central question for any bidder.

Risks in the Sahajanand Medical Technologies IPO prospectus

• Brand concentration: the Supraflex Cruz stent contributed about 39% of first-quarter FY2027 revenue.
• Supplier concentration: the top ten suppliers accounted for roughly 59% to 64% of purchases.
• Borrowings: total borrowings were ₹320.6 crore at 30 June 2026, up from ₹269.5 crore at 31 March 2026, and operating cash flow was negative in the quarter.
• Litigation: proceedings against the company with a quantifiable total of about ₹132 crore.
• Regulation and pricing: device approvals, price controls and foreign-exchange exposure.

Stent prices in India are regulated, and the prospectus lists pricing uncertainty as a risk. SEBI has not recommended or approved the shares. Readers can find investor guidance on SEBI’s investor website, and trading details on the National Stock Exchange and BSE.

Grey market and listing expectations

Unofficial “grey market premium” figures circulate before most IPOs. They come from informal trades, are not regulated or verified, and have often differed from actual listing prices, so we do not use them as a guide. The offer price also does not predict where the shares will trade after listing.

Our assessment of the Sahajanand Medical Technologies IPO

In our assessment, the Sahajanand Medical Technologies IPO is a useful test of investor appetite for Indian medical device makers, since the company has moved from a loss to a profit within two years and sells internationally. The case rests on rising margins and a swing from losses to profit, balanced by a high price-to-earnings multiple, reliance on one stent brand and a sale in which the company raises nothing. Those points are for each reader to weigh. For more sector coverage, browse our medical device reports.

What to watch next after the Sahajanand Medical Technologies IPO

• Anchor investor allocation and subscription levels on each day of the issue.
• The final issue price, allotment and listing dates.
• Trading after listing on BSE and the NSE.
• Quarterly results, including borrowings and cash flow.

Frequently asked questions about the Sahajanand Medical Technologies IPO

When does the Sahajanand Medical Technologies IPO open?

On 15 October 2026, closing on 19 October. Anchor bidding was on 14 October.

What is the Sahajanand Medical Technologies IPO price band?

₹327 to ₹344 per equity share of ₹1 face value.

Will the company get any money from the IPO?

No. The issue is entirely an offer for sale by existing shareholders.

What is the minimum investment?

One lot of 43 shares, which is ₹14,792 at the upper end of the band.

Is this investment advice?

No. It is news reporting. Read the offer documents and consult a registered adviser before investing.

How we reported this: we relied on the abridged prospectus filed with SEBI and on public reporting of the issue terms. Last updated: 14 October 2026. This article is news reporting and not investment advice; investments in securities are subject to market risk.