Sahajanand Medical Technologies Files IPO for 27.64 Million Shares via OFS Route
By HDFC SKY | Published at: Jul 26, 2025 07:50 PM IST
Mumbai, July 26, 2025 – Sahajanand Medical Technologies Ltd (SMT) has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering comprising 27,644,231 equity shares through an Offer for Sale (OFS).
IPO Snapshot
| Particulars | Details |
|---|---|
| Type of Offer | 100% Offer for Sale |
| Fresh Issue | Nil |
| OFS Size | Up to 27,644,231 equity shares |
| Face Value | ₹1 per equity share |
| Promoter & Investor Selling | Shree Hari Trust, Dhirajkumar Vasoya, Samara Capital, Kotak Pre-IPO, NHPEA Sparkle |
| Listing Exchanges | BSE & NSE |
| Price Band | To be announced |
| Employee Reservation | Up to 5% of post-Offer equity |
| IPO Structure | Book Building (QIB, NII, RII, Employee) |
Breakdown of OFS Component
| Selling Shareholder | Category | Equity Shares Offered | Avg. Cost per Share (₹) |
|---|---|---|---|
| Shree Hari Trust | Promoter | 2,700,000 | 13.45 |
| Dhirajkumar Savjibhai Vasoya | Promoter Group | 2,700,000 | 0.63 |
| Samara Capital Markets Holding Ltd | Investor | 12,958,126 | 46.40 |
| Kotak Pre-IPO Opportunities Fund | Investor | 2,615,750 | 262.46 |
| NHPEA Sparkle Holding B.V. | Investor | 6,670,355 | 97.58 |
| Total | 27,644,231 |
Company Overview
Sahajanand Medical Technologies is a leading developer of Class III and Class C/D cardiovascular medical devices, with a portfolio spanning:
- Vascular Interventions (VI): Drug-eluting stents, coronary balloons, renal stents
- Structural Heart (SH): Transcatheter Aortic Valves (TAV), occluders
- Others: Peripheral DCBs and trading products
SMT operates three global manufacturing facilities in Surat SEZ (India), Hyderabad (India), and Nonthaburi (Thailand), serving over 75 countries.
Key Financial Highlights (₹ in Million)
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Total Income | 10,359.63 | 9,085.94 | 8,032.82 |
| Revenue from Operations | 10,248.79 | 9,016.04 | 7,955.49 |
| Restated Profit / (Loss) After Tax | 251.52 | (73.54) | 119.34 |
| EBITDA (Approximate) | 1,182.74 | 964.37 | 969.06 |
| Cash & Cash Equivalents | 1,005.20 | 716.67 | 592.37 |
| Net Worth (Owners) | 5,657.26 | 5,400.85 | 5,533.22 |
| Total Assets | 10,948.99 | 9,705.77 | 9,116.34 |
| Total Borrowings | 2,249.57 | 1,752.69 | 1,321.81 |
Key Risks Noted
- 65%+ revenue from VI products; over 42% from Supraflex Cruz stent alone.
- Heavy reliance on exports (~69% of revenue from overseas markets).
- Price control risks via NPPA on drug-eluting stents.
- Regulatory uncertainties: pending CE mark transitions, product recalls, and inspection risks.
- Working capital-intensive model and R&D heavy (9%+ of revenue).
Promoter & Pre-IPO Shareholding
| Shareholder Group | Pre-Offer Holding | Post-Offer Holding |
|---|---|---|
| Promoters | 36.80% | [●] |
| Promoter Group | 4.12% | [●] |
| Investor Shareholders (OFS) | 50.95% | [●] |
Book Running Lead Managers
- Motilal Oswal Investment Advisors
- Avendus Capital Pvt Ltd
- HSBC Securities & Capital Markets
- Nuvama Wealth Management
About the Company
Founded in 2001 and headquartered in Surat, Gujarat, Sahajanand Medical Technologies Ltd is among India’s top players in cardiovascular stent manufacturing and has expanded globally through strategic acquisitions and regulatory certifications. It is backed by marquee investors like Samara Capital, Kotak, and NHPEA.
REF: https://www.bseindia.com/corporates/download/356364/IPO Prior/SMTDRHP_20250726031147.pdf
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