Sahajanand Medical Technologies Files IPO for 27.64 Million Shares via OFS Route

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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