Sudeep Pharma Files DRHP for IPO

Specialty ingredients and excipients manufacturer Sudeep Pharma Limited has filed its draft red herring prospectus (DRHP) with SEBI for an initial public offering (IPO) comprising a fresh issue of shares aggregating up to ₹950 crore and an offer for sale (OFS) of up to 1,00,76,492 equity shares by the company’s promoters.

The issue is being made through the book-building route and is proposed to be listed on both BSE and NSE. The IPO is being managed by ICICI Securities Limited and IIFL Capital Services Limited as the book-running lead managers, while MUFG Intime India Pvt Ltd is acting as the registrar.

Offer Structure

The IPO consists of:

• Fresh Issue: Up to ₹950 crore for capital expenditure and general corporate purposes
• OFS: Up to 1,00,76,492 shares by promoters including Sujit Jaysukh Bhayani, Sujeet Jaysukh Bhayani HUF, Shanil Sujit Bhayani, and Avani Sujit Bhayani

Objective of the Fresh Issue

The company intends to utilise ₹758.14 crore from the net proceeds towards capital expenditure for procurement of machinery for its Nandesari Facility I, while the remaining portion will be used for general corporate purposes.

Recent Acquisition and Global Expansion

In May 2025, the company acquired Nutrition Supplies Services (NSS), an Ireland-based micronutrient premix leader. This gives Sudeep direct entry into high-value segments like infant and clinical nutrition, while also enhancing its formulation expertise and regulatory presence in developed markets.

Financial Highlights (FY24)

• Revenue from operations: ₹4,592.81 crore
• Profit after tax (PAT): ₹1,331.48 crore
• Net worth: ₹3,590.69 crore
• ROE: 37.08%
• Earnings per share (EPS): ₹12.27

Promoters and Shareholding

Prior to the IPO, promoters collectively hold 89.66% of the company on a fully diluted basis. Following the offer, their stake is expected to reduce, though exact post-offer shareholding is yet to be disclosed.

What to Watch?

• Heavy reliance on export markets (over 60% of FY24 revenue)
• High capacity utilisation and recent international acquisition (NSS Ireland)
• Sectoral competition and regulatory compliance

Upon regulatory approval, the company is expected to announce its price band, bid dates, and allocation details in due course.

About Sudeep Pharma

Incorporated in 1989, Sudeep Pharma is a leading manufacturer of mineral-based excipients and specialty ingredients for the pharmaceutical, food, and nutrition industries. As of December 31, 2024, the company operates three manufacturing facilities in Vadodara and has a dedicated R&D center. It also has a strong global presence across the US, South America, Europe, the Middle East, Africa, and the Asia-Pacific region.

Stay tuned for further updates as the IPO timeline progresses.

REF: https://nsearchives.nseindia.com/corporate/Registration_24062025231529_Sudeep_Pharma_Limited_DRHP.pdf

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