About Sahajanand Medical Technologies IPO
Sahajanand Medical Technologies Ltd. submitted its DRHP to SEBI on July 25, 2025, which is a 100% book-built offer and was approved by SEBI on November 17, 2025. The IPO is a pure Offer for Sale (OFS) of up to 27,644,231 equity shares by existing promoters and investors.
The price band and lot size information is yet to be announced, and the Book Running Lead Managers (BRLMs) for this offer include Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities and Nuvama Wealth Management. MUFG Intime India Private Ltd. (formerly known as Link Intime) has been appointed as the registrar to manage the allotment process and the shares will be listed on BSE and NSE after the final offer dates are announced.
Company Background
Sahajanand Medical Technologies Ltd. was incorporated in 2001 and initiated as a partnership firm named 'M/s Sahajanand Vascular Technoventions' in 1999. It was later converted into a private ltd. company in October 2001 and eventually a public ltd. company in May 2021.
Headquartered in Surat, Gujarat, with its corporate office in Mumbai, SMT has evolved into a global player in the medical technology space. The company focuses on life-saving medical devices, specifically those used in cardiovascular interventions.
Operations and Product Range
Sahajanand Medical Technologies Ltd. focuses on the development of Class III and Class C/D medical devices. The company’s main business area is based on Vascular Intervention (VI) and Structural Heart (SH) solutions.
The company’s product range includes coronary stents, coronary balloons, transcatheter aortic valves and occluders. In addition, they also provide renal stents and peripheral drug-coated balloons. These products are essential for the treatment of heart-related diseases.
Facilities and Capacity
The company has manufacturing plants in India, with its primary manufacturing plant located in Surat, Gujarat. Sahajanand Medical Technologies Ltd.’s domestic material subsidiary, SMT Cardiovascular Private Ltd., is also responsible for the manufacturing process of vascular interventional products.
SMT has demonstrated its commitment to research and development (R&D) activities, which assist the company in its manufacturing readiness and product launches. The company has a total of 11 subsidiaries located in various sites across the world, including Ireland, Germany, Brazil and Spain.
Brands and Market Presence
Sahajanand Medical Technologies Ltd. operates under the flagship brand "SMT." It has established a significant international presence, evidenced by its various foreign subsidiaries and a vast intellectual property portfolio.
As of the DRHP date, the company and its subsidiaries own 253 registered trademarks in India and 102 patents granted globally. The brand "SAHAJANAND" and the corporate logo "SMT" are well-recognized in the medical device industry across classes such as surgical and medical apparatus.
Revenue Streams and Business Model
Sahajanand Medical Technologies Ltd. generates revenue mainly through the sale of cardiovascular medical devices. The company's business model is based on high-end manufacturing and innovation driven by R&D in the vascular devices segment.
During the fiscal year ended March 31, 2025, the company posted a restated profit before tax of ₹40.81 crore, which was an improvement over the previous year's ₹33.09 crore. This indicates that the company has been performing well in its operations in both domestic and global markets.
Management and Shareholding
The Sahajanand Medical Technologies IPO is backed by a well-experienced professional management team and a set of experienced promoters. Before the IPO, the equity of the company was largely owned by the promoters and the leading institutional investors like Samara Capital and Kotak Pre-IPO Opportunities Fund. Since the current issue is completely in the form of an offer for sale, the ownership structure will change as the existing shareholders reduce their respective holdings to make way for public participation in the growth of the company.
Board and Key Management
The board & key management of Sahajanand Medical Technologies Ltd. is led by Jose Calle Gordo (Chairperson). Bhargav Dhirajlal Kotadia and Dhirajlal Vallabhbhai Kotadia are key directors on the board. The executive team is supported by Amit Kumar Khandelia (CFO) and Deepshikha Singhal (CS & CO).
Sahajanand Medical Technologies IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 1 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Offer For Sale |
| Total Issue Size | 2,76,44,231 shares (agg. up to ₹[.] Cr) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | - |
| Offer for Sale | - |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 10,14,03,232 shares |
| Share Holding Post Issue | 10,14,03,232 shares |
Sahajanand Medical Technologies IPO Financial Information
Latest Revenue
1,035.96
₹ Crore
Profit After Tax
25.15
₹ Crore
Net Worth
545.23
₹ Crore
Total Borrowing
224.96
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 1,094.90 | 1,035.96 | 25.15 | 545.23 | 580.71 | 224.96 | |||
| 31 Mar 2024 | 970.58 | 908.59 | -7.35 | 526.30 | 556.57 | 175.27 | |||
| 31 Mar 2023 | 911.63 | 803.28 | 11.93 | 539.21 | 563.35 | 132.18 | |||
| Amount in ₹ Crore | |||||||||
Sahajanand Medical Technologies Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 3.68% |
| ROCE | 10.37% |
| Debt/Equity | - |
| RoNW | 3.73% |
| PAT Margin | 2.45% |
| EBITDA Margin | 12.49% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 2.09 (basic) 2.01 (diluted) | - |
| P/E (x) | - | - |
IPO Objectives
Since the Sahajanand Medical Technologies IPO is entirely an Offer for Sale (OFS), the company will not receive any proceeds from the offer. All proceeds (net of offer-related expenses) will go to the selling shareholders in proportion to the equity shares sold by them. The primary objective of the listing is to provide liquidity to existing shareholders and enhance the company's brand image through a public market presence.
Conclusion
The Sahajanand Medical Technologies IPO offers investors an opportunity to participate in a company that is deeply integrated into the global cardiovascular healthcare supply chain. The company maintains a focus on R&D and a strong portfolio of vascular intervention products. SMT has transitioned from a domestic partnership to an international medical technology player. While the IPO is an exit or partial exit for existing investors via the OFS, the company’s established market presence and intellectual property remain core to its future execution.
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Competitive Strengths
102 patents globally and 253 registered trademarks in India, showcasing a strong focus on innovation.
Expertise in high-entry-barrier Class III and Class C/D medical devices like coronary stents and heart valves.
Operational presence in major markets, including Europe and Brazil, through dedicated subsidiaries and regulatory approvals.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 17/11/2025 | - |
| 2 | Filed with SEBI/Exchange | 25/07/2025 | View DRHP |
Sahajanand Medical Technologies IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | — | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |