Sahajanand Medical IPO GMP ₹42 Today (15 Oct), Price Band, Subscription Status, Allotment Date
Sahajanand Medical IPO is a Mainboard issue open from 15–19 October. The company is raising ₹475 Cr at a price band of ₹327 to ₹344 per share. One lot is 43 shares.
Sahajanand Medical IPO GMP (grey market premium)
₹42
Implied listing gain: ₹386 (12.21%)
Subscription
0.08x
Times the issue was bid for
On the GMP figure: grey market premium is quoted by informal dealers. No exchange publishes it, no regulator oversees it, and it is not a forecast of the listing price. Issues quoting a strong premium have listed below their issue price. Weigh the financials and the risk factors in the RHP well above this number.
Sahajanand Medical IPO Review & Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹14,792
43 shares at the upper band of ₹344
Retail limit
13 lots
the most that fits under the ₹2 lakh retail cap
Funds blocked after close
~4 days
from the closing date to listing
Debt to equity
0.33
lower is safer
Peer listing record
1 of 6 listed above issue price
median listing move -6.1%
Total subscription
0.08x
across all categories
GMP-implied listing gain
+12.2%
₹42 premium on a ₹344 issue price
Promoter holding
40.82% → 36.2%
diluted by 4.6 percentage points
Sahajanand Medical is a mainboard issue raising ₹475 Cr, offered in a band of ₹327–₹344 per share. At the upper end that is 344 times the ₹1 face value, so ₹343 of every share subscribed is share premium rather than capital.
A retail application for Sahajanand Medical needs one lot of 43 shares, which works out to ₹14,792 at the upper band of ₹344. That is close to the ₹15,000 ceiling SEBI expects for a single retail lot, so an investor applying at cut-off is committing nearly the full retail limit per application. Retail applications are capped at ₹2,00,000, which here is 13 lots; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 68 lots.
For Sahajanand Medical, bidding runs 15-19 October, allotment is finalised on 21 Oct 2026, the shares list on 23 Oct 2026. Applications that do not receive an allotment have their UPI mandate released around 2 days after the issue closes. Counting from the close of bidding, money stays blocked for roughly 4 days before listing decides what the holding is worth.
The issue is reserved 49.1% to qualified institutional buyers, 14.73% to non-institutional investors, 34.37% to retail. At 34.37%, the retail portion is on the narrower side, so retail allotment turns into a lottery quickly once the book fills. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.
The most recent figures the company has filed cover 30 Jun 2026, which is a different length of period from 31 Mar 2026. Year-on-year growth is not stated here because the two periods are not comparable — read the reported numbers side by side rather than as a growth rate.
Recently listed companies in the same space trade at a median price-to-earnings ratio of about 45.4. Comparing that with the multiple implied by this issue's ₹327–₹344 band is a more useful test of pricing than looking at the grey market premium alone.
Subscription stands at 0.08x, which is below full. An issue must be subscribed at least once over to proceed at all; if it closes under that, the offer is withdrawn and all application money is refunded.
MUFG Intime India Pvt.Ltd. is the registrar for this issue, which means the allotment status for Sahajanand Medical is published on their portal from 21 Oct 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.
A grey market premium of ₹42 on the upper band of ₹344 implies a listing gain of roughly 12.2%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.
What looks good
- A debt-to-equity ratio of 0.33 points to a conservatively funded balance sheet.
What to watch
- Return on equity of 2.07% is modest.
- Only 1 of the last 6 comparable IPOs closed above their issue price on listing day.
- The issue is only 0.08x subscribed, and an issue that fails to reach full subscription is withdrawn and the money returned.
- Promoter holding falls to 36.2% after the issue, below majority control.
The figures above are worked out from the issue's own filed numbers and are for information only. They are not investment advice — read the RHP before you apply.
| IPO Date | 15–19 October |
| Face Value | ₹1 Per Share |
| Price Range | ₹327 to ₹344 |
| Issue Size | ₹475 Cr |
| Lot Size | 43 Shares |
| Allotment Date | 21 Oct 2026 |
| Listing Date | 23 Oct 2026 |
| Registrar | MUFG Intime India Pvt.Ltd. |
Quota Allocation
| Category | Allocation |
|---|
| Retail Investors | 34.37% |
| QIB (Qualified Institutional Buyers) | 49.1% |
| HNI (High Net Worth Individuals) | 14.73% |
Subscription Status (Category-wise)
| Investor Category | Subscription (times) |
|---|
| Non Institutional | 0.05x |
| Retail Individual | 0.15x |
| Employee Reservations | 0.04x |
| Total | 0.08x |
IPO Details
| Total Issue Size | 1,38,22,116 shares (agg. up to ₹475 Cr) |
| Offer for Sale | 1,38,22,116 shares of ₹1 (agg. up to ₹475 Cr) |
| Share Holding Pre Issue | 10,16,46,778 shares |
| Share Holding Post Issue | 10,16,46,778 shares |
IPO Timetable (Tentative)
| IPO Open | Thu, Oct 15, 2026 |
| IPO Close | Mon, Oct 19, 2026 |
| Allotment | Wed, Oct 21, 2026 |
| Refund | Thu, Oct 22, 2026 |
| Credit of Shares | Thu, Oct 22, 2026 |
| Listing | Fri, Oct 23, 2026 |
Issue Reservation
| Investor Category | Shares | % of Total Issue | Max Allottees |
|---|
| QIB | 67,86,058 | 49.10% | NA |
| − Anchor Investor | 40,71,634 | 29.46% | NA |
| − QIB (Ex. Anchor) | 27,14,424 | 19.64% | NA |
| NII (HNI) | 20,35,817 | 14.73% | NA |
| − bNII > ₹10L | 13,57,212 | 9.82% | 2,254 |
| − sNII < ₹10L | 6,78,606 | 4.91% | 1,127 |
| Retail | 47,50,241 | 34.37% | 1,10,470 |
| Total | 1,38,22,116 | 100.00% | |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|
| Retail (Min) | 1 | 43 | ₹14,792 |
| Retail (Max) | 13 | 559 | ₹1,92,296 |
| S-HNI (Min) | 14 | 602 | ₹2,07,088 |
| S-HNI (Max) | 67 | 2881 | ₹9,91,064 |
| B-HNI (Min) | 68 | 2924 | ₹10,05,856 |
IPO Anchor Investors
| Bid Date | Wed, Oct 14, 2026 |
| Shares Offered | 40,71,634 |
| Anchor Portion (₹ Cr.) | 140.06 |
| Anchor lock-in period end date for 50% shares (30 Days) | Fri, Nov 20, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, Jan 19, 2027 |
Investor Category Reservations
| Category | Limit | Cut-off |
|---|
| RII | Up to ₹2 Lakhs | Yes |
| sNII | ₹2 Lakhs – ₹10 Lakhs | No |
| bNII | Above ₹10 Lakhs | No |
| Employee (EMP) | Up to ₹5 Lakhs | Yes |
| Employee + RII/NII | Up to ₹5Lakhs (EMP) + RII/NII limits | Yes (EMP/RII) |
Company Financials (Restated Consolidated)
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|
| Assets | 1,309.00 | 1,276.43 | 1,094.90 | 970.58 |
| Total Income | 354.33 | 1,218.73 | 1,035.96 | 908.59 |
| Profit After Tax | 15.09 | 69.08 | 25.15 | -7.35 |
| EBITDA | 48.58 | 170.66 | 128.02 | 110.05 |
| NET Worth | 631.72 | 616.05 | 545.23 | 526.30 |
| Reserves and Surplus | 706.86 | 692.48 | 580.71 | 556.57 |
| Total Borrowing | 320.63 | 269.53 | 224.96 | 175.27 |
| Amount in ₹ Crore |
Recently Listed IPOs in Hospital
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|
| Rays of Belief Ltd. | Mainboard | ₹125.00 Cr | ₹239 | 75.63 | ₹228.34 | -4.46% | ₹209.17 |
| Manipal Health Enterprises Ltd. | Mainboard | ₹9,275.22 Cr | ₹590 | 75.93 | ₹666.95 | +13.04% | ₹650.05 |
| Gujarat Kidney & Super Speciality Ltd. | Mainboard | ₹250.80 Cr | ₹114 | 61.62 | ₹104.54 | -8.30% | ₹194.69 |
| Park Medi World Ltd. | Mainboard | ₹920.00 Cr | ₹162 | 29.21 | ₹147.95 | -8.67% | ₹241.25 |
| ABH Healthcare Ltd. | SME | ₹34.98 Cr | ₹102 | 14.47 | ₹94.05 | -7.79% | ₹45.70 |
| Hannah Joseph Hospital Ltd. | SME | ₹42.00 Cr | ₹70 | 16.21 | ₹68.25 | -2.50% | ₹104.05 |
Key Performance Indicator (KPI)
| KPI | Jun 30, 2026 | Mar 31, 2026 |
|---|
| ROE | 2.07% | 10.35% |
| ROCE | 3.16% | 11.57% |
| Debt/Equity | 0.33 | 0.27 |
| RoNW | 2.31% | 10.60% |
| PAT Margin | 4.29% | 5.71% |
| EBITDA Margin | 13.81% | 14.10% |
| NAV | 64.35 | 62.76 |
| P/B (x) | | 5.48 |
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|
| EPS (₹) | 6.80 | 5.94 |
| P/E (x) | 50.59 | 57.91 |
| Market Cap at Offer Price | ₹3,496.65 Cr. | ₹3,496.65 Cr |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|
| Promoter and Promoter Group | 40.82% | 36.2% |
| Public | 59.18% | 63.80% |
| Total | 100% | 100% |
Offer For Sale - Selling Shareholders
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|
| Shree Hari Trust | Promoter | 27,00,000 | 92.88 |
| Dhirajkumar Savjibhai Vasoya | Promoter | 20,00,000 | 68.80 |
| Samara Capital Markets Holding Ltd. | Corporate | 64,79,063 | 222.88 |
| Kotak Pre-IPO Opportunities Fund | Corporate | 13,07,875 | 44.99 |
| NHPEA Sparkle Holding BV | Corporate | 13,35,178 | 45.93 |
| Total | | 1,38,22,116 | 475.48 |
IPO Details
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|
| Brokers | 0 | 0 | 1 | 0 |
| Members | 0 | 0 | 0 | 0 |
About Sahajanand Medical
Incorporated in October 2001, Sahajanand Medical Technologies Limited is a medical technology company engaged in the development, manufacturing and marketing of technologically advanced medical devices, primarily focused on vascular intervention and structural heart intervention. Its product portfolio includes coronary stents, coronary balloons, transcatheter aortic valve implantation (TAVI) devices, occluders, renal stents and peripheral drug-coated balloons (DCBs). The Company focuses on research and development, precision manufacturing and clinically supported product innovation. Its flagship brands include Supraflex Cruz, Cocoon and Hydra, serving different areas of interventional cardiology.
The Company operates three manufacturing facilities, two in India and one in Thailand, supported by two R&D centres in India and Thailand. As of June 30, 2026, it had 119 patents granted globally, 78 patent applications in the pipeline and five design registrations in India. Its products were marketed in 77 countries in Fiscal 2026, through direct, hybrid and distributor-led models, with established market presence in India, Europe and other international markets.
The Company reported revenue from operations of ₹12,105.04 million in Fiscal 2026, compared with ₹10,248.79 million in Fiscal 2025 and ₹9,016.04 million in Fiscal 2024.
As of June 30, 2026, it had 1,605 full-time employees, 31 consultants and 707 contract-based employees.
Extensive global sales and marketing network.
Strong research and development capabilities.
Diversified and integrated manufacturing facilities.
Leadership in India and key international markets.
Proven M&A and strategic collaboration capabilities.
Technologically advanced medical devices in high-barrier segments.
Experienced leadership team backed by reputed institutional investors.
Sahajanand Medical IPO — common questions
What is Sahajanand Medical IPO?
Sahajanand Medical IPO is a Mainboard issue open from 15–19 October. The company is raising ₹475 Cr at a price band of ₹327 to ₹344 per share. One lot is 43 shares.
When does Sahajanand Medical IPO open and close?
The issue is open 15–19 October. Bids must be placed, and any UPI mandate approved, before the cut-off on the closing day.
What is the Sahajanand Medical IPO price band?
The price band is ₹327 to ₹344 per equity share, against a face value of ₹1. Retail investors may bid at cut-off, meaning they accept the final discovered price within this band.
What is the Sahajanand Medical IPO lot size?
The minimum application is 43 shares, and bids must be in multiples of that lot.
What is the Sahajanand Medical IPO issue size?
The total issue size is ₹475 Cr.
How is Sahajanand Medical IPO reserved between investor categories?
The issue is reserved as retail 34.37%, QIB 49.1%, HNI 14.73%. If the retail portion is oversubscribed, allotment there is decided by a lottery on lot-sized applications rather than in proportion to the amount applied for.
When is the Sahajanand Medical IPO allotment date?
Basis of allotment is expected to be finalised on 21 Oct 2026. You can check your status on the registrar's website (MUFG Intime India Pvt.Ltd.) using your PAN.
When does Sahajanand Medical IPO list?
Listing is expected on 23 Oct 2026, following the T+3 timeline that applies to Indian IPOs.
