Sahajanand Medical Technologies IPO October 15: Price Band, Lot Size, OFS and Valuation

The Sahajanand Medical Technologies IPO opens for bidding today, October 15, 2026, with a price band of ₹327–344 a share and a minimum bid of 43 shares. The cardiovascular device maker, known in India mostly for its coronary stents, had already pulled in ₹140.06 crore from anchor investors on October 14 at the top of the band, Moneycontrol reported. We covered the headline terms in our roundup of the four mainboard IPOs opening October 15. Here we stick to Sahajanand alone: who is selling, how the stent and heart-valve business earns its money, what the financials say, how the price stacks up against listed peers, and the dates to keep in mind before the October 19 close.

Sahajanand Medical Technologies IPO: price band, lot size and issue size

The whole issue is an offer for sale (OFS) of up to 1,38,22,116 equity shares of face value ₹1, as per the company’s red herring prospectus (RHP) dated October 9, 2026. At the ₹344 upper end, that works out to about ₹475.48 crore. The band, lot size and retail limits were announced on October 12, Moneycontrol reported.

• Price band: ₹327 to ₹344 per share
• Lot size: 43 shares, and multiples of 43 after that
• Minimum retail bid: ₹14,792 (one lot at ₹344)
• Maximum retail bid: ₹1,92,296 (13 lots, or 559 shares, at ₹344)
• Issue size: about ₹475.48 crore at the upper band, all of it OFS
• Employee reservation: up to 2,50,000 shares; the rest (13,572,116 shares) is the net offer
• Quota split of the net offer: not more than 50% for qualified institutional buyers (QIBs), at least 15% for non-institutional investors (NIIs) and at least 35% for retail individual investors
• Listing: BSE and NSE
• Book-running lead managers: Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities and Capital Markets (India) and Nuvama Wealth Management

On our own maths, the smallest bid in the small-NII (₹2–10 lakh) bucket is 14 lots, or 602 shares, costing ₹2,07,088 at ₹344. The RHP puts paid-up capital before the offer at 10,16,46,778 shares, and since no new shares are being created, that count stays the same after listing. Multiply it by the band and you get a market value of roughly ₹3,324 crore at ₹327 and ₹3,497 crore at ₹344, in line with the “around ₹3,500 crore” Moneycontrol cited. The shares on offer add up to about 13.6% of the company.

Nothing for the company: the sellers in this OFS

With no fresh issue, Sahajanand Medical Technologies gets none of the proceeds. All of it goes to the selling shareholders. The RHP names five of them, with how many shares each is putting up:

• Samara Capital Markets Holding Limited: up to 64,79,063 shares, the biggest block
• Shree Hari Trust (promoter): up to 27,00,000 shares
• Dhirajkumar Savjibhai Vasoya (promoter group): up to 20,00,000 shares
• NHPEA Sparkle Holding B.V.: up to 13,35,178 shares
• Kotak Pre-IPO Opportunities Fund: up to 13,07,875 shares

Before the offer, on a fully diluted basis, promoter Shree Hari Trust owns 36.71% of the company, Samara 29.61%, NHPEA Sparkle 15.24% and the Kotak fund 5.98%, going by the RHP’s shareholding table. The other named promoters are Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia and Priyanka Dhirajlal Cohen. Moneycontrol says Dhirajlal Kotadia set up the company in 2001 and describes NHPEA Sparkle as Morgan Stanley-backed. The RHP shows the registered office in Surat, Gujarat, and the corporate office in Andheri East, Mumbai.

Working from the RHP figures, Samara is selling about 21.5% of its stake and Shree Hari Trust about 7.2% of its own. In other words, financial investors are trimming, not walking away, and the promoter remains the single largest shareholder.

An all-OFS IPO adds no money to the balance sheet. The case for buying has to rest entirely on what the business already earns, not on what new cash might build.

Anchors put in ₹140 crore at the top of the band

On October 14 the company placed 40.71 lakh shares with eight institutions at ₹344, raising ₹140.06 crore, Moneycontrol reported. Five domestic fund houses, Nippon Life India, DSP Mutual Fund, WhiteOak Capital, Invesco India and UTI AMC, took 30.25 lakh of those shares, worth about ₹104 crore, across seven schemes. By our count, the anchor allotment of 40,71,634 shares is 30% of the 1,35,72,116-share net offer, which is the full anchor quota, because the RHP lets up to 60% of the 50% QIB portion go to anchors.

So domestic mutual funds and other institutions were happy to pay the cap price. That says nothing about how the retail or NII books will fill, though, and it is no promise of a good listing.

What Sahajanand sells: stents, balloons, heart valves and occluders

Sahajanand makes Class III (EU) and Class C/D (India) medical devices, the RHP says, and it splits revenue three ways:

• Vascular intervention (VI) devices: mostly drug-eluting stents (DES) such as the flagship Supraflex Cruz, plus PTCA balloon catheters. This bucket made up 61.14% of FY26 revenue from operations, down from 68.57% in FY24.
• Structural heart (SH) devices: transcatheter aortic valve implantation (TAVI) systems such as Hydra, and Cocoon occluders. Their share climbed to 16.77% of FY26 revenue from 12.26% in FY24.
• Others: traded goods plus own-brand renal stents and peripheral drug-coated balloons, at 22.09% of FY26 revenue.

Quoting an industry report by Frost & Sullivan (F&S) that the company commissioned, the RHP says Sahajanand held nearly 25% of total DES sales volume in India in FY26. The same report ranks it among the top five DES sellers by volume in Germany, Spain, Poland and Brazil, and among the top five occluder sellers in Thailand, South Korea and India, as of March 31, 2026. It sold in 77 countries in FY26, runs R&D centres in India and Thailand, and reports 119 patents granted worldwide as of the RHP date.

Most of the money now comes from abroad. In FY26 India contributed 26.13% of revenue from operations, Europe 38.66% and the rest of the world 35.21%; back in FY24, India’s share was 34.80%. Europe sales grew to ₹468.0 crore in FY26 from ₹337.8 crore in FY25, while India was almost flat at ₹316.3 crore versus ₹320.7 crore.

India also comes with a price ceiling. The RHP’s industry section notes that the National Pharmaceutical Pricing Authority (NPPA) capped cardiac stent prices in 2017, and the DES ceiling now stands revised at ₹38,267. In its risk factors, the RHP adds that the NPPA could bring more devices under price control or cap trade margins.

The numbers from FY24 to Q1 FY27

Everything below is restated consolidated data from the RHP’s key performance indicators table. The percentage changes are our own calculations.

Revenue from operations grew 18.1% in FY26, and profit after tax shot up 174.6% off a weak FY25 base, figures that match both Moneycontrol and the RHP. Over two years revenue compounded at about 15.9% a year (our calculation, FY24 to FY26), and EBITDA rose 33.3% in FY26 alone. The improvement is genuine, but it sits on a thin base. The company was loss-making in FY24, and its PAT margin is still below 6% of revenue.

There is debt on the books too. Total borrowings stood at ₹269.5 crore on March 31, 2026, and ₹320.6 crore on June 30, 2026, against total equity of ₹716.7 crore at June 30. FY26 finance costs came to ₹24.4 crore, and net debt was 1.12 times FY26 EBITDA, according to the RHP. Working capital is heavy as well, with net working capital at 138 days of revenue in FY26. And since the IPO money does not reach the company, the issue does nothing to bring that debt down.

How the price compares with Poly Medicure and Laxmi Dental

The RHP benchmarks Sahajanand against two listed companies, Poly Medicure and Laxmi Dental. Based on BSE closing prices on October 6, 2026 and diluted FY26 EPS, their price-to-earnings (P/E) ratios are 51.40x for Poly Medicure and 36.35x for Laxmi Dental, for a peer average of 43.87x.

Sahajanand’s diluted FY26 EPS is ₹6.48 (basic ₹6.67). On our arithmetic, that values the IPO at about 53.1x diluted earnings at ₹344 and 50.5x at ₹327, above the peer average and a touch above Poly Medicure, the pricier of the two. A few other yardsticks, again our calculations:

• Price to book: about 5.5x at ₹344, using the RHP’s March 31, 2026 net asset value of ₹62.76 per share
• Market value to FY26 revenue: about 2.9x at ₹344
• Return on net worth: 10.60% in FY26, compared with 10.37% for Poly Medicure and 11.91% for Laxmi Dental, as the RHP shows

At about 53 times FY26 earnings, the band prices in a margin recovery that is still under way. A company with single-digit PAT margins is being valued like a peer group that has already reached steady profitability.

To be fair to the company, FY26 profit came off a loss-making FY24, so a trailing P/E may make the stock look dearer than it is if profits keep growing at this clip. Then again, repeat the Q1 FY27 PAT of ₹15.1 crore for four quarters and you get about ₹60 crore, which is below FY26’s ₹69.1 crore. That is our extrapolation, not company guidance.

Dates from anchor book to listing

The indicative schedule from the RHP’s offer programme:

• Anchor bidding: Wednesday, October 14, 2026 (completed)
• Issue opens: Thursday, October 15, 2026
• Issue closes: Monday, October 19, 2026 (UPI mandate cut-off 5:00 pm)
• Basis of allotment: on or about Wednesday, October 21, 2026
• Refunds/unblocking and demat credit: on or about Thursday, October 22, 2026
• Listing and start of trading on BSE and NSE: on or about Friday, October 23, 2026

Retail bids go in through ASBA or UPI, and the RHP suggests bidding at least a day before the close, since not every last-day upload may make it through. New to this? Our guide to IPO investing in India explains how bids, lots and allotment work.

Risks the RHP spells out

• Reliance on one product family: VI devices made up 61.14% of FY26 revenue, and the Supraflex Cruz brand alone accounted for 37.17%.
• Regulatory exposure: the RHP warns that any adverse step by a regulator would hit the company’s ability to sell. It also has to obtain and renew licences and approvals, including the CE certificates listed in the RHP, and its plants carry quality-control and disruption risks.
• Price controls at home: stents already have an NPPA ceiling price, and the RHP flags the chance that other products, or trade margins, get capped as well.
• Currency: most revenue comes from Europe and other overseas markets, and China, the Netherlands and Germany are the top three countries it buys raw materials from. Exchange-rate swings can move both revenue and costs.
• Debt and working capital: borrowings climbed to ₹320.6 crore by June 2026, and the cash cycle is long at 138 days of revenue in FY26.
• Losses in the past: the company, and some of its subsidiaries, have posted losses before, including a consolidated loss in FY24.
• Paid-for industry data: the market-share numbers come from an F&S report commissioned by the company, as the RHP itself discloses.

Should you bid? Weighing it up

Sahajanand Medical Technologies is a rare thing on Indian exchanges: a home-grown maker of high-end cardiac implants with a big stent share in India and rising sales in Europe. On the other side of the ledger, no fresh capital comes in, margins are still thin, there is debt to service, and the upper-band price sits above the peer-average P/E in the RHP. If you apply, read the RHP’s risk factors and treat it as a long-term holding, not a listing-day flip. Subscription numbers through October 19 will show whether investors beyond the anchors buy into this valuation. For the broader market during the bidding window, keep an eye on our stock market today coverage.

This article is for information only and is not a recommendation to buy, sell or apply for any security. Figures are from the company’s RHP and the news reports linked above. Calculations marked as ours are based on those figures.