Sudeep Pharma IPO: Check brokerage reviews, day 2 bidding, latest GMP, listing date & more

The initial public offering (IPO) of Sudeep Pharma opened for bidding on Friday, November 21 and will undergo its second day of the bidding today. The issue was overall booked more than 1.42 times on day one, majorly led by non-institutional bidders and retail investors. The issue will close for bidding on Tuesday, November 25.

The pharma and nutrition player is selling its shares in the range of Rs 563-593 apeice and investors can apply for a minimum of 25 equity shares and its multiples thereafter. It is looking to raise a total of Rs 895 crore via IPO, which includes a fresh share sale of Rs 95 crore and an offer-for-sale (OFS) of up to 1,34,90,726 equity shares worth Rs 800 crore.

According to the data from BSE, investors made bids for 3,59,89,525 equity shares, or 3.41 times, as of 13.10 pm on Monday, against the 1,05,64,926 equity shares offered for the bidding. The allocation for retail investors was subscribed 3.55 times, while portions for non-institutional bidders was booked 7.47 times. The quota for qualified institutional bidders was booked 11 per cent.

Incorporated in 1989, Vadodara-based Sudeep Pharma is a manufacturer of pharmaceutical excipients, food-grade minerals, and specialty nutrition ingredients serving over 100 countries. It operates six manufacturing facilities with a combined production capacity of 50,000 MT, specializing in minerals such as calcium, iron, magnesium, zinc, potassium, and sodium.

The net proceeds from the issue shall be utilized towards capital expenditure towards procurement of machinery for the production line located at Nandesari facility and general corporate purposes. Last heard, the company was commanding a grey market premium (GMP) of Rs 120-125 per share, suggesting nearly 20-21 per cent listing pop for the investors.

Ahead of its IPO, Sudeep Pharma raised 268.50 crore from anchor investors as it allocated 45,27,823 equity shares at Rs 593 apeice. The company has reserved 50 per cent of the net offer for qualified institutional bidders, while retail investors have 35 per cent allocation in the IPO. Non-institutional bidders have only 15 per cent of allocation in the IPO.

For the three-months ended on June 30, 2025, Sudeep Pharma reported a net profit of Rs 31.27 crore, with a revenue of Rs 130.08 crore. The company clocked a net profit of Rs 138.69 crore, with a revenue of Rs 511.33 crore for the financial year 2024-25. Post listing, the company shall command a market capitalization close to Rs 6,700 crore.

ICICI Securities and IIFL Capital Services are the book running lead managers for the Sudeep Pharma IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Friday, November 28. Here's what a host of brokerage firms have to say about the IPO of Sudeep Pharma:  

SBI Securities

Rating: Subscribe

Sudeep Pharma's manufacturing facilities are approved by global institutions with one of its facilities approved by the USFDA. It is in the process of establishing a manufacturing facility to cater to the increasing demand. It plans to expand into key minerals required for high-growth businesses in the EV and BESS segment aiding in margin expansion, said SBI Securities.

"Over the last three years, SPL has delivered sales, ebitda and PAT CAGR of 8 per cent, 46 per cent and 49 per cent respectively. The stock is trading at a P/E multiple of 48.3 times, based on post-issue capital. Given SPL’s leadership in the niche segment and future foray into high-growth businesses, we expect healthy profit growth aided by margin expansion," it added with a 'subscribe' rating.  

Swastika Investmart

Rating: Subscribe with caution

Sudeep Pharma delivers robust performance with rising revenues, high Ebitda margins, and an impressive FY25 RONW of 27.88 per cent. It operates as a preferred partner for critical pharma-grade ingredients, serving a solid roster of marquee global customers, said Swastika Investmart.

The issue is considered 'aggressively priced' at a P/E of 45-48 times, fully capturing its current stable profitability. This steep valuation leaves very little room for immediate listing gains or short-term pops. Aggressive Investors are advised to apply only if they have a holding horizon of 2–5 years," it added.  

Arihant Capital Markets

Rating: Subscribe

Sudeep Pharma is set for steady multi-year growth supported by rising global demand for fortified nutrition, strong positions in phosphates and iron-based minerals, and upcoming capacity additions in FY26. The issue is valued at a P/E ratio of 48 times, based on annualized PAT of FY25 EPS of Rs 12.3, said Arihant Capital Markets.

"Low current plant utilizations provide room for operating leverage, while its expanding presence in regulated markets and proprietary technologies led to deliver healthy volume growth and gradual profitability improvement over the medium term. We are recommending a 'subscribe' rating for this issue," it added.  

Geojit Investments

Rating: Subscribe for long-term

Sudeep Pharma serves over 1,100 customers- including Pfizer, Intas, Mankind, Aurobindo, Alembic, Merck and Danone- with an average relationship tenure of more than seven years, reflecting strong customer stickiness and sustained revenue visibility. It intends to expand into the high-growth battery-grade mineral business for electric vehicles and energy storage systems, said Geojit.

"It is available at a P/E of 48 times, which appears to be fairly priced. It is well-positioned for sustained long-term growth, supported by robust operational performance, the NSS acquisition that strengthens its European footprint in infant nutrition and formulations, and its planned foray into the high-growth battery-grade minerals segment," it said with a 'subscribe for long-term' rating.  

Hem Securities

Rating: Subscribe

Sudeep Pharma is bringing the issue at a P/E multiple of more than 30 times on post issue annualized Q1FY26 basis. The company has market leadership with a diversified product portfolio in a high barrier industry. As of June 30, 2025, the company has a diverse portfolio of over 100 products, said Hem Securities.

"It has distinguished a global customer base with long-standing relationships with key customers along with strong research and development capabilities and experienced promoters and senior management team Hence, we recommend 'subscribe' to the issue," it added.  

BP Equities

Rating: Subscribe

Sudeep Pharma's strong regulatory credentials, diversified portfolio, innovation-led product pipeline, and expanding global reach position it for sustained revenue growth, said BP Equities. "The company is valued at a P/E multiple of 46.4 times FY25 earnings. We, thus, recommend a 'subscribe' rating for this issue," it adds.  

Ventura Securities

Rating: Subscribe

Sudeep Pharma is focused on expanding its global footprint through acquisitions like Nutrition Supplies Services (NSS) in Ireland and enhancing its manufacturing capabilities in Gujarat. Its plans include scaling capacity, expanding product offerings in functional nutrition, and investing in R&D to maintain a competitive edge in the regulated markets, said Ventura Securities.

"It achieved robust profitability, with an Ebitda margin of 35-40 per cent and a RoNW of 27.88 per cent. The IPO proceeds will strengthen its balance sheet and fund growth while minimizing dilution of operating margins. Fresh proceeds will be used for expanding manufacturing capabilities, acquiring new technology, and funding its global growth initiatives," it said with a 'subscribe' tag.