Sahajanand Medical Technologies IPO: Should you apply? Check price band, reviews, fresh GMP & more

Sahajanand IPO: Medical technology player Sahajanand Medical Technologies is set to launch its initial public offering (IPO) for subscription on Thursday, October 15. The company is offering its shares in the range of Rs 327-344 apeice and investors can apply for minimum 43 equity shares and its multiples thereafter. The issue can be subscribed until Monday, October 19.

The IPO of Sahajanand Medical Technologies is entirely an offer-for-sale (OFS) of up to 1,38,22,116 equity shares by its promoters and existing shareholders worth Rs 475 crore. The company will not receive any proceeds from the issue and entire funds shall go to the selling shareholders.

Incorporated in 2001, Sahajanand 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 devices, occluders, renal stents and peripheral drug-coated balloons.

Ahead of its IPO, Sahajanand raised Rs 140 crore from 10 anchor investors as it allocated 3,19,755 equity shares for Rs 344 apeice. Its anchor book included names like Nippon Life INdia Trustee, DSP MF, Whiteoak Capital MF, Invesco India MF, UTI MF, Tata AIA Life Insurance Company, Allianz Global Investors Fund, Natixis International Funds and more.

Sahajanand reported a net loss of Rs 15.09 crore, with a revenue of Rs 354.33 crore for the quarter ended on June 30, 2026. It clocked a net profit of Rs 69.09 crore with a revenue of Rs 1,218.73 crore for the financial year 2025-26. At the current valuations, it commands a market capitalization close to Rs 3,500 crore.

Sahajanand India has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of allocation. Retail investors have 35 per cent of the reservation in the issue. Last heard, Tonbo Imaging was commanding grey market premium (GMP) of Rs 40-42 apeice, suggesting a listing pop of 11-12 per cent for investors.

Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities (India) and Nuvama Wealth Management Ltd are the book running lead managers for Sahajanand Medical Technologies IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed at the bourses on Friday, October 23. Here's what a host of brokerage firms say about the IPO of Sahajanand Medical:

Antique Stock Broking
Rating: Subscribe
Sahajanand Medical Technologies has a portfolio of advanced devices across vascular and structural heart interventions, including drug-eluting stents (DES), drug-coated balloons, PTCA balloons, TAVI systems and occluders. Scaling the heart portfolio, R&D investments and improving sales force productivity in Europe could drive revenue growth and margin expansion, said Antique.

"It has a presence across 77 countries, with 74 per cent of revenue from international markets, commands 25 per cent of India’s DES volumes and ranks among the top five players by volume in Germany, Spain, Poland and Brazil. Over FY24-26, it clocked revenue and EBITDA CAGR of 16 per cent and 25 per cent, while EBITDA margin expanded 190 bps to 14 per cent," it said with a 'subscribe' rating.

Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
Sahajanand operates in a medical technology industry characterized by high entry barriers, stringent regulatory requirements, strong innovation intensity and favorable long-term growth drivers. Its leading domestic market position in drug-eluting stents, expanding structural heart franchise, integrated manufacturing infrastructure and proven acquisition strategy provide visibility for future growth, said Anand Rathi.

"It remains exposed to regulatory approvals, pricing controls, competitive pressures and ongoing investments in research and development, which could impact profitability in the near term. Considering its leadership position in cardiovascular medical devices, growing international presence, strong innovation capabilities and favorable industry tailwinds, we suggest a 'subscribe for long-term' rating for the issue," it adds.

SBI Securities
Rating: Subscribe
Sahajanand is a R&D centered company developing Class III and Class C/D medical devices, particularly for Vascular Intervention (VI) and Structural Heart (SH). Its manufacturing facilities are integrated for the manufacturing of balloon catheters which has led to cost reductions and development of more complex versions of certain products used to manufacture DES, said SBI Securities.

"It has recorded revenue, EBITDA CAGR of 15.9 per cent and 24.5 per cent respectively over the FY24-FY26 period. During FY24, It recorded a net loss of Rs 12.8 crore on an adjusted basis, which turned positive in FY25 to Rs 29.6 crore. We assign a 'neutral' rating to the issue and would like to track the performance of the company for a few quarters post listing," it added.

Religare Broking
Rating: Neutral
Sahajanand has reported healthy growth in revenue, profitability and margins, indicating an improvement in its financial performance. However, absolute profits remain relatively modest, while profitability metrics trail those of listed peers. Its peak capacity utilisation across certain product categories could constrain incremental growth unless additional capital investments are undertaken, said Religare.

"Although rising demand for cardiovascular medical devices and opportunities to expand its geographical footprint provide growth potential, these operational and financial considerations warrant a measured approach. Considering its profitability profile, capacity constraints and valuation risks, the recommended 'neutral' rating," it added.

BP Equities
Rating: Subscribe
"The issue trades at 53.1 times FY26 earnings, a premium to the peer average that limits the margin of safety. Nevertheless, its specialized product portfolio, established international presence and improving financial performance offer a credible long-term growth opportunity. We recommend a 'subscribe' rating for the issue," it said.