Sudeep Pharma IPO opens today: Issue price, GMP, price band, allotment and more

Sudeep Pharma, based in Vadodara, will open its initial public offering (IPO) on November 21. The company aims to raise ₹895 crore through a fresh issue of ₹95 crore and an offer-for-sale (OFS) of ₹800 crore. The price band is set at ₹563-593 per equity share, valuing the company near ₹6,700 crore at the top end. The issue will close on November 25. Investors can bid for a minimum lot of 25 shares, requiring a minimum investment of ₹14,825.

The allotment is expected on November 26, with stock listing proposed for November 28. ICICI Securities Ltd and IIFL Capital Services are the book-running lead managers, and MUFG Intime India Pvt Ltd is the registrar.

The IPO includes reservations for Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs).

Anchor investors have already contributed ₹268.5 crore, with participation from major mutual funds such as SBI, ICICI Prudential, HDFC, Axis, Nippon, Aditya Birla, and Bandhan. Marquee investors like Mukul Agarwal (Param Capital Sanshi Fund–I), Manoj Garg (WhiteOak), and Prashant Jain (3P Investment) also invested as anchors.

Proceeds from the fresh issue, ₹75.81 crore, will be used for capital expenditure on machinery at the Nandesari Facility 1, Gujarat, and for general corporate purposes.

Sudeep Pharma serves over 1,100 customers, including Pfizer Inc, Mankind Pharma, Merck Group, Aurobindo Pharma, Cadila Pharmaceutical, IMCD Asia Pte Ltd, and Danone SA. The company is a major producer of food-grade iron phosphate for infant and clinical nutrition, with a combined annual manufacturing capacity of 72,246 metric tons as of June 2025.

Shares of Sudeep Pharma are trading at a 19% premium in the unlisted market, with the current grey market premium (GMP) of ₹115 indicating a projected listing price of around ₹708. However, GMPs are only indicative of market sentiment and can change rapidly.

Master Capital Services has recommended considering the IPO for long-term investment, highlighting the company's technology-driven manufacturing, in-house process capabilities, and diversified portfolio of over 100 products.