Sahajanand Medical Technologies Limited IPO

Small Cap Medical Technology Mainboard

IPO Details

Bidding Dates

15 Oct '26 - 19 Oct '26

Minimum Investment

₹14,792/1 lot (43 shares)

Price Range

₹327 - ₹344

Maximum Investment

₹1,92,296 /13 lots (559 shares)

Retail Discount

N.A.

Issue Size

₹475.48 Cr

Investor category and sub category

Qualified Institutional Buyers (QIB) | Retail Individual Investors (RII) | Non-institutional Investors (NII)

IPO Dates

Important dates with respect to IPO allotment and listing

IPO Open Date

15 Oct '26

IPO Closing Date

19 Oct '26

Basis of Allotment

21 Oct '26

Initiation of Refunds

22 Oct '26

IPO Listing date

23 Oct '26

IPO Subscription Details

Date	QIB	NII	Retail	Total
Day 1Oct 15 2026	0.37	0.20	0.41	0.35
Day 2Oct 16 2026	1.12	0.51	0.83	0.83
Day 3Oct 19 2026	34.70	14.64	3.04	14.21

About Sahajanand Medical Technologies

Sahajanand Medical Technologies Initial Public Offering is a book-built issue of ₹475.48 crore. The issue is entirely an offer for sale of 1.38 crore shares aggregating to ₹475.48 crore.

Sahajanand Medical Technologies Initial Public Offering has a price band of ₹327 to ₹344 per share. The lot size for an application is 43 shares. The minimum investment required for an individual retail investor is ₹14,792 for 43 shares, calculated at the upper end of the price band.

Motilal Oswal Investment Advisors Limited is the book-running lead manager, and MUFG Intime India Private Limited is the registrar of the issue.

About Sahajanand Medical Technologies Limited

Originally incorporated in October 2001, Sahajanand Medical Technologies Limited is an India-based medical device manufacturer specializing in the development, manufacturing, and distribution of advanced cardiovascular devices for vascular and structural heart interventions.

The company offers a portfolio of technologically advanced medical devices, including coronary stents and coronary balloons under its Vascular Intervention segment, and transcatheter aortic valve implantation (TAVI) devices and occluders under its Structural Heart segment. Its other products include renal stents, peripheral drug-coated balloons (DCBs), and traded medical devices. The company operates manufacturing plants in India and Thailand and serves markets across 77 countries, including India, as of Fiscal 2026. According to the Red Herring Prospectus, it was the first company in the world to receive a CE certification for a drug-eluting stent (DES) featuring a biodegradable polymer-based paclitaxel-eluting technology under its Infinnium product line.

Driven by research and development and precision manufacturing capabilities, Sahajanand Medical Technologies Limited reported consolidated revenue from operations of ₹12,105.04 million and a net profit of ₹690.82 million in Fiscal 2026.

Industry Outlook

The global cardiovascular devices market, comprising vascular interventional devices and structural heart devices, is projected to grow from US$24.3 billion in 2025 to US$37.8 billion by 2030, at a compound annual growth rate (CAGR) of 7.5%, according to the Frost & Sullivan report cited in the Red Herring Prospectus (RHP).
The global vascular interventional devices market is expected to expand from US$14.2 billion in 2025 to US$21.7 billion by 2030, supported by the growing burden of cardiovascular diseases, an ageing population, technological advancements, and increased adoption of minimally invasive procedures.
India's vascular interventional devices market is projected to increase from US$382.6 million in 2025 to US$542.4 million in 2030, registering a CAGR of 7.2%. Key growth drivers include the rising prevalence of coronary heart disease, increasing disposable incomes, wider health insurance coverage, greater penetration of cardiologists and catheterisation laboratories, early diagnosis, and government healthcare expenditure.
The Asia-Pacific vascular interventional devices market is expected to grow from US$8,348 million in 2025 to US$13,357.9 million in 2030, at a CAGR of 9.9%, making it the fastest-growing regional market among those presented in the RHP. Growth is supported by expanding healthcare infrastructure and increasing demand for cardiovascular treatments.
The global coronary stents market is forecast to rise from US$4,843.8 million in 2025 to US$6,389 million by 2030, at a CAGR of 5.7%. In India, the market is projected to grow from US$265.9 million to US$360.9 million over the same period, at a CAGR of 6.3%.
The global structural heart devices market is projected to grow from US$12.1 billion in 2025 to US$17.1 billion by 2030, at a CAGR of 7.1%. Increasing adoption of minimally invasive treatments, including transcatheter aortic valve implantation (TAVI), rising healthcare expenditure, technological innovation, and improved affordability are expected to support market expansion.

Sahajanand Medical Technologies IPO Objectives

The Sahajanand Medical Technologies Ltd. IPO is a 100% Offer for Sale (OFS); the company will not receive any proceeds from the Offer. The entire proceeds from the Offer for Sale (net of offer-related expenses and applicable taxes) will be received directly by the Selling Shareholders.

Financial Performance of Sahajanand Medical Technologies Limited

Particulars	FY26	FY25	FY24
Revenue from operations (₹ million)	12,105.04	10,248.79	9,016.04
EBITDA (₹ million)	1,706.55	1,280.21	1,100.47
EBITDA Margin (%)	14.10%	12.49%	12.21%
Restated Profit / (Loss) After Tax (₹ million)	690.82	251.52	(73.54)
PAT Margin (%)	5.71%	2.45%	(0.82%)
Total Equity (₹ million)	7,022.94	5,904.68	5,663.19
Return on Net Worth (RoNW) (%)	10.60%	3.73%	(2.43%)
Return on Capital Employed (RoCE) (%)	11.57%	10.37%	8.05%

Sahajanand Medical Technologies Limited Peer Details Comparison

Company Name	Total Income / Revenue (₹ Cr)	Basic EPS (₹)	RoNW (%)	NAV per share (₹)
Sahajanand Medical Technologies Limited	1,210.50	6.67	10.60%	62.76
Poly Medicure Limited	1,669.83	31.79	10.37%	306.40
Laxmi Dental Limited	239.11	5.27	11.91%	44.27

Strengths and Opportunities of Sahajanand Medical Technologies IPO

1. Sahajanand Medical Technologies Limited (SMT) has a leading position in India’s drug-eluting stent (DES) market, with nearly 25% market share by sales volume in FY2026. It also ranked among the top five companies by DES sales volume in Germany, Spain, Poland and Brazil.

2. The company offers a broad portfolio of advanced cardiovascular devices, including coronary stents, balloon catheters, transcatheter aortic valve implantation (TAVI) systems and occluders. This positions it across both vascular intervention and structural heart segments.

3. SMT has demonstrated innovation in medical devices, becoming the first company globally to receive CE certification for an in-house-developed biodegradable polymer-based paclitaxel-eluting stent, Infinnium, in December 2005. Its proprietary technologies and product enhancements support differentiation.

4. The company has established R&D capabilities, with two research centres and 156 professionals as of June 30, 2026. Its intellectual property portfolio included 119 patents granted globally and 78 patent applications in the pipeline, creating opportunities for further product development.

5. SMT’s products are supported by clinical evidence, with 75 clinical studies covering key products as of June 30, 2026, including 66 completed and nine ongoing studies. This clinical foundation can support physician confidence and expansion into regulated markets.

6. The company has a broad international presence, marketing its products in 77 countries in FY2026. Revenue from operations increased from ₹901.60 crore in FY2024 to ₹1,210.50 crore in FY2026, while international customers contributed ₹894.20 crore, or approximately 73.9% of FY2026 revenue, providing a base for further global expansion.

Risks and Threats of Sahajanand Medical Technologies IPO

1. Sahajanand Medical Technologies Limited reported a consolidated loss of ₹7.35 crore in FY2024, while its standalone business recorded losses of ₹79.18 crore in FY2025 and ₹344.59 crore in FY2024. Certain subsidiaries have also incurred losses, and there is no assurance that such losses will not recur.

2. The company operates in a highly regulated medical-device industry, where obtaining product approvals can be costly and time-consuming. Its Hydra TAVI registration applications in Taiwan and Australia faced regulatory setbacks requiring additional clinical studies, with no guarantee of future approval.

3. Overseas customers contributed ₹894.20 crore, or approximately 73.9% of consolidated revenue in FY2026. This exposes the company to changes in foreign regulations, geopolitical developments, currency movements and market conditions in its export destinations.

4. SMT competes with established global medical-device companies, including Abbott Vascular, Boston Scientific, Medtronic and Terumo. Competitors’ technological capabilities, established brands and financial resources could place pressure on pricing, market share and profitability.

5. The company’s cardiovascular devices require strong clinical evidence and ongoing safety monitoring. Adverse clinical outcomes, product defects, recalls or additional post-market studies could increase costs, delay market access and harm its reputation.

6. SMT previously discontinued efforts to obtain USFDA approval for Supraflex Cruz after incurring approval-related expenses of ₹3.81 crore in FY2025 and ₹1.98 crore in FY2024, citing price erosion in the US drug-eluting stent market and substantial investment requirements. This highlights the financial and commercial challenges of entering new markets.

7. SMT operates through multiple domestic and overseas subsidiaries, some of which have reported losses. Managing international operations, regulatory compliance and costs across these entities may affect consolidated profitability, while expansion could increase employee and interest expenses.

Sahajanand Medical Technologies Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Net Issue
NII Shares Offered	Not less than 15% of the Net Issue
Retail Shares Offered	Not less than 35% of the Net Issue

Sahajanand Medical Technologies Limited IPO Promoter Holding

The promoters of the company are Bhargav Dhirajlal Kotadia, Dhirajlal Vallabhbhai Kotadia, Priyanka Dhirajlal Cohen and Shree Hari Trust.

Share Holding Pre-Issue	40.82%
Share Holding Post Issue	36.2%

Sahajanand Medical Technologies Limited IPO Prospectus

Sahajanand Medical Technologies Limited IPO RHP

Sahajanand Medical Technologies Limited IPO Registrar and Lead Managers

Sahajanand Medical Technologies Limited IPO Lead Managers

Motilal Oswal Investment Advisors Limited

Registrar for Sahajanand Medical Technologies Limited IPO

MUFG Intime India Private Limited

Contact Number: 022-49186000

Email Address: sahajanandmedical.ipo@in.mpms.mufg.com

How To Apply for Sahajanand Medical Technologies Limited IPO Online?

Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.

Locate the IPO Section: Navigate to the 'IPO' section on the platform.

Select IPO: Find and select the Sahajanand Medical Technologies Limited IPO from the list of open IPOs.

Enter the Lot Size: Specify the number of lots you want to bid for.

Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.

Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of the Sahajanand Medical Technologies Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

Go to the IPO Section and then to IPO Orders.

Select the individual IPO that you had applied for and check the allotment status.

Angel One will notify you of your IPO allotment status via push notification and email.

Don't miss the next investment opportunity - browse the Upcoming IPO on Angel One.

Contact Details of Sahajanand Medical Technologies Limited IPO

Registered Office: Sahajanand Estate, Wakharia Wadi, NR. Dabholi Char Rasta, Nani Ved, Ved Road, Surat, Gujarat – 395 004, India

Phone: 022 49564000

E-mail: investors.grievance@smt.in

How to Apply in IPO
How to Check IPO Allotment Status

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Sahajanand Medical Technologies Limited IPO FAQs

What minimum lot size can retail investors subscribe to?

Retail investors can apply for a minimum of one lot, comprising 43 equity shares. At the upper price band of ₹344 per share, the minimum investment required is ₹14,792.

When will the Sahajanand Medical Technologies Limited IPO be allotted?

The basis of allotment date for the Sahajanand Medical Technologies Limited IPO is to be finalised on October 21, 2026.

How to increase your chances of getting a Sahajanand Medical Technologies Limited IPO allotment?

Multiple Submissions: Use different Demat accounts belonging to different eligible applicants to make separate applications.

Price Bidding: Opt for bidding at the cut-off price or the upper price band to avoid the application being rejected due to a lower bid.

Timely Subscription: Ensure you submit your IPO application within the specified subscription period and complete the required application process before the deadline.

Application Details: Check your PAN, Demat account, bank account and UPI details carefully before submitting the application to avoid rejection due to errors.

How do I approve the UPI mandate request for the Sahajanand Medical Technologies Limited IPO?

After submitting your IPO application, you will receive a UPI mandate request in your chosen UPI app. Review the details and approve the mandate before the specified deadline to complete your application.

Can I submit more than one application for the public issue of Sahajanand Medical Technologies Limited using one PAN?

No, you should not submit multiple IPO applications using the same PAN under the same investor category. Multiple applications with the same PAN may be rejected as invalid during the allotment process.

What is 'pre-apply' for Sahajanand Medical Technologies Limited IPO?

Pre-apply allows investors to submit their IPO application before the public issue officially opens for subscription. The application is saved in advance and is processed when the IPO opens.

If I pre-apply for the Sahajanand Medical Technologies Limited IPO, when will my order get placed?

Pre-apply allows investors to apply for the Sahajanand Medical Technologies Limited IPO two days before the subscription period opens on Oct 15, 2026, ensuring an early submission of your application.

When will I know if my Sahajanand Medical Technologies Limited IPO order is placed?

You will receive a confirmation once your IPO order has been successfully placed on the exchange. You will also receive notifications through your email and SMS.