Sudeep Pharma IPO is a book-built issue worth ₹895.00 crore. The IPO comprises a fresh issue of 0.16 crore equity shares aggregating to ₹95.00 crore and an offer for sale of 1.35 crore shares amounting to ₹800.00 crore. The IPO opens for subscription on November 21, 2025, and closes on November 25, 2025. The basis of allotment is expected to be finalised on November 26, 2025, with the tentative listing date on BSE and NSE scheduled for November 28, 2025.
The IPO is priced in a band of ₹563 – ₹593 per share. Retail investors are required to apply for a minimum of 1 lot comprising 25 shares, requiring an investment of ₹14,825 at the upper price band. S-HNI investors must apply for a minimum of 14 lots (350 shares), amounting to ₹2,07,550, while B-HNI investors must apply for a minimum of 68 lots (1,700 shares), requiring ₹10,08,100.
ICICI Securities Ltd. is the book-running lead manager to the issue, while MUFG Intime India Pvt. Ltd. is the registrar.
For detailed information on financial performance, business operations, risks, and corporate governance, investors are advised to refer to the Sudeep Pharma IPO RHP.
Industry Outlook
- India’s pharmaceutical excipients and speciality ingredients market is witnessing robust expansion, driven by the growing demand for advanced formulations and compliance with stringent global regulatory standards. Excipients, which constitute nearly 95% of a tablet’s composition, play a critical role in ensuring drug stability, efficacy, and patient acceptability, making them indispensable to modern pharmaceutical manufacturing.
- The domestic market is benefiting from increased healthcare expenditure, rising chronic disease prevalence, and the government’s emphasis on affordable medicines. Concurrently, global trends such as personalised medicine, nutraceutical innovation, and functional food integration are accelerating the adoption of high-quality excipients and mineral-based ingredients. These developments are fostering opportunities for Indian manufacturers to cater to both regulated and emerging markets.
- Internationally, the industry is shaped by rigorous quality benchmarks set by agencies such as the USFDA and WHO-GMP, compelling manufacturers to invest in advanced production technologies and research capabilities. The acquisition of specialised facilities in Europe and North America by Indian players underscores the strategic push towards global integration and customer proximity.
- The competitive landscape is characterised by multinational corporations with established portfolios and domestic firms leveraging cost advantages and technical expertise. Strategic partnerships, capacity expansion, and innovation in customised formulations are emerging as key differentiators. Furthermore, sustainability and traceability in sourcing are gaining prominence, influencing procurement practices and customer preferences across geographies.
Sudeep Pharma IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- Utilise ₹758.14 million from the net proceeds to procure advanced machinery for the production line at the Nandesari manufacturing facility, aimed at enhancing operational efficiency and supporting future growth.
- Upgrade infrastructure and technology at existing facilities to improve productivity and maintain compliance with international quality standards, ensuring readiness for expanding domestic and global markets.
- Allocate a portion of the proceeds for strategic initiatives, administrative expenses, and brand development, with the amount not exceeding 25% of the gross proceeds, in line with SEBI regulations.
- Facilitate public listing to improve visibility, strengthen governance practices, and foster investor confidence, thereby enabling access to capital markets and supporting long-term expansion plans.
About Sudeep Pharma Limited
Sudeep Pharma Limited was originally incorporated as a public limited company under the Companies Act, 1956, with its registered office at 129/1/A, GIDC Estate, Nandesari, Vadodara – 391340, Gujarat, India. The company operates as a technology-led manufacturer specialising in excipients and speciality ingredients for the pharmaceutical, food, and nutrition industries.
Its product portfolio includes mineral salts such as calcium, zinc, iron, potassium, magnesium, sodium, simethicone, and copper salts, which are critical for drug formulation, stability, and efficacy. These products also cater to functional food and nutraceutical applications, reflecting the company’s commitment to innovation and quality.
Sudeep Pharma operates three manufacturing facilities in Vadodara, Gujarat, and, following the acquisition of Nutrition Supplies and Services (Ireland) Limited in May 2025, an additional facility in County Cork, Ireland. This strategic expansion strengthens its global footprint and enhances its ability to serve regulated markets across North America, Europe, Asia-Pacific, and the Middle East.
The company’s growth strategy is underpinned by its focus on research and development, operational excellence, and compliance with international standards such as USFDA, WHO-GMP, and ISO certifications. By leveraging its established industry credentials and expanding production capabilities, Sudeep Pharma aims to consolidate its position as a leading supplier of pharmaceutical excipients and speciality ingredients, capitalising on the rising demand for advanced formulations and functional nutrition solutions worldwide.
How To Check the Allotment Status of the Sudeep Pharma IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One 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.
How To Apply for Sudeep Pharma 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 Sudeep Pharma 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.
Contact Details of Sudeep Pharma IPO
Registered Office: 129/1/A, GIDC Estate, Nandesari, Vadodara – 391340, Gujarat, India.
Phone: +91 265 284 0656
E-mail: cs.sudeep@sudeepgroup.com
Sudeep Pharma IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35.00% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
Strengths and Opportunities of Sudeep Pharma IPO
- Two dedicated R&D facilities with over 420 projects and 127 commercialised products, driving innovation and cost efficiency.
- Approvals and certifications such as USFDA, WHO-GMP, and ISO, enabling access to regulated markets.
- Wide range of excipients and speciality ingredients catering to pharmaceutical, food, and nutrition sectors.
- Acquisition of NSS in Ireland strengthens European footprint and customer proximity.
- Ability to supply micronutrient premixes for large-scale food fortification programmes in India and emerging markets.
- Plans to develop specialised food minerals and innovative delivery formats like encapsulated products.
- Focus on forming alliances to expand global reach and strengthen market presence.
- Increasing need for advanced formulations and functional nutrition products across regulated and emerging markets.
Risks and Threats of Sudeep Pharma IPO
- Significant revenue from a limited number of customers; loss of key clients could impact earnings.
- Heavy reliance on the pharmaceutical, food, and nutrition segment for over 65% of revenue.
- Around 59–68% of revenue from exports; vulnerable to global trade restrictions and tariffs.
- Stringent audits by authorities like the USFDA; non-compliance could halt production.
- Three of four manufacturing facilities are located in Vadodara; regional disruptions pose arisk.
- Dependence on third-party suppliers for raw materials; delays or shortages may affect operations.
- Recent acquisition in Ireland may face integration and synergy realisation risks.
- Failure to launch new products or delays in regulatory approvals could hinder growth.
