Sudeep Pharma Limited is launching a ₹895.00 crore mainboard IPO comprising a fresh issue of 16,02,024 shares aggregating to ₹95.00 crore and an offer for sale of 1,34,90,726 shares aggregating to ₹800.00 crore. The offer opens on November 21, 2025 and closes on November 25, 2025, with allotment expected on November 26 and a proposed listing on BSE and NSE on November 28, 2025. The price band is ₹563 to ₹593 per share; the minimum retail application is 1 lot (25 shares) = ₹14,825 at upper band.
Sudeep Pharma IPO
Mainboard book‑built issue (Fresh + Offer for Sale)
UPCOMING IPOSudeep Pharma Limited is launching a ₹895.00 crore mainboard IPO comprising a fresh issue of 16,02,024 shares aggregating to ₹95.00 crore and an offer for sale of 1,34,90,726 shares aggregating to ₹800.00 crore. The offer opens on November 21, 2025 and closes on November 25, 2025, with allotment expected on November 26 and a proposed listing on BSE and NSE on November 28, 2025. The price band is ₹563 to ₹593 per share; the minimum retail application is 1 lot (25 shares) = ₹14,825 at upper band.
| Face Value | ₹1 per share |
|---|---|
| Issue Price Band | ₹563 to ₹593 per share |
| Offer Structure | Fresh Issue + Offer for Sale |
| Total Shares | 1,50,92,750 shares (aggregating up to ₹895.00 crore) |
| Fresh Issue | 16,02,024 shares (aggregating up to ₹95.00 crore) |
| Offer for Sale | 1,34,90,726 shares of ₹1 (aggregating up to ₹800.00 crore) |
| Issue Type | Book‑building IPO |
| Listing | BSE, NSE |
| Shareholding (Pre / Post) | 11,13,46,602 / 11,29,48,626 shares |
| Lead Manager | ICICI Securities Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| NII (HNI) | Not less than 15% of the Net Offer |
| Retail (RII) | Not less than 35% of the Net Offer |
| IPO Open | Fri, Nov 21, 2025 |
|---|---|
| IPO Close | Tue, Nov 25, 2025 |
| Allotment (Tentative) | Wed, Nov 26, 2025 |
| Initiation of Refunds | Thu, Nov 27, 2025 |
| Credit to Demat | Thu, Nov 27, 2025 |
| Listing (Tentative) | Fri, Nov 28, 2025 |
| UPI Mandate Cut‑off | 5 PM on Tue, Nov 25, 2025 |
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 25 | ₹14,825 |
| Retail (Max) | 13 | 325 | ₹1,92,725 |
| S‑HNI (Min) | 14 | 350 | ₹2,07,550 |
| S‑HNI (Max) | 67 | 1,675 | ₹9,93,275 |
| B‑HNI (Min) | 68 | 1,700 | ₹10,08,100 |
Amounts calculated at upper price band (₹593 per share).
Incorporated in 1989, Sudeep Pharma Limited manufactures pharmaceutical excipients, food‑grade minerals and speciality nutrition ingredients serving 100+ countries. The company operates six manufacturing facilities with combined capacity of ~50,000 MT and supplies 200+ products across pharma, food and nutrition sectors.
Promoters
Sujit Jaysukh Bhayani, Avani Sujit Bhayani, Shanil Sujit Bhayani, Sujeet Jaysukh Bhayani HUF, Riva Resources Private Limited, Bhayani Family Trust.
Promoter Holding
| Pre‑Issue | 89.37% |
|---|---|
| Post‑Issue | 76.15% |
FY2023 – FY2025 (₹ crore)
| Period Ended | Assets | Total Income | Profit After Tax | EBITDA | Net Worth | Reserves | Total Borrowing |
|---|---|---|---|---|---|---|---|
| 30 Jun 2025 | 922.26 | 130.08 | 31.27 | 48.57 | 688.32 | 668.52 | 135.97 |
| FY2025 (31 Mar 2025) | 717.17 | 511.33 | 138.69 | 199.28 | 497.53 | 481.11 | 135.25 |
| FY2024 (31 Mar 2024) | 513.87 | 465.38 | 133.15 | 187.76 | 359.07 | 354.59 | 75.03 |
| FY2023 (31 Mar 2023) | 420.11 | 438.26 | 62.32 | 98.64 | 226.29 | 221.88 | 82.26 |
Source: Company RHP/DRHP and credible IPO trackers. Revenue grew ~10% and PAT rose ~4% between FY2024 and FY2025.
Key Performance Indicators (as of Mar 31, 2025)
| Debt/Equity | 0.20 |
|---|---|
| RoNW | 27.88% |
| PAT Margin | 27.63% |
| EBITDA Margin | 39.70% |
| Price to Book Value | 12.93 |
| Market Capitalization | ₹6,697.85 Cr. |
Objects of the Issue (₹ crore)
| S.No | Object | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Capital expenditure towards procurement of machinery for the production line located at Nandesari Facility I | 75.81 |
| 2 | General corporate purposes | TBA |
Company Contact
Sudeep Pharma Ltd.
129/1/A, GIDC Estate, Nandesari, Vadodara, Gujarat, 391340
Phone: +91 265 284 0656
Email: [email protected]
Website: https://www.sudeeppharma.com/
Registrar
MUFG Intime India Pvt. Ltd.
Phone: +91-22-4918 6270
Email: [email protected]
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Lead Managers
ICICI Securities Ltd., IIFL Capital Services Ltd.
Analyst note: Sudeep Pharma has strong margins and a diversified global customer base. The issue is heavily OFS‑weighted which limits fresh capital raise; assess promoter selling intent, valuation (P/B) and long‑term demand before applying.
Refer to the Sudeep Pharma DRHP/RHP for full details. All figures are per the RHP and credible IPO trackers; post‑issue exact retail allotment numbers will be updated after allotment.
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