Sahajanand Medical Technologies IPO opened for subscription on Day 1, 15 October 2026, clocking an overall subscription of 0.09x by 12:15 IST. Retail investors are leading early demand at 0.16x, while QIB participation stands at nil so far.

Subscription Status

At the close of the latest intra-day snapshot, the IPO has received modest early-stage interest. The total subscription of 0.09x reflects a steady accumulation of bids during the morning session, consistent with typical Day 1 pacing for a mid-sized medtech offering.

Category-wise Breakdown

Retail investors are the most active category on Day 1, ticking up to 0.16x. Among Non-Institutional Buyers, the big-ticket (bHNI) segment is at 0.11x while the small-ticket (sHNI) tranche sits at 0.03x. The Employee quota has seen marginal interest at 0.05x. QIB demand has not yet registered, which is common in the early hours of Day 1 for institutional participants who typically consolidate bids later in the subscription window.

Intra-day Timeline — 15 October 2026

Offer Details

About the Company

Sahajanand Medical Technologies (SMT), founded in 2001 and headquartered in Surat, Gujarat, is a Class III and Class C/D medical devices company specialising in cardiovascular devices across two segments: Vascular Intervention (VI) and Structural Heart (SH). Its portfolio includes Drug-Eluting Stents (DES), PTCA balloons, Coronary DCBs, TAVI systems, and Occluders, marketed across 77 countries in Fiscal 2026.

SMT holds approximately 25% market share in India's DES segment and ranks among the top five companies by DES sales volume in Germany, Spain, Poland, and Brazil. The company operates three manufacturing facilities in India and Thailand, holds 119 granted patents, and spends approximately 8–9% of revenue on R&D. Its flagship product, Supraflex Cruz, contributed 37.17%–47.84% of total revenue across recent periods.

The company is managed by MD Bhargav Dhirajlal Kotadia and Director Jose Calle Gordo, and is backed by investors including Samara Capital Markets Holding Limited, Kotak Pre-IPO Opportunities Fund, Plutus Wealth Management LLP, and Ashish Kacholia.

Financial Highlights

SMT's revenue from operations grew from ₹901.60 crore in FY2024 to ₹1,210.50 crore in FY2026. Net profit turned positive at ₹25.15 crore in FY2025 after a loss of ₹7.35 crore in FY2024, and expanded to ₹69.08 crore in FY2026. Operating cash flow also improved steadily, reaching ₹105.19 crore in FY2026.

Objects of the Issue

• The offer is entirely an Offer for Sale (OFS) by selling shareholders; the company will not receive any proceeds from the issue.
• The listing aims to enhance SMT's visibility and brand, provide liquidity to existing shareholders, and create a public market for its equity shares in India.
• Offer-related expenses are to be shared among the selling shareholders in proportion to the number of equity shares sold.

Risk Factors

• Regulatory requirements: SMT operates under rigorous multi-jurisdictional regulation including India's Medical Devices Rules, 2017 and the EU MDR; adverse regulatory actions or failure to renew approvals could restrict product marketing and impact financials.
• Revenue concentration: Vascular Intervention devices contributed 60.40%–68.57% of revenue, with Supraflex Cruz alone at 37.17%–47.84%; any adverse impact on this product or segment would materially affect revenues.
• Supplier concentration: Top 10 suppliers accounted for 58.88%–64.37% of total purchases; imports comprising approximately 73%–84% of purchases from China, Netherlands, and Germany, with no long-term supply contracts for critical materials.
• Foreign currency risk: International revenues represented 68.71%–76.16% of total revenue; imports in foreign currencies amounted to ₹1,954.09–₹2,410.02 million annually, exposing the company to significant exchange rate volatility.
• Sanctions exposure: Revenues from Iran (1.41%–4.66%) and Russia (2.97%–3.92%) in recent fiscal years expose the company to evolving international sanctions regimes and geopolitical risks.

What's Next

The IPO remains open until 19 October 2026. Allotment is scheduled for 21 October 2026 and listing on 23 October 2026.