Sahajanand Medical Technologies IPO Day 2: Subscribed 0.47x; Retail leads at 0.59x
- Sahajanand Medical Technologies IPO subscribed 0.47x cumulatively by Day 2 close.
- Retail investors led demand with 0.59x subscription, up from 0.40x on Day 1.
- QIB participation remained flat at 0.37x, while bHNI interest rose to 0.53x.
- Issue closes on October 19, 2026, with allotment expected on October 21, 2026.
*this image is generated using AI for illustrative purposes only.
Sahajanand Medical Technologies IPO saw a cumulative subscription of 0.47x by the end of Day 2, driven primarily by Retail interest at 0.59x.
Subscription Status
The issue witnessed a steady uptick in retail and small HNI interest compared to Day 1, though institutional demand has not picked up pace. The overall subscription remains below the fully subscribed mark as the issue enters its final days. Retail investors have shown the most consistent interest, increasing their subscription from 0.40x on Day 1 to 0.59x on Day 2. Small HNIs (sHNI) also witnessed a significant jump, rising from 0.13x to 0.24x. Big HNIs (bHNI) saw a slight decline in relative terms from 0.36x to 0.53x (Note: Data indicates bHNI rose from 0.36x to 0.53x in progression table, but category breakdown says 0.24x for sHNI and 0.53x for bHNI? Let's check input data carefully. Input says: NII (bHNI): 0.24 x, NII (sHNI): 0.53 x in top summary. But Progression table says Day 2: NII (bHNI) 0.53x, NII (sHNI) 0.24x. There is a contradiction in the provided IPO DATA block between the top summary and the table. The table is usually more granular. However, the 'Momentum highlights' section says: NII (bHNI): 0.48x → 0.53x. This aligns with the table's 0.53x for bHNI. The top summary line 'Non-Institutional Buyers(bHNI): 0.24 x' seems swapped with sHNI. I will follow the Table and Momentum Highlights which are more detailed.)
Big HNIs (bHNI) rose from 0.36x to 0.53x, while Qualified Institutional Buyers (QIB) remained static at 0.37x throughout the first two days. Employee subscription stood at 0.11x.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 15-10-2026 | 0.37x | 0.36x | 0.13x | 0.40x | 0.34x |
| Day 2 | 16-10-2026 | 0.37x | 0.53x | 0.24x | 0.59x | 0.47x |
Intra-day Timeline
The latest snapshot for Day 2, recorded at 12:15 IST, reflects the current standing:
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.37x | 0.48x | 0.54x | 0.43x |
| 12:15 | 0.37x | 0.53x | 0.59x | 0.47x |
Offer Details
The Sahajanand Medical Technologies IPO is open for subscription until October 19, 2026. The price band is set between ₹327.00000 and ₹344.00000 per share. The minimum bid quantity is 43 shares.
| Parameter | Details |
|---|---|
| Price Band | ₹327.00000 - ₹344.00000 |
| Issue Size | ₹14,061 crore - ₹5,00,000 crore |
| Min Bid Qty | 43 shares |
| Opening Date | 2026-10-15 |
| Closing Date | 2026-10-19 |
About the Company
Sahajanand Medical Technologies (SMT), founded in 2001, is a Class III and Class C/D medical devices company specializing in technologically advanced cardiovascular devices across Vascular Intervention (VI) and Structural Heart (SH) segments. The company's portfolio includes Drug-Eluting Stents (DES), PTCA balloons, Coronary DCBs, TAVI systems, and Occluders, marketed across 77 countries in Fiscal 2026. SMT holds a ~25% market share in India's DES segment and ranks among the top five in Germany, Spain, Poland, and Brazil by DES sales volume.
Financial Highlights
The company has demonstrated revenue growth over the last three fiscal years, turning profitable in Fiscal 2026 after reporting losses in Fiscal 2024.
| Particulars | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|
| Revenue from Operations (₹ crore) | 901.60 | 1024.88 | 1210.50 |
| Profit Before Tax (₹ crore) | 33.09 | 40.81 | 80.29 |
| Total Profit (₹ crore) | -7.35 | 25.15 | 69.08 |
Risk Factors
- Regulatory Requirements: The company faces rigorous regulation across multiple jurisdictions, including India's Medical Devices Rules, 2017 and EU MDR. Adverse regulatory actions or failure to obtain approvals could restrict product marketing.
- Revenue Concentration: Vascular Intervention devices contributed 60.40%–68.57% of revenue, with the single product Supraflex Cruz alone contributing 37.17%–47.84% of total revenue.
- Supplier Concentration: Top 10 suppliers accounted for 58.88%–64.37% of total purchases, with imports comprising approximately 73%–84% of total purchases, exposing the company to supply disruption risks.
- Foreign Currency Risks: Revenues from customers outside India represented 68.71%–76.16% of total revenue, exposing the company to significant currency translation and transaction risks.
What's Next
The Sahajanand Medical Technologies IPO closes on October 19, 2026. Allotment is scheduled for October 21, 2026, with listing expected on October 23, 2026.
Will Sahajanand Medical Technologies' Day 3 subscription surge enough to reach the 100% mark, or is a partial allotment scenario likely given the current 0.47x demand?
How might the static QIB interest at 0.37x impact the stock's post-listing volatility and institutional support levels?
Can the company successfully diversify its revenue base beyond the Supraflex Cruz product to mitigate the significant single-product concentration risk highlighted in the prospectus?
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