Sahajanand Medical Technologies, a Surat-based maker of medical devices for heart treatment, opened its initial public offering on 15 October 2026. The issue runs until 19 October, with a price band of Rs 327 to Rs 344 per share and a size of about Rs 475.5 crore. Allotment is due on 21 October and the shares are scheduled to list on the BSE and NSE on 23 October.
The company was established in 2001 and focuses on Class III and Class C and D medical devices for vascular and structural heart interventions. It says it pioneered the CE certification for a drug-eluting stent with a biodegradable polymer, called Infinnium. A stent is a small tube placed in a blocked artery to keep it open, and a drug-eluting stent releases medicine to reduce the chance of the artery narrowing again.
The issue includes an offer for sale of about 1.38 crore equity shares, according to the source reviewed, and the amount of the fresh issue was not fully disclosed in that source. Another report described a 1.38-crore-share IPO, and a third item reported that the company raised about $14.7 million from anchor investors before the issue opened. These details come from secondary sources, and the prospectus will give the exact split.
The minimum application is 43 shares, which costs Rs 14,792 at the upper price band, and retail investors can bid for up to 13 lots, or 559 shares, worth Rs 1,92,296. The quotas are 50% for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors. The lead managers are Motilal Oswal, Avendus Capital, HSBC Securities and Nuvama Wealth Management.
The company’s figures show an improvement. Revenue was Rs 908.59 crore in FY24 and Rs 1,035.96 crore in FY25, and was Rs 1,218.73 crore in FY26. It made a loss of Rs 7.35 crore in FY24, then a profit of Rs 25.15 crore in FY25 and a profit of Rs 69.08 crore in FY26. That means FY26 profit was almost three times that of FY25.
Other ratios were also listed for FY26. Earnings per share were Rs 6.67, return on capital employed 11.57%, profit margin 5.71% and net asset value Rs 62.76 per share. The face value of each share is Re 1. At the upper price of Rs 344 and earnings per share of Rs 6.67, the price is roughly 52 times earnings, which is IndiaX24’s own calculation and only a rough guide.
The margins are thin. A profit margin of 5.71% means that the company keeps under six rupees of every hundred of revenue as profit, and a turnaround from a loss two years ago means that the record is short. Investors will want to know how stable the improvement is, and the prospectus will include the company’s own discussion of risks, including regulation and competition in the medical device sector.
The issue is small compared with the others in the week. Zetwerk’s is Rs 5,012 crore, Bonfiglioli’s Rs 2,533.66 crore, Tonbo’s Rs 852 crore and Jio Platforms’s Rs 30,213 crore, with Jio opening on 21 October. The use of proceeds was not given in full in the source reviewed.
IndiaX24 reports the terms and the figures that were published, and it does not make investment recommendations.
Featured image: Coronary stents (file photo; a stand-in image, not a Sahajanand product). Photo by ENERGY.GOV, in the public domain, via Wikimedia Commons.
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