Backed by marquee investors like Ashish Kacholia, Samara Capital, and Kotak, Sahajanand Medical Technologies (SMT) has submitted its Draft Red Herring Prospectus (DRHP) with SEBI for an IPO. Unlike most listings, this one is a pure Offer-for-Sale (OFS) with 2.76 crore shares being offloaded by promoters and institutional investors. The company itself will not raise new capital.
IPO Structure & Seller Breakdown
SMT’s IPO will consist entirely of shares sold by existing stakeholders. The selling parties include:
- Shree Hari Trust and Dhirajkumar Savjibhai Vasoya from the promoter group,
- Institutional investors like Samara Capital Markets Holding, NHPEA Sparkle Holding, and Kotak Pre‑IPO Opportunities Fund
No equity will be issued afresh; this is strictly a liquidity event for earlier investors.
Offer Allocation & Lead Managers
The IPO will follow book-building norms with:
- Up to 50% allocated to Qualified Institutional Buyers (QIBs),
- At least 15% to Non-Institutional Investors (NIIs),
- A minimum of 35% reserved for Retail Individual Investors (RIIs)
Lead managers include Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities (India), and Nuvama Wealth Management, with MUFG Intime India serving as registrar.
About Sahajanand: A Medtech Leader from Surat
Started in 2001 by Dhirajlal Kotadia, Sahajanand Medical Technologies is a prominent manufacturer in the Class III–D cardiovascular device space. Its offerings span drug-eluting stents, balloons, TAVI systems, occluders, and more. SMT exports to over 70 countries, with R&D centres in India and Thailand. According to the F&S report, SMT holds about a 25% share in India’s DES (Drug Eluting Stent) market as of 2025.
Latest Financials: From Loss to Profit
- FY25 Revenue: ₹1,024.88 crore (up 13.7% YoY from ₹901.6 crore in FY24)
- Net Profit FY25: ₹25.15 crore vs. a net loss of ₹7.35 crore in FY24
The turnaround underscores improved global demand, especially in structural heart devices in Europe and other export markets.
Shareholding Snapshot Pre‑IPO
| StakeholderApprox. | Ownership |
| Shree Hari Trust (Promoter) | ~36.8% |
| Samara Capital Markets Holding | ~29.7% |
| NHPEA Sparkle Holding (Warburg Pincus) | ~15.3% |
| Kotak Pre‑IPO Opportunities Fund | ~6.0% |
| D. Savjibhai Vasoya (Promoter Group) | ~4.0% |
| ESOP Trust | ~3.7% |
| Ashish Kacholia | ~1.1% |
Why This Listing Matters
- Pure OFS IPOs are rare, reflecting investor confidence in exit appetite and valuation.
- Ashish Kacholia’s involvement, along with institutional backers, enhances credibility.
- Strong underlying fundamentals, positive earnings momentum, and a meaningful market share give potential to attract retail and institutional interest alike.
TheFlexinsights Take
- This isn’t about raising funds; it’s strategic liquidity for early backers.
- Strong financial turnaround and export-driven growth strengthen SMT’s IPO case.
- The company stands out in India’s growing medtech segment, a space marked by rising interest post-pandemic.
- With a solid shareholder base and improving profitability, SMT’s IPO looks poised for healthy demand, especially in the retail and institutional categories.
