Sahajanand Medical Technologies Ltd (SMT), a medical device manufacturer specialising in cardiovascular and structural heart products has fixed the price band for its initial public offering (IPO) at ₹327–344 per share. The company plans to raise approximately ₹475.5 crore through the public issue which will open for subscription on October 15 and close on October 19, 2026. The anchor investor bidding window is scheduled for October 14.
The IPO comprises an offer for sale (OFS) of approximately 1.38 crore equity shares by existing shareholders. There is no fresh issue of shares. Consequently, the proceeds will go to the selling shareholders rather than the company itself. The offering will allow existing investors to partially monetise their holdings while providing the company an opportunity to list its shares on the stock exchanges. The company is targeting a valuation of approximately ₹3,500 crore at the upper end of the price band. The promoters along with existing investors including Samara Capital Markets Holding, Kotak Pre-IPO Opportunities Fund and NHPEA Sparkle Holding BV are among the shareholders participating in the offer.
The minimum application size for retail investors is 43 shares requiring an investment of ₹14,792 at the upper price band. The issue allocation excluding the employee reservation provides 50% of the net offer to qualified institutional buyers, 15% to non-institutional investors and 35% to retail investors. The allotment is expected to be finalised on October 21 with listing scheduled for October 23, 2026.
SMT reported a significant improvement in profitability in FY2025–26. Its net profit rose 174.65% year-on-year to ₹69.1 crore compared with ₹25.15 crore in the preceding financial year. Revenue increased 18.1% to ₹1,210.5 crore from ₹1,024.9 crore.For the April–June 2026 quarter, the company reported revenue of ₹351.6 crore and a profit of ₹15.1 crore. These figures indicate continued business activity although investors will need to assess the sustainability of profit growth, margins and cash generation alongside the company’s valuation.
Founded in 2001, Sahajanand Medical Technologies develops and manufactures advanced medical devices with a focus on cardiovascular interventions. Its product portfolio includes coronary stents, angioplasty balloons and structural heart devices such as transcatheter aortic valve implantation (TAVI) systems and occluders.
What the IPO Means for India’s Medical Device Industry
SMT’s proposed listing comes amid growing interest in India’s medical technology sector particularly in products used for cardiovascular and other advanced interventions. As hospitals expand cardiac care services and demand for specialised medical devices evolves, domestic manufacturers have opportunities to strengthen their market presence and expand internationally.
However, the IPO’s entirely secondary-sale structure is an important distinction. Unlike a fresh issue it will not directly inject new equity capital into SMT for manufacturing expansion, research and development, debt repayment or working capital. Investors will therefore need to evaluate the company’s existing financial strength, future growth strategy, competitive position and valuation rather than assume that the IPO itself will finance expansion.
The key question for investors is whether the company’s earnings growth can be sustained and whether its specialised product portfolio can support long-term competitiveness in a market shaped by technological advances, regulatory requirements and pricing pressures.