India’s primary markets remain active, with quality issuers from healthcare and specialty ingredients drawing strong investor attention. Within this backdrop, Sudeep Pharma Limited opens its IPO on November 21, 2025. Below is a structured look at the company, its IPO specifics, and the outlook.
About Sudeep Pharma Ltd.
Incorporated in 1989, Sudeep Pharma manufactures pharmaceutical excipients, food-grade minerals, and specialty nutrition ingredients supplied to 100+ countries. It operates six manufacturing facilities (aggregate capacity ~50,000 MT) and a broad portfolio spanning calcium, iron, magnesium, zinc, potassium, and sodium mineral salts.
Businesses / Product Lines
- Pharma, Food & Nutrition (excipients and mineral salts)
- Specialty Ingredients
- Triturates
Strengths
- Leadership in a high-barrier, regulated niche with diversified portfolio
- Long relationships with global marquee customers
- Compliant, well-equipped plants and strong R&D (in-house labs, pilot facilities)
- Workforce: 704 permanent employees (as of Dec 31, 2024)
Promoters: Sujit Jaysukh Bhayani, Avani Sujit Bhayani, Shanil Sujit Bhayani, Sujeet Jaysukh Bhayani HUF, Riva Resources Pvt. Ltd., Bhayani Family Trust.
Sudeep Pharma IPO Details
| IPO Date | November 21, 2025, to November 25, 2025 |
| Face Value | ₹1 per share |
| Issue Price Band | ₹563 to ₹593 per share |
| Lot Size | 25 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 1,50,92,750 shares (aggregating up to ₹895.00 Cr) |
| Fresh Issue | 16,02,024 shares (aggregating up to ₹95.00 Cr) |
| Offer for Sale | 1,34,90,726 shares of ₹1 (aggregating up to ₹800.00 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 11,13,46,602 shares |
| Share Holding Post Issue | 11,29,48,626 shares |
| Lead Manager | ICICI Securities Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
Important IPO Timeline
| Event | Date |
| IPO Open Date | Fri, Nov 21, 2025 |
| IPO Close Date | Tue, Nov 25, 2025 |
| Tentative Allotment | Wed, Nov 26, 2025 |
| Initiation of Refunds | Thu, Nov 27, 2025 |
| Credit of Shares to Demat | Thu, Nov 27, 2025 |
| Tentative Listing Date | Fri, Nov 28, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Tue, Nov 25, 2025 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
Sudeep Pharma IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 25 | ₹14,825 |
| Retail (Max) | 13 | 325 | ₹1,92,725 |
| S-HNI (Min) | 14 | 350 | ₹2,07,550 |
| S-HNI (Max) | 67 | 1,675 | ₹9,93,275 |
| B-HNI (Min) | 68 | 1,700 | ₹10,08,100 |
Sudeep Pharma Ltd. Financials (Restated Consolidated)
Market Capitalisation (at issue terms): ₹6,697.85 Cr
Key Company Financials (₹ Crore)
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 922.26 | 717.17 | 513.87 | 420.11 |
| Total Income | 130.08 | 511.33 | 465.38 | 438.26 |
| Profit After Tax | 31.27 | 138.69 | 133.15 | 62.32 |
| EBITDA | 48.57 | 199.28 | 187.76 | 98.64 |
| Net Worth | 688.32 | 497.53 | 359.07 | 226.29 |
| Reserves & Surplus | 668.52 | 481.11 | 354.59 | 221.88 |
| Total Borrowing | 135.97 | 135.25 | 75.03 | 82.26 |
Key Performance Indicators (FY25 unless specified)
| KPI | Value |
| Debt/Equity | 0.20 |
| RoNW | 27.88% |
| PAT Margin | 27.63% |
| EBITDA Margin | 39.70% |
| Price to Book | 12.93 |
EPS & P/E Ratio
| Metrics | Pre-IPO | Post-IPO |
| EPS (₹) | 12.46 | 11.07 |
| P/E (x) | 47.61 | 53.55 |
Objects of the Issue
| S.No. | Purpose | Amount (₹ Cr) |
| 1 | Capex: machinery procurement for Nandesari Facility I production line | 75.81 |
| 2 | General corporate purposes | Balance |
Industry Outlook
- Solid demand for high-quality excipients & mineral salts from global pharma, food, and nutrition players.
- High regulatory barriers and compliance need favour established, audited manufacturers.
- Rising focus on nutrition & wellness supports specialty ingredients growth.
- Diversified end-markets and geography reduce single-market dependency.
Sudeep Pharma IPO: Peer Comparison
Sudeep Pharma IPO can be compared with peers like Calcium Sandoz Ltd, Anmol Chemicals, Gujarat Microwax Ltd, Loba Chemie, and Fine Organics Industries Ltd. Reviewing these companies helps investors understand Sudeep Pharma’s position in the pharmaceutical excipients and specialty ingredients segment, enabling a clearer assessment of competitiveness, scale, and growth potential within the broader chemicals and healthcare materials industry.
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Conclusion
Sudeep Pharma brings a scaled, globally diversified excipients and specialty ingredients franchise with strong margins, R&D depth, and compliant capacities. The OFS-heavy construct provides supply while the fresh issue targets targeted capex at Nandesari.
Considerations: valuation (P/E stepping up post-issue), raw-material and FX sensitivity, and execution of capacity upgrades. Investors with a medium-to-long horizon seeking exposure to a high-barrier healthcare inputs business may evaluate accordingly.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
