Sahajanand Medical Technologies Files DRHP With SEBI for IPO

The IPO is structured entirely as an offer-for-sale (OFS) of up to 2.76 crore equity shares by promoters and existing investors. 

Sahajanand Medical Technologies (SMT), a medical device firm focused on vascular and structural heart interventions, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). 

The equity shares are proposed to be listed on the NSE and BSE.

The IPO is structured entirely as an offer-for-sale (OFS) of up to 2.76 crore equity shares by promoters and existing investors. 

Among the sellers, Shree Hari Trust and Dhirajkumar Savjibhai Vasoya are set to offload up to 27 lakh shares each. Samara Capital Markets Holding plans to sell approximately 1.29 crore shares, Kotak Pre-IPO Opportunities Fund will offer 26.15 lakh shares, and NHPEA Sparkle Holding BV will offload up to 66.7 lakh shares.

The company, founded by Dhirajlal Kotadia in 2001, has key shareholders including Ashish Kacholia, Samara Capital, Kotak’s Pre-IPO Fund, and Plutus Wealth Management LLP.

The IPO will follow the book-building process, with allocations of up to 50% for qualified institutional buyers (QIBs), at least 15% for non-institutional investors (NIIs), and a minimum of 35% for retail individual investors (RIIs). A portion is reserved for eligible employees at a discounted rate.

Motilal Oswal Investment Advisors, Avendus Capital Private, HSBC Securities and Capital Markets (India), and Nuvama Wealth Management act as book-running lead managers. MUFG Intime India is the issuer's registrar.

Regarding financials, SMT reported a revenue of INR 1,024.88 crore in FY25, marking a 13.67% increase from INR 901.60 crore in FY24. The company attributed this growth to rising device sales, especially in the structural heart segment, with strong demand from Europe and global markets. SMT also returned to profitability with a net profit of INR 25.15 crore in FY25, reversing a net loss of INR 7.35 crore in the previous year.

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