Sudeep Pharma's ₹895 crore IPO opens Friday: Know GMP and other details before applying

The initial public offering (IPO) of Vadodara-based Sudeep Pharma will open for subscription on November 21 and conclude on November 25. The company aims to raise ₹895 crore through the issue, which includes a mix of fresh issue and offer-for-sale (OFS) components.

Ahead of the issue launch, Sudeep Pharma mopped up ₹268.5 crore from anchor investors.

Mutual funds such as SBI, ICICI Prudential, HDFC, Axis, Nippon, Aditya Birla, and Bandhan participated in the anchor round. Other marquee investors, including Mukul Agarwal (Param Capital Sanshi Fund–I) and Manoj Garg (WhiteOak), also built positions. Prashant Jain (3P Investment) is part of the anchor book as well.

Sudeep Pharma has fixed the price band at ₹563-593 per equity share, valuing the company close to ₹6,700 crore at the higher end of the band. Investors can bid for a minimum of 25 equity shares, and in multiples of 25 shares thereafter.

Shares of Sudeep Pharma are already showing strong traction in the unlisted market, trading at a 19% premium over the issue price. Based on the current grey market premium (GMP) of ₹115, the stock is projected to list around ₹708.

However, GMPs are only indicative of market sentiment and are subject to rapid change.

Master Capital Services recommended that investors consider the IPO as a potential long-term investment opportunity.

They added that, with a technology-driven manufacturing ecosystem, in-house process capabilities, and a diversified portfolio of over 100 products, the company is well aligned with the sector’s evolving needs.

The IPO comprises a fresh issue of ₹95 crore and an OFS of nearly 1.35 crore shares worth ₹800 crore by promoters Sujit Jaysukh Bhayani, Sujeet Jaysukh Bhayani HUF, Shanil Sujit Bhayani, and Avani Sujit Bhayani.

Proceeds from the fresh issue, amounting to ₹75.81 crore, will be used for capital expenditure on machinery at its Nandesari Facility 1, Gujarat, and for general corporate purposes.

Sudeep Pharma is a technology-led manufacturer of excipients and specialty ingredients for the pharmaceutical, food, and nutrition industries, contributing to the global healthcare ecosystem.

The company is one of the largest producers of food-grade iron phosphate for infant nutrition, clinical nutrition, and the food and beverage sectors, with a combined annual manufacturing capacity of 72,246 metric tons as of June 30, 2025, according to F&S report.

The company has served over 1,100 customers, building longstanding relationships with marquee clients including Pfizer Inc, Mankind Pharma, Merck Group, Aurobindo Pharma, Cadila Pharmaceutical, IMCD Asia Pte Ltd, and Danone SA.

ICICI Securities Ltd and IIFL Capital Services are the book-running lead managers, while MUFG Intime India Pvt Ltd is the registrar of the IPO.

The allotment for the Sudeep Pharma IPO is expected to be finalised on November 26, with the shares proposed to be listed on the BSE and NSE on November 28.