Vadodara-based Sudeep Pharma Ltd launched its IPO today, Friday, November 21.
The price band is set at Rs 563-593 per equity share, with a total issue size of Rs 895 crore.
The IPO received a strong response, with 25% subscription within the first hour.
Its grey market premium (GMP) is also high at around 21%, indicating strong listing expectations.
By 10:40 am, the IPO had received 0.25x subscription, with bids for 26.43 lakh shares against an offer of 1.05 crore shares.
The retail category got 0.33x subscription, while the non-institutional investor (NII) quota was at 0.40x.
Grey Market Premium Indicates Listing Gains
Unlisted shares of Sudeep Pharma are trading at around Rs 715 in the grey market, which is a 20.57% premium over the upper IPO price of Rs 593.
The GMP reflects investor sentiment and the expected listing gains.
Should You Subscribe to Sudeep Pharma IPO?
Brokerages have given a positive long-term view of Sudeep Pharma:
Anand Rathi recommends a “Subscribe – Long Term” rating.
The company is a globally recognized maker of excipients and specialty mineral ingredients with over 1,100 clients worldwide.
It reported FY24 EBITDA of Rs 181.7 crore and PAT of Rs 138.7 crore, reflecting strong margins and consistent growth.
The company is expanding into higher-value areas such as mineral chemistry and battery-grade iron phosphate for EVs.
Another brokerage, Master Capital Services, highlighted strong market growth in the food and nutrition segment, expected to reach $32 billion by 2029, with vitamins and minerals growing from $2.1 billion to $3 billion.
With a technology-driven manufacturing ecosystem and a portfolio of 100+ products, the IPO is seen as a potential long-term investment.
Key IPO Details
IPO Close Date: November 25
Anchor Investor Bidding: November 20
Lot Size: Minimum 25 shares, in multiples of 25
Issue Type: Fresh issue of Rs 95 crore + Offer for Sale of Rs 800 crore by promoters
The fresh issue proceeds (~Rs 75.81 crore) will be used for capital expenditure on machinery for its Nandesari Facility 1, Gujarat, and general corporate purposes.
About Sudeep Pharma
Sudeep Pharma is a technology-led manufacturer serving the pharmaceutical, food, and nutrition industries.
It is a major producer of food-grade iron phosphate for infant nutrition, clinical nutrition, and food & beverage sectors, with an annual production capacity of 72,246 metric tons as of June 30, 2025.
The company has built longstanding relationships with global clients like Pfizer, Mankind Pharma, Merck, Aurobindo Pharma, Cadila, IMCD Asia, and Danone.
Its shares are proposed to be listed on BSE and NSE.
Lead Managers: ICICI Securities Ltd and IIFL Capital Services
Registrar: MUFG Intime India Pvt Ltd
