Sudeep Pharma Ltd’s initial public offering witnessed tepid institutional interest as of 10.33 am on the second day of bidding, with the issue subscribed 2.27 times overall. The ₹895 crore IPO, priced between ₹563-593 per share, opened for subscription on November 21 and will close on November 25.
Qualified institutional buyers (QIBs) remained largely absent, subscribing to just 0.10 times their reserved portion with bids for only 2.95 lakh shares against the 30.19 lakh shares allocated to them. However, QIBs historically participate largely near the closing session.
Non-institutional investors (NIIs) showed stronger appetite, oversubscribing their quota 5.02 times. The high-net-worth individual segment bidding above ₹10 lakh subscribed 4.65 times, while those in the ₹2-10 lakh bracket saw 5.77 times subscription.
Retail individual investors subscribed 2.34 times their allocated portion, with most bids at the cut-off price rather than specific price points.
Sudeep Pharma manufactures excipients and specialty ingredients for pharmaceutical and food industries, operating facilities in Gujarat and Ireland.
The company is India’s largest producer of food-grade iron phosphate for infant nutrition by production capacity.
SBI Securities has recommended investors subscribe to the issue, noting the company’s leadership position in the niche segment despite trading at a pre-issue P/E multiple of 48.3 times at the upper price band.
Published on November 24, 2025
