The ₹895-crore initial public offering (IPO) of Sudeep Pharma opens today for public subscription with a price band of ₹563-593. The market lot is 25 shares.
The IPO is a combination of a fresh issue for ₹95 crore and an offer-for-sale for up to shares 1.35 crore shares by the promoter and promoter group for ₹800 crore.
The offer is being made through the book-building process, wherein up to 50 per cent of the net offer is allocated to qualified institutional buyers, 15 per cent to non-institutional investors, and 35 per cent to retail investors.
Anchor investors
As part of the IPO, Sudeep Pharma on Thursday raised ₹268.5 crore from anchor investors by allotting about 42.28 lakh equity shares at ₹593 a share.
Some of the marquee institutions that participated in the anchor include all of India’s top mutual funds – SBI Healthcare Opportunities Fund, HDFC Mutual Fund – HDFC Innovation Fund, HDFC Mutual Fund – HDFC Manufacturing Fund, ICICI Prudential MNC Fund, Nippon Life India Trustee Ltd – A/C Nippon India Flexi Cap Fund, Axis Mutual Fund Trustee Ltd – A/C Axis Mutual Fund A/C Axis Multi Asset Allocation Fund, Whiteoak Capital Flexi Cap Fund, Aditya Birla Sun Life Trustee A/C Aditya Birla Sun Life Small Cap Fund, Mirae Asset Healthcare Fund MIRAH CFD, Motilal Oswal Large Cap Fund, Quant Mutual Fund – QSIF Equity Long Short Fund, 3PIM India Equity Fund, Bandhan Small Cap Fund, UTI Healthcare Fund and Edelweiss Trusteeship A/C – Edelweiss Mutual Fund – Edelweiss Equity Savings Fund.
Among other leading institutions that participated in the anchor round were Tata AIA Life Insurance – A/C Small Cap Discovery Fund, SBI Life Insurance, and Shamyak Investment Private Ltd.
Others such as Mukul Agarwal (Param Capital – Sanshi Fund – I) and Manjo Garg (Whiteoak) have built up their positions. Prashant Jain (3P Investment) also participated in the anchor book.
Objective of fund raising
The company intends to use the net proceeds from the issue for capital expenditure towards the procurement of machinery for its production line located at Nandesari Facility.
ICICI Securities and IIFL Capital Services Ltd are the book-running lead managers, and MUFG Intime India Private Limited is the registrar to the offer.
Sudeep Pharma is a technology-led manufacturer of excipients and specialty ingredients for the pharmaceutical, food, and nutrition industries. It is dedicated to contributing to the global healthcare ecosystem. The company leverages its in-house developed technologies for processes such as encapsulation, spray drying, granulation, trituration, liposomal preparations, and blending to drive innovation in its operations.
It has established a presence in both domestic and international markets, including key regions such as the United States, South America, Europe, the Middle East, Africa, and Asia-Pacific.
The company’s revenue from operations during the June 2025 quarter was ₹124.9 crore, and its net profit was ₹28.4 crore.
Broker’s views:
SBI Securities:
Sudeep Pharma is one of the largest manufacturers of excipients and specialty ingredients catering to diverse industries. SPL’s manufacturing facilities are approved by global institutions with one of its manufacturing facilities approved by the USFDA resulting in wider market reach. The company is in the process of establishing a manufacturing facility (51,200 MT – ~71% of the current capacity) to cater to the increasing demand. Furthermore, it plans to expand into key minerals required for high-growth businesses in the EV and BESS segment aiding in margin expansion. Over the last three years, SPL has delivered Sales/EBITDA/PAT CAGR of 8%/46%/49% respectively. At upper price band, the stock is trading at P/E multiple of 48.3x, based on post-issue capital. Given SPL’s leadership in the niche segment and future foray into high-growth businesses, we expect healthy profit growth aided by margin expansion. We recommend investors to SUBSCRIBE to the issue at the cut-off price.
Anand Rathi Research:
At the upper price band, the company is valued at 48.3x FY25 P/E, translating to a post-issue market cap of 866,979 million. They have also created a wholly owned subsidiary, SAMPL, to leverage their mineral chemistry capabilities in advanced materials, including a new facility for pCAM production beginning with battery-grade iron phosphate for LFP batteries in EVs and energy storage. Additionally, the company aims to strengthen its presence in regulated markets such as the US and Europe by capitalizing on USFDA-approved facilities, boosting exports, and transitioning to direct market access supported by local warehousing and sales teams. Given these factors, the IPO appears fully priced, and we assign a “Subscribe — Long Term” rating.
Reliance Securities:
Sudeep Pharma is positioned as a scaled, technically strong, and reliable manufacturer within an industry where consistency, compliance, and long-standing customer trust matter far more than branding or rapid market disruption. Its leadership in mineral-based excipients, diversified presence across pharmaceuticals, nutraceuticals, and wellness categories, and deep integration into customer formulations give it a durable foundation for long-term growth.. Owing to strong developments, we recommend Source: Wealthyvia Research to SUBSCRIBE.
Master Capital Services:
Sudeep Pharma Ltd is strategically positioned to capitalize on this rapid expansion across the Pharmaceutical, Food, Nutrition and Specialty ingredients markets. 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. Investors may consider the IPO as a potential long-term investment opportunity.
Published on November 21, 2025
