Sahajanand Medical Technologies (SMT) is a Surat-based maker of vascular and structural-heart devices: coronary stents (Supraflex Cruz), balloons, TAVI heart valves (Hydra), occluders (Cocoon) and peripheral drug-coated balloons. It has three plants (two in India, one in Thailand), sells in 77 countries and holds 119 patents.

The issue is entirely an offer for sale of 1.38 crore shares by Samara Capital, Shree Hari Trust, Kotak Pre-IPO fund, NHPEA (Morgan Stanley PE) and others; 2.5 lakh shares are reserved for employees. SMT raised ₹140.06 crore from anchor investors on 14 October 2026, including Nippon India Small Cap, DSP Healthcare, Invesco and UTI Healthcare.

Objects of the issue

  • None for the company — this is a 100% offer for sale, so the money goes to the selling shareholders

Key numbers

  • Market cap at upper band: ₹3,497 crore
  • Valuation: about 50.6x FY26 basic EPS (₹6.80); EV/EBITDA about 21.6x
  • FY26: revenue from operations ₹1,210.50 crore (+18%), EBITDA ₹170.66 crore (14.1% margin), return on net worth 10.6%
  • Borrowings: ₹269.53 crore at March 2026, ₹320.63 crore at June 2026
  • Promoter holding: 40.82% pre-issue → 36.2% post-issue (Kotadia family / Shree Hari Trust)
  • Listed peers (P/E): Poly Medicure 51.4x, Laxmi Dental 36.4x

Strengths

  • Clinically proven stent franchise with recurring, procedure-linked demand and global reach
  • Revenue up 18% and profit nearly tripled in FY26; structural-heart (TAVI) business growing fast
  • IPO priced about 6% below a recent pre-IPO round at ₹365

Risks

  • Thinner margins than peers (EBITDA about 14% vs about 24% at Poly Medicure) at a similar P/E
  • Borrowings have nearly doubled since FY24, and the IPO repays none of it
  • Coronary stent prices are capped in India; competition from Meril, Abbott and Medtronic
  • Lukewarm demand: 0.83x subscribed by the end of day 2, with the GMP down from ₹43 to ₹15

Financials are restated consolidated figures in ₹ crore; "Revenue" is total income. Subscription figures are as of the end of day 2 (16 October, about 5 PM); bidding closes on Monday 19 October. Grey market premium is unofficial and changes quickly.