In a significant development for India’s healthcare technology sector, Sahajanand Medical Technologies (SMT) — a leading developer and manufacturer of cardiovascular stents and other life-saving medical devices — has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The proposed IPO will be a pure Offer for Sale (OFS) of 27.64 million equity shares by existing shareholders.
This marks SMT’s second attempt at tapping public markets. In September 2021, the company filed a DRHP to raise INR 1,500 crore through a combination of fresh issue and offer for sale. However, that IPO did not materialise at the time, reportedly due to unfavourable market conditions or internal strategic realignments.
Fast forward to 2025, SMT returns to the IPO pipeline — this time with improved financials, solid profitability, and an enviable lineup of institutional and public investors, including ace investor Ashish Kacholia.
🔍 Sahajanand Medical Technologies IPO: Offer Structure
Sahajanand Medical Technologies IPO is entirely an Offer for Sale and will not involve any fresh issue of shares. This means no new capital will be infused into the company, and the IPO is solely to enable partial exits for key early investors and promoters.
Breakdown of the Offer for Sale (OFS):
| Selling Shareholder | Category | Shares Offered (in crore) |
|---|---|---|
| Shree Hari Trust | Promoter | 0.27 |
| Dhirajkumar Savjibhai Vasoya | Promoter Group | 0.27 |
| Samara Capital Markets Holding | PE Investor | 1.29 |
| NHPEA Sparkle Holding B.V. (Warburg Pincus) | PE Investor | 0.66 |
| Kotak Pre-IPO Opportunities Fund | Institutional Investor | 0.26 |
The offer will be made through the book-building process, and equity shares are proposed to be listed on both BSE and NSE.
🧬 About the Company: A Homegrown Medtech Powerhouse
Established in 2001 and headquartered in Surat, Gujarat, SMT has grown into a trusted name in the global cardiovascular medical device landscape. The company focuses on developing, manufacturing, and marketing stents, balloons, and related accessories for interventional cardiology.
Its corporate office in Mumbai’s Kanakia Wall Street (Andheri East) anchors its operations closer to the financial capital, while its production and R&D facilities in Gujarat reflect India’s growing capability in high-precision healthcare manufacturing.
Key Strengths:
- Pioneering drug-eluting stents (DES) technology in India.
- Strong global footprint with exports to 70+ countries.
- Backed by a deep IP portfolio, regulatory certifications (CE, ISO), and indigenous R&D.
- Strategic emphasis on affordable innovation, addressing price-sensitive markets like India and Africa.
💰 Shareholding Pattern: Heavyweight Backers and Promoter Stability
As of the DRHP filing date, Sahajanand Medical Technologies is majorly held by a mix of promoters, PE funds, and marquee public investors. Here’s a look at the pre-IPO fully diluted shareholding structure:
| Shareholder | Shareholding (%) |
|---|---|
| Shree Hari Trust (Promoter) | 36.79% |
| Samara Capital Markets Holding Limited | 29.68% |
| NHPEA Sparkle Holding B.V. (Warburg Pincus) | 15.28% |
| Kotak Pre-IPO Opportunities Fund | 5.99% |
| Dhirajkumar Savjibhai Vasoya (Promoter Group) | 4.03% |
| SMT ESOP Trust | 3.72% |
| Ashish Kacholia | 1.08% |
| Suresh & Sarita Agarwal (RBA Finance & Investment Co.) | 1.08% |
The presence of Ashish Kacholia, a revered figure in the Indian equity market, not only lends validation to the company’s prospects but also piques interest among retail investors and institutional funds alike.
📈 Financial Performance
Sahajanand Medical Technologies has shown consistent revenue growth and improved bottom-line metrics over the past three years — a key positive for investors evaluating valuation multiples at the time of listing.
Summary of Consolidated Financials:
| FY | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | 795.55 | 901.60 | 1,024.88 |
| Total Expenses | 771.98 | 875.50 | 980.12 |
| Net Profit / (Loss) | 11.93 | (7.35) | 25.15 |
| EPS (Diluted) (INR) | 0.81 | (1.31) | 2.01 |
Key Observations:
- Revenue CAGR (FY23–FY25): ~13.6%
- Significant turnaround in FY25 from the previous year’s loss.
- FY24 net loss was due to exceptional tax adjustments, not operational weakness.
- Gross margins improved as a result of better inventory management and operational leverage.
📌 Sahajanand Medical Technologies IPO Advisors & Registrar
- Motilal Oswal Investment Advisors
- Avendus Capital
- HSBC Securities and Capital Markets (India)
- Nuvama Wealth Management
Registrar to the Offer: MUFG Intime India (formerly Link Intime)
Final Word
As India continues to push its Atmanirbhar Bharat (self-reliant India) strategy, the SMT IPO represents more than just a listing — it is a signal of India’s growing capability in high-end medical technology. The company’s robust financials, credible backers, and global growth ambitions make it a compelling story.
With investors like Ashish Kacholia, Samara Capital, and Warburg Pincus on board, SMT is positioning itself as a global player from India in the ever-expanding field of interventional cardiology.
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