One of India’s oldest and most well known pharmaceutical and food grade mineral ingredients manufacturer, Sudeep Pharma is gearing up to file its DRHP for IPO. The company aims to raise INR 2,000–2,500 crore through the public offer. Notably, Sudeep reported revenue of INR 500–600 crore in FY25.
Sudeep Pharma IPO comes after the company has achieved several milestones in the last one year — full ownership consolidation, strategic acquisitions and entry into green energy storage space.
From JV to Full Control
Founded in 1989 and headquartered in Vadodara, Sudeep Pharma has been a joint venture since 2015 with German excipient leader JRS Pharma. But in July 2024, the Bhayanis bought out JRS’s stake and regained 100% control of the company.
This was made possible through a debt raise of INR 800 crore facilitated by Avendus Capital. With operational independence back, the company is now aggressively pursuing vertical and horizontal growth.
Acquisitions & Global Ambitions Take Shape
As part of its international expansion plan, Sudeep Pharma in May 2025 acquired Nutrition Supplies Services (NSS), a European leader in micronutrient premixes for infant and medical nutrition. Based in Ireland, NSS has over 15 years of formulation expertise and a strong client base among top tier pediatric and clinical nutrition brands in Europe.
The acquisition gives Sudeep a direct entry into high value segments of clinical and infant nutrition and enhances its formulation capabilities and regulatory presence in developed markets.
“This acquisition is a reflection of our commitment to become a global leader in specialty nutrition and healthcare ingredients,” said Shanil Bhayani, Director at Sudeep Pharma.
Foraying into Clean Energy Storage
Not limiting itself to traditional strengths, Sudeep Pharma has forayed into clean energy space through its subsidiary Sudeep Advanced Materials (SAM). SAM will manufacture green Iron Phosphate — a critical precursor material for lithium iron phosphate (LFP) batteries used in electric vehicles (EVs).The company started producing food grade iron phosphate in 2015 and has a production capacity of 15,000 metric tonnes per annum. Using this capacity and a proprietary green process that reduces water consumption and emissions, SAM is building a 30 acre Commercialization Hub which is expected to start Phase 1 production by 2026 with an annual capacity of 1,00,000 metric tonnes of precursor cathode active materials (pCAMs).
“Strategic entry into the global battery market,” said Julian Dunn, VP of Sales & Marketing. “And we are committed to sustainability.”
Manufacturing Might
Today Sudeep Pharma has 6 manufacturing units globally and supplies to over 80 countries. We have over 200 products in our portfolio including pharmaceutical excipients and mineral actives like Calcium, Magnesium, Zinc, Potassium, Sodium and Iron compounds.
The company has a significant international presence through our subsidiaries and sales offices in USA and Europe and expanding presence in Asia, Africa and Middle East.
Future Outlook
With strong fundamentals, deep manufacturing roots, international presence and strong tailwinds in both specialty nutrition and EV materials space, the company is entering the IPO journey at the right time.
India’s pharma and specialty chemicals sector is seeing global demand rising especially for affordable and high quality raw materials and excipients. At the same time the EV ecosystem is seeing strong government and investor interest especially in battery innovation.
Sudeep Pharma’s upcoming DRHP will outline the company’s capital utilization plans which may include further R&D investments, capacity expansions and debt reduction.
Conclusion
Sudeep Pharma’s journey over the past year has made it more than just a mineral based excipient manufacturer – it’s now a diversified, global innovation platform to capture value across pharma, nutrition and clean energy sectors.
Sudeep Pharma IPO around the corner, the market will be closely watching the company’s financials, capital allocation plans and growth strategy as it moves into the next 35 years of its journey.
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