Sudeep Pharma IPO is a ₹895 crore mainboard issue with a price band of ₹563–₹593 per share, opening on 21 November 2025 and closing on 25 November 2025, and is scheduled to list on NSE and BSE on 28 November 2025. The company is a leading manufacturer of pharmaceutical excipients, food‑grade minerals and specialty nutrition ingredients with strong growth in revenue and profitability over FY2023–FY2025.
Sudeep Pharma IPO Details
| Item | Details |
|---|---|
| IPO Name | Sudeep Pharma Limited IPO |
| Issue Type | Mainboard, Book Built Issue |
| Issue Size | Approx. ₹895 crore (fresh issue ~₹95 crore, rest OFS) |
| Price Band | ₹563 – ₹593 per share |
| Face Value | ₹1 per share |
| Lot Size | 25 shares |
| IPO Open Date | 21 November 2025 |
| IPO Close Date | 25 November 2025 |
| Basis of Allotment | 26 November 2025 (tentative) |
| Refunds & Demat Credit | 27 November 2025 (tentative) |
| Listing Date | 28 November 2025 (NSE & BSE) |
| Registrar | MUFG Intime India Pvt. Ltd. |
| QIB / NII / Retail Quota | QIB ≥ 50%, NII ≥ 15%, Retail ≥ 35% of net offer |
| Grey Market Premium (GMP)* | Around ₹96 per share as of 19 Nov 2025 |
*GMP is unofficial, highly volatile and only an indicator of sentiment, not a guarantee of listing gains.
Company Overview
Sudeep Pharma Limited manufactures mineral‑based pharmaceutical excipients, food‑grade minerals and specialty ingredients used by pharma, nutraceutical, food and nutrition companies in India and global markets. Its portfolio includes calcium, iron, magnesium, zinc, potassium and sodium‑based products that go into tablets, syrups, powders and fortified foods, with a presence across more than 70 countries through subsidiaries and distributors.
The company operates multiple manufacturing facilities in Vadodara (Gujarat) and a plant in Ireland, with a combined installed capacity of over 70,000 MT per annum as of June 30, 2025. These plants use advanced processes like spray‑drying, granulation, encapsulation and blending to meet stringent quality and regulatory standards for regulated markets, including critical and infant nutrition.
Business Model and Strengths
Sudeep Pharma’s business is B2B, supplying ingredients to large formulation and nutrition companies, which helps build sticky client relationships and repeat business. The company benefits from high entry barriers due to regulatory approvals, multi‑year product qualifications at customer end and technical know‑how in mineral and iron phosphate chemistry.
Key strengths highlighted include:
- Leadership in mineral‑based pharma excipients and nutrition ingredients by production volume in India, especially in iron phosphates.
- Diversified revenue mix across pharma, food, nutraceuticals and geographies, reducing dependence on any single customer or market.
- Ongoing capacity expansion at its Nandesari Facility I to cater to growing demand for different grades of iron phosphate using new high‑efficiency machinery funded from IPO proceeds.
Use of IPO Proceeds
The fresh issue proceeds of about ₹95 crore are primarily earmarked for capital expenditure to purchase and install new machinery at the Nandesari Facility I in Vadodara. Planned equipment includes membrane filter presses, rotary kilns, spin flash dryers and reactors to expand iron phosphate production capacity and improve process efficiency.
The balance of the fresh issue (if any) will go towards general corporate purposes such as funding growth opportunities, strengthening the balance sheet and meeting other corporate needs in the ordinary course of business. The company will not receive any funds from the offer for sale portion, which is purely a secondary sale by existing shareholders.
Summary Financials
(All figures in ₹ million unless stated; consolidated, restated financials)
| Particulars | Q1 FY26* (Jun 30, 2025) | FY25 (Mar 31, 2025) | FY24 (Mar 31, 2024) | FY23 (Mar 31, 2023) |
|---|---|---|---|---|
| Total Assets | 9,222.56 | 7,171.71 | 5,138.66 | 4,201.13 |
| Equity Share Capital | 97.23 | 97.23 | 14.09 | 14.09 |
| Instruments entirely equity in nature | 28.24 | 22.55 | – | – |
| Other Equity | 6,685.18 | 4,811.13 | 3,546.25 | 2,218.76 |
| Net Worth (incl. NCI) | 6,939.30 | 4,930.91 | 3,560.34 | 2,232.85 |
| Non‑current Borrowings | 368.83 | 395.53 | 111.43 | 199.41 |
| Inventories | 1,579.23 | 1,286.69 | 665.82 | 709.97 |
| Trade Receivables | 1,875.88 | 1,853.55 | 1,445.68 | 937.12 |
| Cash & Cash Equivalents | 426.70 | 368.08 | 139.76 | 103.01 |
*Q1 FY26 is the three‑month period ended June 30, 2025. Detailed P&L indicates consistent growth in scale, improving profitability and strong reinvestment into capacity and working capital.
Broker & Street View
Brokerages are broadly constructive on the IPO but highlight valuation as a key factor to watch.
Common points from broker comments:
- Positives: Strong niche positioning in mineral‑based excipients, diversified global customer base, high‑margin specialty products and planned capacity expansion using IPO funds.
- Concerns: Rich valuation compared to some listed pharma ingredient and excipient peers, dependence on limited product categories and sensitivity to regulatory, client concentration and currency risks.
Broad stances include:
- Some brokers recommend “Subscribe for listing gains” supported by healthy GMP around ₹90–₹100 per share at the upper band as of 19 Nov 2025.
- Others suggest “Subscribe with caution / long‑term only,” for investors with longer horizons who understand specialty pharma ingredients and premium pricing.
Retail investors should decide based on individual risk appetite and view on pharma/nutrition ingredients demand for the next 3–5 years.
Final Thoughts for Investors
Sudeep Pharma offers niche pharma ingredient exposure, strong export orientation and capacity expansion amid rising nutraceutical and pharma formulation demand. However, the IPO is priced on the higher side, and listing performance depends on subscription, market mood and GMP levels.
Aggressive investors seeking niche pharma plays and potential listing gains may consider applying, while conservative investors might wait to evaluate post‑listing valuations and quarterly updates.
