Sudeep Pharma IPO; Sudeep Pharma Ltd, a Vadodara-based manufacturer of pharmaceutical excipients, food-grade minerals and specialty nutrition ingredients, launched its initial public offering (IPO) on November 21, 2025. The IPO remains open for subscription until November 25, 2025 and has already seen strong investor interest.

IPO Price Band, Lot Size & Issue Structure

• Price Band: ₹563–₹593 per share
• Lot Size: 25 shares (and multiples thereafter)
• Total Issue Size: ₹895 crore
  • Fresh Issue: ₹95 crore
  • OFS: 1,34,90,726 shares worth ₹800 crore

Ahead of the IPO, the company raised ₹268.50 crore from anchor investors by allocating 45,27,823 equity shares at ₹593 each.

Day 2 Subscription Status (As of 13:10 PM, Nov 24)

According to BSE data, Sudeep Pharma IPO received bids for 3,59,89,525 shares, translating to an overall subscription of 3.41 times against the issue size of 1,05,64,926 shares.

Category-wise subscription:

• Retail Investors: 3.55×
• Non-Institutional Investors (NII): 7.47×
• Qualified Institutional Buyers (QIB): 0.11×

Grey Market Premium (GMP)

• Latest GMP: ₹120–₹125 per share
• Expected Listing Gain: 20–21%

The strong GMP reflects robust investor sentiment ahead of the listing.

Company Overview

Established in 1989, Sudeep Pharma serves over 100 countries with a diversified portfolio of over 100 mineral-based excipients and specialty nutrition products including:

• Calcium
• Iron
• Magnesium
• Zinc
• Potassium
• Sodium

The company operates six manufacturing facilities with a total installed capacity of 50,000 MT. It counts global giants like Pfizer, Merck, Danone, Intas, Mankind and Aurobindo among its long-term clients.

Financial Performance

Q1 FY26 (3 months ending June 30, 2025):

• Revenue: ₹130.08 crore
• Net Profit: ₹31.27 crore

FY25:

• Revenue: ₹511.33 crore
• Net Profit: ₹138.69 crore

Post listing, Sudeep Pharma is expected to command a market capitalization of around ₹6,700 crore.

Use of IPO Proceeds

The company will utilize the funds for:

• Capital expenditure for machinery at the Nandesari facility
• Strengthening manufacturing capabilities
• General corporate purposes

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Listing Date

Sudeep Pharma IPO will list on BSE and NSE on Friday, November 28, 2025.

Brokerage House Recommendations

1. SBI Securities – Subscribe

SBI Securities highlights the company’s regulatory approvals, strong growth, and expansion into high-demand EV and BESS mineral segments.
P/E: 48.3×
They expect “healthy profit growth” with margin expansion.

2. Swastika Investmart – Subscribe with Caution

Swastika flags the IPO valuation as aggressive (P/E 45–48×), suggesting limited short-term upside.
Best suited for investors with a 2–5 year holding period.

3. Arihant Capital – Subscribe

Arihant expects steady multi-year growth driven by global demand for fortified nutrition and capacity additions in FY26.

4. Geojit Financial – Subscribe for Long-Term

Geojit notes the company’s strong customer base of 1,100+ clients, stable growth prospects and entry into battery-grade minerals.

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5. Hem Securities – Subscribe

Hem highlights Sudeep Pharma’s market leadership, diversified portfolio and strong R&D.

6. BP Equities – Subscribe

BP Equities notes robust regulatory credentials and strong profitability.
P/E: 46.4× FY25 earnings.

7. Ventura Securities – Subscribe

Ventura emphasizes the company’s global expansion, strong EBITDA margins (35–40%), and ROE of 27.88%. It predicts continued margin strength post-listing.

Conclusion

Sudeep Pharma IPO has garnered significant investor interest supported by:

• Strong financials
• Global customer base
• High-margin product portfolio
• Expansion into high-growth sectors like EV minerals
• Robust GMP trends

Most brokerages recommend ‘Subscribe’, especially for long-term investors.