Sudeep Pharma Ltd

Sudeep Pharma Ltd is a manufacturer of pharmaceutical excipients, food-grade minerals and specialty nutrition ingredients. Its products are currently sold in over 100 countries worldwide. It has a combined manufacturing capacity of 50,000 metric tonnes per annum (MTPA). It has a wide portfolio of more than 200 products and largely caters to the pharma and the food & nutrition sector. It also has its internal lab for R&D purposes. 

The IPO will be a combination of a fresh issue and an offer for sale by the early investors. The fresh issue funds will be used to fund the purchase machinery for its Nandesari plant. The OFS offering is by the promoter shareholders of the company. The promoters of the company Sujit Bhayani, Avani Bhayani, Shanil Bhayani, Sujit Jaysukh Bhavani HUF, and Riva Resources Private Ltd. The issue is being lead-managed by ICICI Securities and IIFL Capital; while MUFG Intime India Private Ltd will be the registrars to the IPO.  

Highlights of the IPO Issue

Here are the key highlights of the public issue of Sudeep Pharma Ltd. 

1. The IPO of will be open from November 21st, 2025 to November 25th, 2025. It has a face value of ₹1 per share and IPO price band is set in range of ₹563 to ₹593 per share.
2. The IPO of Sudeep Pharma Ltd will be a combination of a fresh issue of shares and an offer for sale by the promoters.
3. The fresh IPO portion comprises the issue of 16,02,024 shares (16.02 lakh shares), which at the upper price band of ₹593 per share translates into ₹95.00 crore.
4. The OFS of the IPO comprises the sale of 1,34,90,726 shares (134.91 lakh shares), which at the upper price band of ₹593 per share translates into ₹800.00 crore.
5. The overall IPO will comprise of the issue and sale of 1,50,92,750 shares (150.93 lakh shares), which at the upper price band of ₹593 per share translates into ₹895.00 crore. 

The IPO of Sudeep Pharma Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation will happen a day ahead of IPO opening. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Sudeep Pharma Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Sudeep Pharma Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 25 shares) 

Financial Highlights

The table captures the key financials of Sudeep Pharma Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

The company, Sudeep Pharma Ltd, has been profitable over the last 3 years, on a consistent basis. While the net margins are very robust at over 27% in last 2 years, the company appears to have a fairly large asset size, which is evident in the low asset turnover ratio. However, the company has shown very good traction on the ROE and the net margins. That is likely to keep the valuations robust for the company 

Valuation Metrics

At the IPO price of ₹593, the latest EPS of ₹12.78 shows a P/E discounting of 46.4 times. This is fair valuation for the business, although traction is likely over the longer run. However, the company does bring some tangible and intangible benefits in the space it operates in.  

It has a strong leadership position in the segment with its wide array of products on offer. Also, the customer base of over 1,100 clients has little reason to exit the partnership and clients tend to be sticky in this business, which becomes an entry barrier for newer players. The one factor that will help the company sustain valuations is the elevated ROE levels. 

A Brief on the Anchor Allocation

The anchor issue of Sudeep Pharma Ltd saw a strong response on 20th November 2025 with 30.00% of the IPO size absorbed by anchors. Out of 1,50,92,749 shares (150.93 lakh shares) on offer in the IPO, anchors picked up 45,27,823 shares (45.28 lakh shares) accounting for 30.00% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹593 per share. This includes the face value of ₹1 per share plus a share premium of ₹592 per share. The anchor bidding process opened and closed on 20th November 2025.  

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Sudeep Pharma Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 20th November 2025, Sudeep Pharma Ltd allotted 45,27,823 shares to 25 anchor investors. The allocation was done at the upper IPO price band of ₹593 per share which resulted in overall anchor allocation of ₹268.50 crore. The anchors have already absorbed 30.00% of the total issue size of ₹895.00 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹162.35 crores, or, 60.47% of the overall anchor allocation of shares, one day ahead of the IPO of Sudeep Pharma Ltd. The anchor bidding opened and closed on November 20, 2025. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251120-55&attachedId=33965bd9-ff25-4c54-8c2a-baf5e4440095 

Out of the 45,27,823 shares allocated to the anchors in the IPO, there were a total of 36,05,799 shares allocated to mutual funds registered with SEBI. The allocation was made to 20 mutual fund schemes across 14 AMCs. Mutual funds accounted for 79.64% of the total anchor allocation of the IPO. AIFs, Insurance Companies and P-Notes were the most active in participating in the anchor allocation of Sudeep Pharma Ltd. 

Next Step in the IPO

Post the closure of the IPO subscription on 25th November 2025, the basis of allotment will be finalized on 26th November 2025 and the refunds will be initiated on 27th November 2025. In addition, the demat credits are expected to also happen on 27th November 2025 and the stock will list on 28th November 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 27th November 2025 under ISIN (INE0QPI01025). 

IPO Subscription Status On Day-1

As of 5.30 pm on 21st November 2025, out of the 105.65 lakh shares on offer in the IPO (excluding anchor portion), Sudeep Pharma Ltd saw bids for 150.09 lakh shares. This implies an overall subscription of 1.42X at a macro level. The granular break-up of subscriptions at close of Day-1 of the IPO of Sudeep Pharma Ltd was as under: 

The subscriptions were led by the HNI / NII Investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to November 25, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-2

As of 5.30 pm on 24th November 2025, out of the 105.65 lakh shares on offer in the IPO (excluding anchor portion), Sudeep Pharma Ltd saw bids for 538.15 lakh shares. This implies an overall subscription of 5.09X at a macro level. The granular break-up of subscriptions at close of Day-2 of the IPO of Sudeep Pharma Ltd was as under: 

The subscriptions were led by the HNI / NII Investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to November 25, 2025, at which point we will know the final subscription status of the IPO.