Sudeep Pharma IPO Oversubscribed On Day One; GMP Down

Sudeep Pharma Ltd.'s initial public offer was oversubscribed on the first day, led by demand from non-institutional and retail investors.

The IPO includes a mix of fresh issues of shares worth Rs 95 crore and an offer for sale of 1 crore shares by existing shareholders. The price band for the issue is set at Rs 563-593 per share.

Sujit Jaysukh Bhayani, Sujeet Jaysukh Bhayani HUF, Shanil Sujit Bhayani and Avani Sujit Bhayani are the promoter selling shareholders offloading stakes in the OFS segment.

ICICI Securities Ltd. and IIFL Capital Services Ltd. are the book-running lead managers for the issue and MUFG Intime India Pvt. will be the registrar of the issue.

The allotment of shares to IPO investors will be done tentatively on Nov. 26. The allotment of shares to IPO investors will be finalised tentatively on Nov. 26, and it will be credited to the demat account will be done on Nov. 27. Sudeep Pharma will list on the BSE and NSE on Nov. 28.

• Open date: Nov. 21

• Close date: Nov. 25

• Price Band: Rs 563-593 per share

• Allotment date: Nov. 26

• Listing date: Nov. 28

• OFS: 1 crore

• Fresh issue: Rs 95 crore

• Minimum bid: Lot size of 13 shares

Sudeep Pharma IPO has been subscribed 1.4 times as of 5:00 p.m. on Friday.

• Qualified Institutional Buyers (QIBs): 9%

• Non-Institutional Investors (NIIS): 3 times.

• Retail Individual Investors: 1.5 times

Sudeep Pharma's latest grey market premium fell to Rs 111 from Rs 122 apiece, as per Investorgain. The GMP indicates listing price of 704 apiece, which implies 19% upside from the issue price.

Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.

The proceeds from the fresh issue will be utilised for capital expenditure towards procurement of machinery for the company's production line located at Nandesari facility.

Sudeep Pharma's revenue from operations increased 14% to Rs 459.2 crore in fiscal 2024 from Rs 428.7 crore in fiscal 2023. Profit for the period more than doubled to Rs 133 crore for the financial year ended March 2024 as compared to Rs 62.3 crore in the year-ago period.

As of April 30, 2025, the company's debt pile stood at Rs 110.3 crore.