Sudeep Pharma subscribed 1.42 times on Day 1 of IPO

The Initial Public Offering of Sudeep Pharma Limited was subscribed 1.42 times on the first day of bidding, demonstrating strong demand from retail and non-institutional investors for this IPO.

The issue received bids of 1,50, 09, 425 against the offered 1, 05, 64, 926 equity shares, according to data available on the stock exchanges.

Retail Portion and Non-institutional portion were subscribed 1.5 and 3 times respectively. Qualified Institutional Investors was subscribed 0.09 times.

The issue kicked off for subscription on Friday, November 21, 2025 and will close for subscription on Tuesday, November 25, 2025.

A day before the opening of the issue, Sudeep Pharma Limited had raised Rs 268.5 crore from anchor investors.

 

Some of the marquee institutions that participated in the anchor include- Mukul Agrawal of Param Capital (Sanshi Fund I), Prashant Khemka of  Whiteoak Capital Flexi Cap Fund, Akash Bhansali from ENAM, Prashant Jain of 3PIM India Equity Fund, SBI Healthcare Opportunities Fund, HDFC Mutual Fund – HDFC Innovation Fund, HDFC Mutual Fund – HDFC Manufacturing Fund, ICICI Prudential MNC Fund, Nippon Life India Trustee Ltd – A/C Nippon India Flexi Cap Fund, Axis Mutual Fund Trustee Ltd – A/C Axis Mutual Fund A/C Axis Multi Asset Allocation Fund, Aditya Birla Sun Life Trustee A/C Aditya Birla Sun Life Small Cap Fund, Mirae Asset Healthcare Fund MIRAH CFD, Motilal Oswal Large Cap Fund, Quant Mutual Fund – QSIF Equity Long Short Fund, Bandhan Small Cap Fund, UTI Healthcare Fund and Edelweiss Trusteeship A/C – Edelweiss Mutual Fund – Edelweiss Equity Savings Fund. 

 

Leading brokerage firms like Marwadi Financial Services and SBICap Securities have given a “Subscribe” rating to the issue highlighting the company is the largest producer of food-grade iron phosphate for infant nutrition, clinical nutrition and the F&B sector, in terms of production capacity, with a combined annual manufacturing capacity of 72,246 metric tons as of Jun 2025.

 

On the valuation front, at upper price band, the stock is trading at P/E multiple of 48.3x, based on post-issue capital. And given the leadership in the niche segment and future foray into high-growth businesses, the company is expected to show healthy profit growth aided by margin expansion.

 

 

Company Information

The company is a technology-led manufacturer of excipients and specialty ingredients for the pharmaceutical, food and nutrition industries and is dedicated to contributing to the global healthcare ecosystem. The company leverages its inhouse developed technologies for processes such as encapsulation, spray drying, granulation, trituration, liposomal preparations and blending in an effort to drive innovation in our operations. 

It has established a presence in both, domestic and international markets, including key regions such as the United States, South America, Europe, the Middle East, Africa, and Asia-Pacific. The company is one of the largest producers of food-grade iron phosphate for infant nutrition, clinical nutrition, and the food and beverage sectors, in terms of production capacity with a combined annual available manufacturing capacity of 72,246 metric tons, as of June 30, 2025 (Source: F&S Report). As of the same date, one of its manufacturing Facilities have been approved by the United States Food and Drug Administration (USFDA) for the manufacture of mineral-based ingredients. 

The company’s revenue from operations during the June 2025 quarter was Rs 124.9 crore and its net profit was Rs 28.4 crore. The company’s revenue from operations was Rs 502 crore during FY 25 vis-à-vis Rs 428.7 crore during FY 23. The company’s net profit was Rs 137 crore during FY 25 vis-à-vis Rs 60.4 crore during FY 23

ICICI Securities and IIFL Capital Services Ltd are the book-running lead manager; and MUFG Intime India Private Limited is the registrar of the offer.

 

The table below shows subscription data for all the categories of investors:

Sudeep Pharma Limited Last updated on 21 Nov 2025 | 05:00:00 PM Sr.No. Category No.of shares offered / reserved No. of shares bid for No. of times of total meant for the category 1 Qualified Institutional Buyers (QIBs) 30,18,550 2,69,925 0.09 1(a) Foreign Institutional Investors (FIIs) - - - 1(b) Domestic Financial Institutions (Banks/ Financial Institutions (FIs)/ Insurance Companies) - 875 - 1(c) Mutual Funds - 2,37,375 - 1(D) Others - 31,675 - 2 Non-Institutional Investors (NIIS) 22,63,913 67,93,450 3.00 2.1 Non-Institutional Investors (Bid amount of more than Ten Lakh Rupees) 15,09,276 41,45,775 2.75 2.1(a) Corporates - 25,450 - 2.1(b) Individuals (Other than RIIs) - 39,79,225 - 2.1(c) Others - 1,41,100 - 2.2 Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) 7,54,637 26,47,675 3.51 2.2(a) Corporates - 6,275 - 2.2(b) Individuals (Other than RIIs) - 25,46,850 - 2.2(c) Others - 94,550 - 3 Retail Individual Investors (RIIs) 52,82,463 79,46,050 1.50 3(a) Cut Off - 66,65,475 - 3(b) Price Bids - 12,80,575 - 4 Employee Reserved - - - 4(a) Employee (Cut off) - - - 4(b) Employee (Price) - - - 5 Reservation PortionShareholder - - - 5(a) RPS (Cut off) - - - 5(b) RPS (Price) - - - Total 1,05,64,926 1,50,09,425 1.42