This Sudeep Pharma IPO Review provides a complete breakdown of the company’s valuation, GMP trends, allotment process, market lot structure, and expected listing price as the issue opens on November 21, 2025 today, and closes on November 25, 2025.
The mainboard IPO is a Book Built Issue through which Sudeep Pharma aims to raise approximately ₹895 crores, including a fresh issue of ₹95 crores and an Offer for Sale of 1,34,90,726 equity shares with a face value of ₹1 each.
Investors can subscribe within the price band of ₹563 to ₹593 per share, while the Sudeep Pharma IPO allotment status will be declared on November 26, 2025.
The final IPO listing price and listing date are expected on November 28, 2025, on both BSE and NSE, accompanied by real-time updates on market lot details, reservation percentages, subscription demand, and the latest grey market premium (GMP).
Contents
Sudeep Pharma IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | November 21, 2025 |
| IPO Close Date | November 25, 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹563 to ₹593 per share |
| Total Issue Size | Approx ₹895 crores |
| Fresh Issue | Approx ₹95 crores |
| Offer for Sale | 1,34,90,726 equity shares |
| Issue Type | Book Build Issue |
| Listing | BSE, NSE |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Sudeep Pharma IPO
Open: 21-25 Nov
Issue Size: ₹895 Cr.
Objective: Sudeep Pharma IPO aims to raise ₹ 75.8 cr to buy new machinery and fund general corporate needs.
Exchange: BSE NSE
Sudeep Pharma IPO GMP Today
Sudeep Pharma IPO GMP has shown noticeable swings over the past few days, giving investors a clear sense of the market’s mood around this Mainboard issue.
The grey market premium touched a high of ₹130 on 20 November and slipped to a low of ₹85 by 25 November, indicating healthy demand but also short-term volatility. As of the latest data, the GMP has bounced back to ₹115 on 28 November, signalling renewed interest ahead of the listing.
The IPO opens on 21 November 2025 with a price band of ₹563 to ₹593 and aims to raise ₹895 crores. The market lot is 25 shares. Looking at the day-wise trends, the GMP moved upwards on days like 20, 24, and 28 November, while dips were seen on 21, 22, and 25–27 November.
Gains ranged between 14% and 22%, showing that sentiment remained broadly positive despite fluctuations. Overall, the data suggests steady grey market confidence in Sudeep Pharma IPO with room for listing gains if momentum sustains.
Sudeep Pharma IPO Review
The company has shown stable growth with revenue increasing from ₹465.38 crores in 2024 to ₹511.33 crores in 2025. Profit has also improved from ₹133.15 crores to ₹138.69 crores during the same period.
The margins remain strong, and returns such as ROE and ROCE show consistent financial health. Based on these numbers and continued demand in the pharmaceutical ingredients sector, the IPO appears suitable for long-term investors.
Sudeep Pharma IPO lot size
| Application Category | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 25 | ₹14,825 |
| Retail Maximum | 13 | 325 | ₹1,92,725 |
| S-HNI Minimum | 14 | 350 | ₹2,07,550 |
| S-HNI Maximum | 67 | 1,675 | ₹9,93,275 |
| B-HNI Minimum | 68 | 1,700 | ₹10,08,100 |
IPO Reservation Details
| Investor Category | Shares Offered | Percentage |
|---|---|---|
| Anchor Investor | – | – |
| QIB (Excluding Anchor) | – | 50% |
| NII | – | 15% |
| Retail | – | 35% |
Sudeep Pharma IPO Anchor Investors
| Particulars | Details |
|---|---|
| Anchor Bidding Date | November 20, 2025 |
| Anchor Investors List | View PDF |
| Shares Offered | [. ] |
| Anchor Size | [. ] |
| Lock-in (50% shares – 30 days) | December 26, 2025 |
| Lock-in (remaining 50% – 90 days) | February 24, 2026 |
Sudeep Pharma IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | November 21, 2025 |
| IPO Close Date | November 25, 2025 |
| Basis of Allotment | November 26, 2025 |
| Refunds | November 27, 2025 |
| Credit to Demat | November 27, 2025 |
| Listing Date | November 28, 2025 |
| Cut-off Time for Bidding | November 25, 2025 – 5 PM |
Promoters and Shareholding
The promoters include Sujit Jaysukh Bhayani, Avani Sujit Bhayani, Shanil Sujit Bhayani, Sujeet Jaysukh Bhayani HUF, Riva Resources Private Limited, and Bhayani Family Trust.
| Particulars | Shares | Percentage |
|---|---|---|
| Pre-Issue Holding | 11,13,46,602 | 89.37% |
| Post-Issue Holding | 11,29,48,626 | 76.15% |
Objects of the Issue
The IPO proceeds will primarily be used for capital expenditure related to purchasing machinery for the new production line at the company’s Nandesari Facility I.
Additionally, a portion of the funds will be allocated for general corporate purposes, helping the company strengthen its operational capabilities and support future expansion.
Sudeep Pharma Company Overview
Founded in 1989, Sudeep Pharma Limited is a well-established manufacturer of excipients and specialty ingredients used in pharmaceuticals, food, and nutrition products. The company supplies over 200 products to more than 100 countries.
Their operations are divided into two major segments:
- Pharmaceutical, food, and nutrition: Offering mineral salts such as calcium, zinc, iron, copper, potassium, sodium, and magnesium.
- Specialty ingredients: Including micronutrient premixes, encapsulated ingredients, triturated blends, and granulated minerals.
The company operates six manufacturing facilities with a combined production capacity of 50,000 MT. Their in-house technology includes encapsulation, granulation, spray drying, liposomal preparations, and trituration, helping them maintain a competitive edge.
Sudeep Pharma Financials Analysis
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2022 | ₹351.00 cr | ₹282.46 cr | ₹49.80 cr | ₹345.00 cr |
| 2023 | ₹438.26 cr | ₹352.28 cr | ₹62.32 cr | ₹420.11 cr |
| 2024 | ₹465.38 cr | ₹290.56 cr | ₹133.15 cr | ₹513.87 cr |
| 2025 | ₹511.33 cr | ₹328.48 cr | ₹138.69 cr | ₹717.17 cr |
| June 2025 | ₹130.08 cr | ₹86.00 cr | ₹31.27 cr | ₹922.26 cr |
Sudeep Pharma IPO Valuation (FY2025)
| KPI | Value |
|---|---|
| ROE | 28.13% |
| ROCE | 29.82% |
| EBITDA Margin | 39.70% |
| PAT Margin | 27.63% |
| Debt-to-Equity | 0.20 |
| EPS (Basic) | ₹12.78 |
| P/E Ratio | N/A |
| Return on Net Worth | 27.88% |
| NAV | ₹45.86 |
Peer Comparison
There are no directly comparable listed peers in India.
Lead Managers
| Lead Managers |
|---|
| ICICI Securities Ltd. |
| IIFL Capital Services Ltd. |
Company Contact Information
Sudeep Pharma Ltd.
129/1/A, GIDC Estate,
Nandesari, Vadodara, Gujarat – 391340
Phone: +91 265 284 0656
Email: cs.sudeep@sudeepgroup.com
Website: sudeeppharma.com
IPO Registrar
MUFG Intime India Pvt. Ltd.
Phone: +91-22-4918 6270
Email: sudeeppharma.ipo@in.mpms.mufg.com
Website: in.mpms.mufg.com/Initial_Offer/public-issues.html
FAQs
What is the Sudeep Pharma IPO
It is a mainboard IPO worth ₹895 crores, priced at ₹563 to ₹593 per share, listed on BSE and NSE.
When does the IPO open?
November 21 to November 25, 2025.
When does the IPO open?
November 21 to November 25, 2025.
When does the IPO open?
November 21 to November 25, 2025.
What is the investors’ quota?
QIB – 50%, NII – 15%, Retail – 35%.
How to apply?
Through ASBA via bank, UPI through brokers, or offline forms.
What is the lot size?
Minimum 25 shares costing ₹14,825.
What is the allotment date?
November 26, 2025.
When will it list?
November 28, 2025.
Expert Verdict
Sudeep Pharma operates in a stable and essential pharmaceutical ingredients segment with a diversified product portfolio, growing export footprint, and strong financial fundamentals. The company has consistently delivered improving revenue, healthy EBITDA margins, and low debt levels, which enhances its long-term growth visibility.
With expanding manufacturing capacity and presence in over 100 countries, Sudeep Pharma demonstrates steady demand and predictable cash flows.
From an IPO perspective, the valuation appears reasonable considering its profitability, return ratios, and global client base. Investors looking for a fundamentally strong business with long-term stability may find the Sudeep Pharma IPO appealing.
However, final decisions should factor in GMP trends, subscription levels, and listing price expectations closer to the allotment date for a clearer risk–reward assessment.
