About Sahajanand Medical Technologies
SMT began in 1999 as Sahajanand Vascular Technoventions and evolved into Sahajanand Medical Technologies Limited. Headquartered in Surat with a corporate office in Mumbai, SMT has expanded into multiple countries with subsidiaries in Ireland, Germany, Switzerland, Poland, Brazil, Spain, USA, and more.
The company focuses on vascular intervention and structural heart devices, including:
- Drug-eluting stents (DES)
- PTCA balloons
- Transcatheter aortic valves
- Occluders and delivery systems
SMT operates R&D centres in India and Thailand and holds a large portfolio of patents and design registrations, underscoring its innovation-driven approach.
History & Land Footprint
Founded in the early 2000s, SMT expanded product lines (stents, catheters, occluders, TAVI) and international footprint through subsidiaries and strategic moves. As of FY2025, SMT reports presence in 76 countries. Manufacturing capacity includes stents (840,000 units) and catheters (960,000 units).
Business Model of Sahajanand Medical
SMT combines manufacturing, R&D, clinical trials and global distribution. Revenue arises mainly from product sales supported by clinical validation and regulatory approvals for international markets.
Infrastructure & Features
SMT maintains multi-country manufacturing and R&D facilities, with high capacity utilization for core VI devices and ongoing capex to scale production.
Revenue Model
Primary revenue: sale of products. Geography split FY2025: India ~31.28%, Europe ~32.96%, RoW ~35.76%.
Balance Sheet Strength (₹ Crores)
| Particulars | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fixed Assets (PPE) | 160.72 | 174.03 | 181.19 |
| Non-Current Assets | 338.90 | 365.78 | 386.95 |
| Inventory | 238.14 | 251.70 | 266.85 |
| Total Assets | 962.30 | 1,028.50 | 1,094.90 |
| Reserves / Other Equity | 521.40 | 540.85 | 555.97 |
| Total Equity | 553.62 | 572.88 | 590.47 |
| Total Borrowings (Debt) | 198.76 | 212.34 | 224.96 |
| Cash & Equivalents | 84.23 | 92.10 | 100.52 |
Promoter details
Promoters include Shree Hari Trust and members of the Kotadia family. Pre-offer promoter holding (Shree Hari Trust) is ~36.79%.
Ownership Management Team
Top management includes executive leadership with industry experience; notable institutional investors pre-IPO include Samara Capital, Kotak Pre-IPO Opportunities Fund and NHPEA Sparkle Holding B.V.
Cash Flow (₹ Crores) — FY2025
- CFO: ₹73.52 Cr
- CFI: -₹48.94 Cr
- CFF: ₹5.77 Cr
- Net increase in cash: ₹30.35 Cr
- Cash at start: ₹71.67 Cr; Cash at end: ₹100.52 Cr
Shareholding Pattern (FY2025) — Key holders
- Pre-offer highlights:
- Shree Hari Trust: 37,309,589 shares (36.79%)
- Promoter & Promoter Group combined: ~40.92%
- Major pre-offer sellers/investors: Samara Capital Markets Holding Ltd (~29.68%), NHPEA
- Sparkle Holding B.V. (~15.28%), Kotak Pre-IPO Opportunities Fund (~5.99%).
Listing Details
- Proposed Listing Exchanges: BSE and NSE.
- Designated Stock Exchange: To be finalized.
- Offer Structure:
- Fresh Issue: ₹10,600 million (approx.)
- Offer for Sale (OFS): 574,190,754 equity shares
- Face Value: ₹2 per share.
- Price Band & Lot Size: Yet to be announced; will be finalized 2 working days before IPO opening
IPO details
SMT submitted a DRHP for an initial public offering. Final details (price band, offer size, anchor allocation) to be published in the final prospectus. The DRHP discloses selling shareholders and proposed use-of-proceeds items such as capex and working capital.
Pre-IPO Placement Details
- Shree Hari Trust – 37,309,589 shares (36.79%)
- Samara Capital Markets Holding Ltd – 30,088,740 shares (29.68%)
- NHPEA Sparkle Holding B.V. – 15,479,366 shares (15.28%)
- Kotak Pre-IPO Opportunities Fund – 6,063,158 shares (5.99%)
- Other investors & promoters – balance stake before IPO
Summary of Financial Data (in ₹ Crore)
| Particulars Purchases | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
|---|---|---|---|
| Domestic | 69.85 | 71.89 | 68.12 |
| Imports | 195.41 | 207.60 | 164.36 |
| Total Purchases | 265.26 | 279.49 | 232.46 |
| Cost of materials consumed | 218.44 | 242.83 | 162.57 |
| Purchase of stock-in-trade | 51.46 | 28.93 | 42.20 |
| Changes in inventories | -19.49 | -39.98 | -10.62 |
| Total Costs | 250.40 | 231.79 | 194.15 |
Risk Factors
- Regulatory approvals across multiple jurisdictions remain a key risk.
- Competition from large global device makers.
- Currency fluctuations and working capital intensity.
- Revenue from Vascular Intervention Devices:
- 2025: 65.86%
- 2024: 68.51%
- 2023: 71.99%
- Revenue from Supraflex Cruz:
- 2025: 42.06%
- 2024: 47.84%
- 2023: 44.91%
- An adverse impact on sales of products within the Vascular Intervention vertical or of the Supraflex Cruz would negatively affect the company’s business, operations, and profitability.
- The company may not be able to implement its business strategies or effectively sustain and manage its growth.
For more information: Sahajanand Medical Technologies IPO
Conclusion
Sahajanand Medical Technologies IPO 2025 offers investors a chance to back an Indian innovator in cardiovascular devices. With robust revenue growth, expanding global presence, and strong R&D investments, the company is poised for future opportunities. However, risks remain and careful evaluation is necessary. For continuous insights on investment opportunities in unlisted companies, make sure to follow Unlisted Radar.
FAQ
What is Sahajanand Medical Technologies IPO 2025 unlisted share price today?
As of the latest DRHP disclosures, the exact unlisted share price fluctuates based on grey market activity. Investors should follow Unlisted Radar for real-time updates on the Sahajanand Medical Technologies IPO 2025 Unlisted Share Price.
How to buy Sahajanand Medical Technologies IPO 2025 unlisted shares?
Unlisted shares can be bought through registered brokers or platforms specializing in upcoming unlisted shares in India. Always ensure transactions are compliant with SEBI norms.
Is Sahajanand Medical Technologies IPO 2025 a good investment before IPO?
SMT reported FY25 revenue of ₹1,024.88 Cr with a CAGR of 13.5% from FY23 to FY25. EBITDA margins stood at 12.49%. These figures show growth potential, though investors should weigh risks such as competition and regulatory hurdles.
When will Sahajanand Medical Technologies IPO 2025 IPO launch?
The exact launch date will be finalized after SEBI approval. Follow Unlisted Radar for the latest timeline updates.
What are the risks of investing in Sahajanand Medical Technologies IPO 2025 unlisted shares?
Key risks include regulatory approvals in multiple geographies, pricing pressures from global competitors, and foreign exchange fluctuations. Investors must carefully review these factors before investing.
Which brokers deal in Sahajanand Medical Technologies IPO 2025 unlisted shares?
Several SEBI-registered brokers and unlisted share platforms facilitate these trades. Always verify credibility before transacting.
What is the lot size in the IPO?
The lot size will be disclosed closer to the IPO launch in the Red Herring Prospectus. Stay tuned to Unlisted Radar for updates.
How does Sahajanand Medical Technologies IPO 2025 compare with competitors?
Compared with Abbott and Medtronic’s India operations, SMT has grown faster at a CAGR of 13.5% (FY23–FY25). Its India-first manufacturing and competitive pricing give it an edge in emerging markets.