Sahajanand Medical Technologies has secured final approval from the Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO). The company had originally submitted its IPO draft papers to SEBI on July 25, 2025.
The IPO consists of an offer-for-sale of shares of up to 27,644,231 Equity Shares of face value of ₹1 each by promoters – Shree Hari Trust, Dhirajkumar Savjibhai Vasoya and Samara Capital Markets Holding Limited. Other investors selling shares are Kotak Pre-IPO Opportunities Fund and NHPEA Sparkle Holding B V.
Incorporated in 2001, the company is a Class III and Class C/D medical devices company with a portfolio of technologically advanced medical devices across vascular and structural heart intervention. According to F&S Report, the company was the first player globally to receive a CE certification for a DES with a biodegradable polymer (Infinnium). Over the years, the company has introduced innovative products, driven by its focus on R&D and precision manufacturing capabilities enabling it have a presence across 76 countries, as of March 31, 2025.
The company is an R&D-driven engaged in the development of Class III and Class C/D medical devices, with an emphasis on vascular intervention (VI) and structural heart (SH). Its portfolio consists of VI products includes coronary intervention products such as coronary stents and coronary balloons, SH products include trans-catheter aortic valves and occluders, amongst others.
According to the F&S Report, it is a leading player in the drug eluting stent (DES) market in India, with a market share of nearly 25% in CY 2025 of the total DES sales volume in India. Further, it is among the top five companies in terms of market share by sales volume of DES in Germany, Spain, Poland and Brazil. Additionally, it is also among the top five companies in terms of market share by sales volume of occluders in Thailand, South Korea and India, as of March 31, 2025. It is the first company in the world to receive a CE certification for a DES with a biodegradable polymer.
As of March 31, 2025, it has two R&D centers. Additionally, it has 102 patents granted globally, 71 more patent applications in the pipeline, and five design registrations in India as on the date of this Draft Red Herring Prospectus.
SMT Limited’s revenue from operations was ₹1,024.88 crore in FY25 vis-à-vis Rs 795.5 crore in FY23. Its net profit was ₹25.15 crore in FY25 vis-à-vis Rs 11.9 crore in FY23.
Motilal Oswal Investment Advisors Limited, Avendus Capital Private Limited, HSBC Securities and Capital Markets (India) Private Limited and Nuvama Wealth Management Limited are the book-running lead managers and MUFG Intime India Private Limited is the registrar of the issue.
