Sudeep Pharma IPO has continued to attract strong investor interest, recording a subscription level of 5.09 times so far. The price band for the issue is set between ₹563 and ₹593 per share. Share allotment and refunds are scheduled for November 26 and 27, respectively, while the stock is set to list on the exchanges on November 28.
The IPO opened on Friday, November 21, and will close on Tuesday, November 25, giving investors one final day to participate. By the end of Day 2, the issue was subscribed 5.09 times, reflecting robust demand across categories.
IPO Structure and Timeline
Sudeep Pharma has allocated:
Up to 50% of the issue to QIBs,
At least 15% to NIIs, and
A minimum of 35% to retail investors.
The provisional allotment will be announced on Wednesday, November 26, with refunds processed on Thursday, November 27. Shares will be credited to demat accounts the same day, and trading is expected to begin on the BSE and NSE from November 28.
Company Overview
Based in Gujarat, Sudeep Pharma is a leading manufacturer of food-grade iron phosphate used in infant and clinical nutrition, as well as the food and beverage sector. The company operates six manufacturing units with a combined capacity of 50,000 MT, producing minerals such as calcium, iron, magnesium, zinc, potassium, and sodium.
Sudeep Pharma IPO GMP Today
The GMP (grey market premium) for the Sudeep Pharma IPO stands at ₹86 today. Based on the upper price band of ₹593, this indicates an estimated listing price of around ₹679 per share, reflecting a potential 14.50% premium.
Over the past eight sessions, the IPO’s GMP trend has shown steady improvement. Analysts note that the GMP has ranged between ₹0 and ₹130, suggesting expectations of a strong listing.
Subscription Status
As of Day 2, the Sudeep Pharma IPO has received bids for 5,37,83,650 shares against 1,05,64,926 shares on offer.
Category-wise subscription:
Retail Investors: 4.96×
NIIs: 12×
QIBs: 13%
On Day 1, the IPO was subscribed 1.42×, indicating significant acceleration in participation.
IPO Review and Analyst Opinions
Anand Rathi
At the upper price band, Sudeep Pharma is valued at 48.3× FY25 P/E, with a projected post-issue market cap of ₹266,979 million.
The brokerage highlights:
A wholly owned subsidiary (SAMPL) focusing on advanced materials, including a new PCAM plant for LFP battery-grade iron phosphate.
Expansion into regulated markets like the US and Europe through USFDA-approved facilities.
Increased exports and direct market access via local warehousing and sales teams.
Verdict: “Subscribe – Long Term”
Swastika Investmart
Swastika notes strong fundamentals, including:
Rising revenues
High EBITDA margins
FY25 RONW of 27.88%
The IPO, however, is labeled “aggressively priced” at a P/E of 45–48×, leaving limited room for short-term listing gains.
Verdict: Suitable for aggressive investors with a 2–5 year horizon.
Geojit Investments
Geojit considers the valuation at 48× FY25 P/E to be fairly priced. Growth prospects are supported by:
Strong operational metrics
The acquisition of NSS, strengthening its European presence
Entry into the fast-growing battery minerals segment
A solid balance sheet and emphasis on R&D and innovation
Verdict: “Subscribe” for medium- to long-term investors.
Sudeep Pharma IPO Details
Fresh Issue: ₹95 crore
OFS: 1.35 crore shares (worth ₹800 crore) by promoters
Use of Proceeds:
₹75.81 crore allocated for machinery at the Nandesari Facility 1 in Gujarat
Remaining funds for general corporate purposes
Book Running Lead Managers: ICICI Securities and IIFL Capital Services
Registrar: MUFG Intime India Pvt. Ltd.
Disclaimer: The above analysis reflects the views of individual brokerages. Investors are advised to consult certified financial advisors before making investment decision.
