| Event | Date |
|---|---|
| Open Date | 21-11-2025 , Friday |
| Close Date | 25-11-2025 , Tuesday |
| Tentative Allotment | 26-11-2025 , Wednesday |
| Tentative Listing Date | 28-11-2025 , Friday |
| Retail Appl. Cut Off Time | 25-11-2025 , Tuesday 05:00 PM |
| Non Retail Appl. Cut Off Time | 25-11-2025 , Tuesday 04:00 PM |
| Anchor Allotment | 20-11-2025 , Thursday |
| Initiation Of Refund | 27-11-2025 , Thursday |
| Credit Of Share To Demat | 27-11-2025 , Thursday |
Sudeep Pharma Limited is a specialty ingredient and pharmaceutical excipient manufacturer supplying customers in the pharmaceuticals, food and nutrition, and FMCG sectors.
The company manufactures pharmaceutical excipients, mineral-based ingredients, specialty ingredients and nutrition-focused products used by pharma, food and nutrition companies. Its products are generally not sold directly to consumers. Instead, Sudeep Pharma works as a B2B backend supplier to large domestic and global companies.
As of June 30, 2025, Sudeep Pharma served over 1,100 customers across around 100 countries. Its customer base includes marquee names such as Pfizer Inc, Intas Pharmaceuticals Limited, Mankind Pharma Limited, Merck Group, Alembic Pharmaceutical Limited, Aurobindo Pharma Limited, Cadila Pharmaceutical Limited, IMCD Asia Pte. Ltd., Micro Labs Limited and Danone S.A.
IPORupee View: Sudeep Pharma is not a normal generic pharma company. It is a pharma-adjacent specialty ingredients and excipients company.
For retail investors, this IPO should be studied as a specialty pharma ingredients, excipients, export-led B2B manufacturing, high-margin, working-capital and valuation-sensitive story.
| Business Area | Meaning |
|---|---|
| Pharmaceutical excipients | Non-active ingredients used in medicines for stability, binding, delivery, taste, flow or absorption |
| Mineral-based ingredients | Calcium, iron, magnesium, zinc, potassium, sodium and other mineral ingredients |
| Food-grade minerals | Minerals used in food, nutrition and fortification products |
| Specialty nutrition ingredients | Ingredients used in nutraceuticals, supplements and health products |
| Micronutrient premixes | Custom blends of vitamins / minerals for nutrition applications |
| Specialty systems | Advanced ingredient systems such as liposomal or encapsulated formats |
| Export manufacturing | Supplying customers across international markets |
| B2B ingredient supply | Supplying pharma, food, nutrition and FMCG companies |
IPORupee View: Sudeep Pharma works behind the scenes. Its ingredients may become part of tablets, capsules, syrups, food products, nutrition products or supplements. Once a supplier is approved, customers may continue using them for long periods. However, strict quality control, regulatory documentation and customer approval are very important.
Pharmaceutical excipients are substances used in medicines other than the active drug ingredient. They help make medicines stable, usable, safe and effective.
| Excipient Use | Meaning |
|---|---|
| Binding | Helps hold tablet ingredients together |
| Disintegration | Helps tablet break down properly after consumption |
| Stability | Helps maintain product quality during shelf life |
| Taste masking | Improves taste in oral medicines |
| Flow improvement | Helps manufacturing process run smoothly |
| Controlled release | Helps manage how medicine is released in the body |
| Mineral supplementation | Adds required minerals in health / pharma products |
IPORupee View: Retail investors often focus only on API and formulation companies. But excipient and specialty ingredient companies are also important in the pharma supply chain. The risk is that customers require high quality, documentation and compliance, so any failure can affect customer trust.
Sudeep Pharma operates in specialty ingredient manufacturing with capabilities across mineral processing, excipient development and value-added ingredient systems.
| Capability | Why It Matters |
|---|---|
| Encapsulation | Helps protect ingredients, mask taste and improve stability |
| Spray drying | Converts liquids into dry powders and improves handling |
| Granulation | Improves flow, compressibility and uniformity of powders |
| Liposomal preparations | Advanced delivery system for nutrition / pharma ingredients |
| Mineral processing | Converts minerals into usable pharma / food-grade forms |
| In-house laboratories | Supports testing, R&D and quality control |
| Pilot-scale facilities | Helps develop and scale new products |
IPORupee View: This is a technology-led manufacturing business. The company is not simply trading minerals. It uses processing, formulation and delivery technologies to create usable ingredients for regulated industries.
Sudeep Pharma has shown steady revenue growth and strong profitability over FY2023 to FY2025 and the three months ended June 30, 2025.
| Particulars | Q1 FY2026 | FY2025 | FY2024 | FY2023 | CAGR FY2023 to FY2025 |
|---|---|---|---|---|---|
| Revenue from operations | Rs. 1,249.18 mn | Rs. 5,019.99 mn | Rs. 4,592.81 mn | Rs. 4,287.39 mn | 8.21% |
| Total income | Rs. 1,300.76 mn | Rs. 5,113.28 mn | Rs. 4,653.78 mn | Rs. 4,382.59 mn | 8.02% |
| Profit for the period / year | Rs. 312.70 mn | Rs. 1,386.91 mn | Rs. 1,331.87 mn | Rs. 623.21 mn | 49.20% |
| Total equity | Rs. 6,939.30 mn | Rs. 4,930.91 mn | Rs. 3,560.34 mn | Rs. 2,232.85 mn | 48.61% |
| Total debt | Rs. 1,359.72 mn | Rs. 1,352.54 mn | Rs. 750.34 mn | Rs. 822.55 mn | 28.23% |
| Adjusted Gross Margin | Rs. 825.96 mn | Rs. 3,372.08 mn | Rs. 2,939.76 mn | Rs. 2,462.72 mn | 17.01% |
| Adjusted Gross Margin | 66.12% | 67.17% | 64.01% | 57.44% | - |
| EBITDA | Rs. 490.33 mn | Rs. 1,992.81 mn | Rs. 1,877.55 mn | Rs. 986.42 mn | 42.14% |
| EBITDA Margin | 39.25% | 39.70% | 40.88% | 23.01% | - |
| PAT Margin | 25.03% | 27.63% | 29.00% | 14.54% | - |
| Return on Adjusted Capital Employed | 6.01% | 29.53% | 40.65% | 28.96% | - |
| Adjusted Net Debt Equity | 13.70% | 19.97% | 17.15% | 32.23% | - |
IPORupee Financial Insight: Revenue growth is moderate at 8.21% CAGR from FY2023 to FY2025, but profit growth is much stronger at 49.20% CAGR. This means profitability improved much faster than revenue.
EBITDA margin is very strong at 39.70% in FY2025, 40.88% in FY2024 and 39.25% in Q1 FY2026. PAT margin is also strong at 27.63% in FY2025 and 25.03% in Q1 FY2026.
However, revenue CAGR is not very high. So, if valuation is premium, investors should check whether future growth can accelerate through exports, new products, better capacity utilisation and capacity expansion.
| Customer Group | Q1 FY2026 Amount | % of Revenue | FY2025 Amount | % of Revenue | FY2024 Amount | % of Revenue | FY2023 Amount | % of Revenue |
|---|---|---|---|---|---|---|---|---|
| Largest customer | Rs. 182.10 mn | 14.58% | Rs. 409.22 mn | 8.15% | Rs. 419.88 mn | 9.14% | Rs. 495.37 mn | 11.55% |
| Top 5 customers | Rs. 452.75 mn | 34.08% | Rs. 1,493.71 mn | 29.79% | Rs. 1,244.97 mn | 27.11% | Rs. 1,492.03 mn | 34.80% |
| Top 10 customers | Rs. 525.96 mn | 42.10% | Rs. 2,047.05 mn | 40.78% | Rs. 1,622.61 mn | 35.33% | Rs. 1,842.93 mn | 42.98% |
In FY2025, the top 10 customers contributed 40.78% of revenue, and the top 5 customers contributed 29.79%. In Q1 FY2026, the top 10 customers contributed 42.10%, and the top 5 customers contributed 34.08%.
For a specialty ingredient company, customer concentration can be partly normal because approved customer relationships are long-term. But if any major customer reduces orders, changes supplier, delays approval or faces demand slowdown, revenue can be impacted.
As of June 30, 2025, Sudeep Pharma served over 1,100 customers across around 100 countries. Its largest export markets include the USA, Europe, APAC and Africa. In Q1 FY2026, export sales accounted for 58.68% of revenue from operations.
| Particulars | Q1 FY2026 Amount | % of Revenue | FY2025 Amount | % of Revenue | FY2024 Amount | % of Revenue | FY2023 Amount | % of Revenue |
|---|---|---|---|---|---|---|---|---|
| Export Sales | Rs. 732.98 mn | 58.68% | Rs. 2,975.45 mn | 59.27% | Rs. 2,958.94 mn | 64.43% | Rs. 2,934.56 mn | 68.45% |
| Export sales to largest jurisdiction | Rs. 198.85 mn | 15.92% | Rs. 951.81 mn | 18.95% | Rs. 1,030.99 mn | 22.45% | Rs. 1,060.89 mn | 24.74% |
| Export sales to top five jurisdictions | Rs. 412.19 mn | 33.01% | Rs. 1,638.43 mn | 32.62% | Rs. 1,680.62 mn | 36.59% | Rs. 1,828.98 mn | 42.66% |
IPORupee View: Exports are a major strength. Export sales contributed 59.27% of FY2025 revenue and 58.68% of Q1 FY2026 revenue.
Export share has reduced from 68.45% in FY2023 to 59.27% in FY2025, while India’s share has increased. This indicates that the company is becoming more balanced between domestic and export markets.
| Geography | Q1 FY2026 Amount | % of Revenue | FY2025 Amount | % of Revenue | FY2024 Amount | % of Revenue | FY2023 Amount | % of Revenue |
|---|---|---|---|---|---|---|---|---|
| Asia-Pacific | Rs. 173.29 mn | 13.87% | Rs. 719.68 mn | 14.34% | Rs. 947.23 mn | 20.62% | Rs. 734.16 mn | 17.12% |
| Europe | Rs. 218.11 mn | 17.46% | Rs. 481.19 mn | 9.59% | Rs. 497.68 mn | 10.84% | Rs. 663.85 mn | 15.48% |
| India | Rs. 516.20 mn | 41.32% | Rs. 2,044.54 mn | 40.73% | Rs. 1,631.69 mn | 35.53% | Rs. 1,352.84 mn | 31.56% |
| Middle East and Africa | Rs. 100.93 mn | 8.08% | Rs. 432.02 mn | 8.61% | Rs. 205.93 mn | 4.48% | Rs. 237.15 mn | 5.53% |
| North America | Rs. 198.85 mn | 15.92% | Rs. 1,164.24 mn | 23.19% | Rs. 1,049.88 mn | 22.86% | Rs. 1,104.24 mn | 25.76% |
| Others | Rs. 41.81 mn | 3.35% | Rs. 178.32 mn | 3.55% | Rs. 260.39 mn | 5.67% | Rs. 195.15 mn | 4.55% |
| Revenue from operations | Rs. 1,249.18 mn | 100.00% | Rs. 5,019.99 mn | 100.00% | Rs. 4,592.81 mn | 100.00% | Rs. 4,287.39 mn | 100.00% |
IPORupee View: India has become the largest geography, contributing 40.73% in FY2025 and 41.32% in Q1 FY2026. North America contributed 23.19% in FY2025, while Europe improved to 17.46% in Q1 FY2026.
| Particulars | Q1 FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Annual installed capacity | 9,090 MT | 36,360 MT | 36,360 MT | 25,920 MT |
| Actual production volume | 4,720 MT | 21,834 MT | 18,405 MT | 18,258 MT |
| Capacity utilisation | 51.93% | 60.05% | 50.62% | 70.44% |
| Particulars | Q1 FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Annual installed capacity | 810 MT | 3,240 MT | 3,240 MT | 3,037 MT |
| Actual production volume | 455 MT | 1,604 MT | 1,770 MT | 1,320 MT |
| Capacity utilisation | 56.14% | 49.50% | 54.63% | 43.46% |
| Particulars | Q1 FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Annual installed capacity | 8,544 MT | 34,176 MT | 34,176 MT | 34,176 MT |
| Actual production volume | 2,192 MT | 9,771 MT | 6,936 MT | 2,172 MT |
| Capacity utilisation | 25.65% | 28.59% | 20.29% | 6.36% |
| Particulars | Q1 FY2026 |
|---|---|
| Annual installed capacity | 813 MT |
| Actual production volume | 347 MT |
| Capacity utilisation | 42.72% |
Manufacturing Facility I is the most utilised major facility, with 60.05% utilisation in FY2025 and 51.93% in Q1 FY2026.
Manufacturing Facility III has large capacity but low utilisation: 28.59% in FY2025 and 25.65% in Q1 FY2026. This gives room to grow production, but it also raises questions about demand, product mix and ramp-up.
As of June 30, 2025, Sudeep Pharma served over 1,100 customers in pharmaceuticals, food and nutrition, and FMCG sectors.
| Key Customers Mentioned |
|---|
| Pfizer Inc |
| Intas Pharmaceuticals Limited |
| Mankind Pharma Limited |
| Merck Group |
| Alembic Pharmaceutical Limited |
| Aurobindo Pharma Limited |
| Cadila Pharmaceutical Limited |
| IMCD Asia Pte. Ltd. |
| Micro Labs Limited |
| Danone S.A. |
| Particulars | Q1 FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Repeat business from customers | Rs. 1,038.91 mn | Rs. 3,929.70 mn | Rs. 3,666.88 mn | Rs. 2,699.22 mn |
| % of revenue from operations | 83.17% | 78.28% | 79.84% | 62.96% |
IPORupee View: Repeat business increased from 62.96% of revenue in FY2023 to 78.28% in FY2025 and 83.17% in Q1 FY2026. This shows strong customer stickiness.
In pharma excipients and specialty ingredients, repeat business is important because customers generally prefer reliable, tested and approved suppliers.
| Supplier Group | Q1 FY2026 Amount | % of Total Raw Materials | FY2025 Amount | % of Total Raw Materials | FY2024 Amount | % of Total Raw Materials | FY2023 Amount | % of Total Raw Materials |
|---|---|---|---|---|---|---|---|---|
| Largest supplier | Rs. 113.50 mn | 19.69% | Rs. 473.19 mn | 22.68% | Rs. 218.72 mn | 14.23% | Rs. 519.30 mn | 25.95% |
| Top 5 suppliers | Rs. 299.86 mn | 52.02% | Rs. 1,074.51 mn | 51.50% | Rs. 747.45 mn | 48.62% | Rs. 1,264.14 mn | 63.16% |
| Top 10 suppliers | Rs. 376.88 mn | 65.40% | Rs. 1,335.57 mn | 64.02% | Rs. 943.76 mn | 61.39% | Rs. 1,488.17 mn | 74.35% |
| Supplier | Contribution to Raw Material Cost | % of Raw Material Cost |
|---|---|---|
| Supplier 1 | Rs. 113.50 mn | 19.69% |
| Supplier 2 | Rs. 76.84 mn | 13.33% |
| Supplier 3 | Rs. 62.26 mn | 10.80% |
| Supplier 4 | Rs. 24.30 mn | 4.22% |
| Supplier 5 | Rs. 22.96 mn | 3.98% |
| Supplier 6 | Rs. 22.46 mn | 3.90% |
| Supplier 7 | Rs. 17.50 mn | 3.04% |
| Supplier 8 | Rs. 15.37 mn | 2.67% |
| Supplier 9 | Rs. 11.48 mn | 1.99% |
| Supplier 10 | Rs. 10.21 mn | 1.77% |
| Total | Rs. 376.88 mn | 65.40% |
Top 10 suppliers contributed 64.02% of raw material cost in FY2025 and 65.40% in Q1 FY2026. Top 5 suppliers contributed 51.50% in FY2025 and 52.02% in Q1 FY2026.
This means the company depends significantly on a limited group of suppliers for raw materials. If supply is disrupted, prices rise, credit terms change or quality issues occur, production and margins can be affected.
| Particulars | Details |
|---|---|
| IPO Opening Date | November 21, 2025 |
| IPO Closing Date | November 25, 2025 |
| Price Band | Rs. 563 to Rs. 593 per share |
| Issue Size | Rs. 895 crore |
| Fresh Issue | Rs. 95 crore |
| Offer for Sale | Rs. 800 crore |
| Face Value | Re. 1 per share |
| Lot Size | 25 shares |
| Minimum Retail Investment at Upper Band | Rs. 14,825 |
| Listing | BSE and NSE |
| Tentative Listing Date | November 28, 2025 |
IPORupee View: The IPO has a small fresh issue and a large OFS. This means most of the issue proceeds go to selling shareholders, not to the company. The fresh issue portion is mainly for capex and general corporate purposes.
Sudeep Pharma operates in pharmaceutical excipients and specialty ingredients, which is more technical than basic commodity manufacturing.
EBITDA margin was 39.70% in FY2025 and 39.25% in Q1 FY2026.
PAT margin was 27.63% in FY2025 and 25.03% in Q1 FY2026.
Profit CAGR from FY2023 to FY2025 was 49.20%, while revenue CAGR was 8.21%.
The company serves over 1,100 customers across around 100 countries.
Customer list includes Pfizer, Intas, Mankind, Merck, Alembic, Aurobindo, Cadila, IMCD Asia, Micro Labs and Danone.
Repeat business was 78.28% of FY2025 revenue and 83.17% of Q1 FY2026 revenue.
India contributed 40.73% of FY2025 revenue, while exports contributed 59.27%.
Facility III has low utilisation, which gives room for production growth if demand improves.
Sudeep Pharma Limited is a specialty ingredient and pharmaceutical excipient manufacturer supplying pharma, food, nutrition and FMCG customers in India and global markets.
The company has a strong global customer network of over 1,100 customers across around 100 countries. Its customer base includes marquee names such as Pfizer, Intas Pharmaceuticals, Mankind Pharma, Merck Group, Alembic Pharmaceutical, Aurobindo Pharma, Cadila Pharmaceutical, IMCD Asia, Micro Labs and Danone.
Financially, the company has shown strong profitability. Revenue from operations grew from Rs. 4,287.39 million in FY2023 to Rs. 5,019.99 million in FY2025, while profit increased from Rs. 623.21 million to Rs. 1,386.91 million during the same period.
The company’s EBITDA margin is very strong at 39.70% in FY2025 and 39.25% in Q1 FY2026. PAT margin was also strong at 27.63% in FY2025 and 25.03% in Q1 FY2026.
Exports are a major part of the business. Export sales contributed 59.27% of FY2025 revenue and 58.68% of Q1 FY2026 revenue. India contributed 40.73% of FY2025 revenue, showing a balanced domestic and export mix.
Repeat business is a major strength. Repeat business from customers contributed 78.28% of FY2025 revenue and 83.17% of Q1 FY2026 revenue, showing strong customer stickiness.
However, investors should watch customer concentration, supplier concentration, working capital, capacity utilisation and premium valuation. The top 10 customers contributed 40.78% of FY2025 revenue, while top 10 suppliers contributed 64.02% of FY2025 raw material cost.
The company’s EBITDA margin was 39.70% in FY2025 and 39.25% in Q1 FY2026, which is very strong for a manufacturing business.
Revenue CAGR was 8.21%, but profit CAGR was 49.20% from FY2023 to FY2025.
PAT margin increased from 14.54% in FY2023 to 27.63% in FY2025. In Q1 FY2026, PAT margin remained strong at 25.03%.
Exports contributed 58.68% of Q1 FY2026 revenue and 59.27% of FY2025 revenue.
India revenue share increased from 31.56% in FY2023 to 40.73% in FY2025 and 41.32% in Q1 FY2026.
Repeat business increased from 62.96% in FY2023 to 83.17% in Q1 FY2026.
Top 10 customers contributed 40.78% of FY2025 revenue and 42.10% of Q1 FY2026 revenue.
Top 10 suppliers contributed 64.02% of FY2025 raw material cost and 65.40% in Q1 FY2026.
Facility III had only 28.59% capacity utilisation in FY2025 and 25.65% in Q1 FY2026.
Facility I had 60.05% utilisation in FY2025, which is better than Facility III.
Total debt increased from Rs. 822.55 million in FY2023 to Rs. 1,352.54 million in FY2025 and Rs. 1,359.72 million in Q1 FY2026.
The company has available capacity in some facilities, especially Facility III. New capex should be assessed based on demand visibility and product mix.
The business quality is strong, but premium valuation needs revenue growth, margin sustainability and strong return ratios.
Can Sudeep Pharma maintain high margins, improve capacity utilisation, grow exports and domestic sales, manage working capital, and reduce concentration risk while justifying premium valuation?
Sudeep Pharma Limited is a strong specialty pharma ingredients and excipients company with global export presence, marquee customers, strong repeat business, high EBITDA margin and strong PAT margin.
The key positives are specialty ingredient positioning, high margins, global customer network, strong repeat business, marquee customer relationships, balanced domestic and export revenue, strong profit growth and available capacity for future growth.
The key concerns are premium valuation, large OFS component, customer concentration, supplier concentration, export dependency, working capital pressure, capacity utilisation risk and quality / regulatory risk.
This IPO should be studied as a specialty pharma excipients + global B2B ingredient manufacturing + high-margin + customer-stickiness + working-capital and valuation-sensitive story.
| Short Form | Full Form |
|---|---|
| IPO | Initial Public Offering |
| RHP | Red Herring Prospectus |
| OFS | Offer for Sale |
| B2B | Business-to-Business |
| API | Active Pharmaceutical Ingredient |
| MT | Metric Tonne |
| EBITDA | Earnings Before Interest, Tax, Depreciation and Amortization |
| PAT | Profit After Tax |
| RONW | Return on Net Worth |
| ROE | Return on Equity |
| ROCE | Return on Capital Employed |
| FMCG | Fast Moving Consumer Goods |
| APAC | Asia-Pacific |
| P/E | Price-to-Earnings Ratio |
| FCF | Free Cash Flow |
| BSE | Bombay Stock Exchange |
| NSE | National Stock Exchange |
This content is prepared by IPORupee for educational and informational purposes only. It is based on IPO-related disclosures and information shared for understanding the company’s business model, product portfolio, financial performance, industry position and key risks.
This is not a recommendation to apply, avoid, buy, sell or hold any IPO or security. IPORupee is not a SEBI-registered investment adviser, research analyst, broker, pharma consultant, food ingredient consultant or portfolio manager.
Pharma ingredient and specialty manufacturing businesses are subject to quality risk, regulatory risk, customer concentration, export risk, currency risk, supplier concentration, working capital pressure, raw material risk, margin pressure, capex execution risk and valuation risk. Investors should read the Red Herring Prospectus, risk factors, financial statements, objects of the issue, peer comparison, valuation details and official disclosures carefully and consult their financial advisor before making any investment decision.
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 50.00 % | 75,46,373 | 447.50 Cr |
Retail | 35.00 % | 52,82,463 | 313.25 Cr |
Total HNI | 15.00 % | 22,63,913 | 134.25 Cr |
SHNI | 5.00 % | 7,54,638 | 44.75 Cr |
BHNI | 10.00 % | 15,09,275 | 89.50 Cr |
Sudeep Pharma Ltd allotted 45,27,823 equity shares to anchor investors at ₹593 per share on 20 Nov 2025 before the IPO opening. The total anchor allocation stood at 268.50 Cr across 25 anchor investors.
Mutual funds received 36,05,799 shares worth 213.82 Cr, representing 79.64% of the total anchor investor allocation. Within the mutual fund portion, SBI Mutual Fund had the highest fund-house level allocation with 3,54,125 shares worth 21.00 Cr across 1 scheme. Other leading fund houses by allocation included HDFC Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund and Axis Mutual Fund.
At scheme level, the largest mutual fund allocations included SBI HEALTHCARE OPPORTUNITIES FUND, ICICI PRUDENTIAL MNC FUND, NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA FLEXI CAP FUND, ADITYA BIRLA SUN LIFE TRUSTEE PRIVATE LIMITED A/C ADITYA BIRLA SUN LIFE SMALL CAP FUND and AXIS MUTUAL FUND TRUSTEE LIMITED A/C AXIS MUTUAL FUND A/C AXIS SMALL CAP FUND.
The largest anchor investor received 7.82% of the anchor portion. The top five anchor investors together received 16,82,100 shares, representing about 37.15% of the total anchor allocation.
| Rank | Anchor Investor Name | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|
| 1 | SBI HEALTHCARE OPPORTUNITIES FUND | 3,54,125 | 7.82 % | 21.00 Cr |
| 2 | ICICI PRUDENTIAL MNC FUND | 3,54,125 | 7.82 % | 21.00 Cr |
| 3 | NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA FLEXI CAP FUND | 3,54,125 | 7.82 % | 21.00 Cr |
| 4 | ADITYA BIRLA SUN LIFE TRUSTEE PRIVATE LIMITED A/C ADITYA BIRLA SUN LIFE SMALL CAP FUND | 3,54,125 | 7.82 % | 21.00 Cr |
| 5 | AXIS MUTUAL FUND TRUSTEE LIMITED A/C AXIS MUTUAL FUND A/C AXIS SMALL CAP FUND | 2,65,600 | 5.87 % | 15.75 Cr |
| Rank | Mutual Fund Scheme | AMC | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|---|
| 1 | SBI HEALTHCARE OPPORTUNITIES FUND | SBI Mutual Fund | 3,54,125 | 7.82 % | 21.00 Cr |
| 2 | ICICI PRUDENTIAL MNC FUND | ICICI Prudential Mutual Fund | 3,54,125 | 7.82 % | 21.00 Cr |
| 3 | NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA FLEXI CAP FUND | Nippon India Mutual Fund | 3,54,125 | 7.82 % | 21.00 Cr |
| 4 | ADITYA BIRLA SUN LIFE TRUSTEE PRIVATE LIMITED A/C ADITYA BIRLA SUN LIFE SMALL CAP FUND | Aditya Birla Sun Life Mutual Fund | 3,54,125 | 7.82 % | 21.00 Cr |
| 5 | AXIS MUTUAL FUND TRUSTEE LIMITED A/C AXIS MUTUAL FUND A/C AXIS SMALL CAP FUND | Axis Mutual Fund | 2,65,600 | 5.87 % | 15.75 Cr |
The figures are based on the company’s stock exchange anchor allotment intimation. Anchor allocation is only an informational disclosure and does not indicate future listing performance.
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 25 (1) | ₹ 14,825 |
Retail MAX | - | 325 (13) | ₹ 1,92,725 |
SHNI MIN | - | 350 (14) | ₹ 2,07,550 |
SHNI MAX | - | 1675 (67) | ₹ 9,93,275 |
BHNI MIN | - | 1700 (68) | ₹ 10,08,100 |
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | - | 95.00 Cr |
Offer for Sale | 1,34,90,726 | 800.00 Cr |
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
ICICI Securities Limited | Namrata Ravasia / Aboli Pitre | +91 22 6807 7100 | sudeep.ipo@icicisecurities.com | www.icicisecurities.com |
IIFL Capital Services Limited | Pawan Jain / Nikita Tayal | +91 22 4646 4728 | sudeep.ipo@iiflcap.com | www.iiflcapital.com |
Understand company details, IPO size, price band, lot size, exchange listing, fresh issue and Offer for Sale (OFS) in simple language for retail investors.
This IPO is of Sudeep Pharma Ltd. The issue is scheduled to open on Friday, 21 November 2025 and closes on Tuesday, 25 November 2025.
After the IPO process is completed, the shares are proposed to be listed on both NSE and BSE.
IPO size means the total amount offered to investors through the public issue.
For Sudeep Pharma Ltd IPO, the total issue size is Rs 895 crore, consisting of a fresh issue of Rs 95 crore and an Offer for Sale (OFS) of Rs 800 crore.
Price band is the price range within which investors can bid for shares in a book-built IPO.
For this IPO, the lower price band is Rs 563 per share and the upper price band is Rs 593 per share.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Sudeep Pharma Ltd IPO, the minimum lot size is 25 shares. At the upper price band of Rs 593 per share, the minimum application amount is Rs 14,825. Applications must be made in multiples of 25 shares.
Fresh Issue means the company issues new shares to investors and receives money from that part of the IPO.
For Sudeep Pharma Ltd IPO, the Fresh Issue size is Rs 95 crore. The company can use these funds for purposes mentioned in the IPO documents, such as business growth, repayment of borrowings, working capital, capital expenditure, or general corporate purposes.
Offer for Sale (OFS) means existing shareholders sell their shares to the public through the IPO.
For Sudeep Pharma Ltd IPO, the Offer for Sale (OFS) size is Rs 800 crore. In an OFS, the selling shareholders receive the money, and the company usually does not receive funds from that portion.
Understand the important IPO dates, allotment process, refund schedule and listing timeline in a retail-friendly format.
The IPO opening date is the first day on which investors can apply for the public issue.
For Sudeep Pharma Ltd IPO, the IPO opens on Friday, 21 November 2025.
The IPO closing date is the last day on which investors can submit, modify, or cancel their IPO applications.
Sudeep Pharma Ltd IPO closes on Tuesday, 25 November 2025.
The tentative allotment date is the expected date on which the registrar finalizes the share allotment for valid IPO applications.
For Sudeep Pharma Ltd IPO, the tentative allotment date is Wednesday, 26 November 2025.
The tentative listing date is the expected date on which IPO shares begin trading on the stock exchanges.
Sudeep Pharma Ltd IPO is expected to list on Friday, 28 November 2025.
After allotment, funds are unblocked or refunds are initiated for non-allotted investors, while allotted shares are credited to investors' demat accounts before listing.
For Sudeep Pharma Ltd IPO, refund initiation is expected on Thursday, 27 November 2025, and credit of shares to demat accounts is expected on Thursday, 27 November 2025.
Understand IPO category-wise reservation, QIB quota, retail quota, HNI allocation, shareholder reservation and the meaning of structure columns in a simple format.
IPO structure shows how shares are divided among different categories of investors, such as QIB, Retail, NII/HNI, Employees, and Shareholders.
For Sudeep Pharma Ltd IPO, the available categories in the structure table include QIB, Retail, Non-Institutional Investors (NII/HNI). The NII/HNI category includes SHNI and BHNI sub-categories. Investors can use this table to understand category-wise allocation before applying.
QIB stands for Qualified Institutional Buyers. This category includes mutual funds, banks, insurance companies, and other large financial institutions.
In Sudeep Pharma Ltd IPO, 50% shares are reserved under the QIB category, with 75,46,373 shares offered, and an allocation amount of ₹447.50 crore.
The Retail category is reserved for individual investors and HUFs applying for up to Rs 2 lakh within the retail investment limit allowed under IPO rules.
In Sudeep Pharma Ltd IPO, 35% shares are reserved under the Retail category, with 52,82,463 shares offered, and an allocation amount of ₹313.25 crore.
NII/HNI stands for Non-Institutional Investors / High Net-Worth Individuals. This category generally includes investors applying for more than Rs 2 lakh, above the retail investment limit.
In Sudeep Pharma Ltd IPO, 15% shares are reserved under the NII/HNI category, with 22,63,913 shares offered, and an allocation amount of ₹134.25 crore.
SHNI stands for Small HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 2 lakh but not exceeding Rs 10 lakh.
In Sudeep Pharma Ltd IPO, 5% shares are reserved under the SHNI sub-category, with 7,54,638 shares offered, and an allocation amount of ₹44.75 crore.
BHNI stands for Big HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 10 lakh.
In Sudeep Pharma Ltd IPO, 10% shares are reserved under the BHNI sub-category, with 15,09,275 shares offered, and an allocation amount of ₹89.50 crore.
Understand retail lot size, HNI application limits, employee category, shareholder category and investment amount calculations using the IPO lot table.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Sudeep Pharma Ltd IPO, the minimum lot size is 25 shares. At the upper price band of Rs 593 per share, the minimum application amount is Rs 14,825. Applications must be made in multiples of 25 shares.
Retail minimum application shows the minimum application size for retail investors.
For Sudeep Pharma Ltd IPO, the Retail minimum application is 25 shares (1 lot) for about Rs 14,825.
Retail maximum application shows the maximum application size generally available under the retail category.
For Sudeep Pharma Ltd IPO, the Retail maximum application is 325 shares (13 lots) for about Rs 1,92,725.
SHNI minimum application shows the minimum application size for the Small HNI category.
For Sudeep Pharma Ltd IPO, the SHNI minimum application is 350 shares (14 lots) for about Rs 2,07,550.
SHNI maximum application shows the maximum application size available under the Small HNI category, when provided.
For Sudeep Pharma Ltd IPO, the SHNI maximum application is 1,675 shares (67 lots) for about Rs 9,93,275.
BHNI minimum application shows the minimum application size for the Big HNI category.
For Sudeep Pharma Ltd IPO, the BHNI minimum application is 1,700 shares (68 lots) for about Rs 10,08,100.
Understand important financial figures in simple language using the financial statement data available for the IPO.
Financial Highlights show important numbers from the company's financial statements. These may include income, expenses, profit, assets, liabilities, cash flow and other financial information, depending on the data available for the IPO.
The table displays available financial data based on the IPO information currently available. Fields may differ from company to company depending on disclosures and reporting format.
Investors should read the table to understand the company's financial performance and financial position over different periods.
The table may help users review income, expenses, profitability, balance sheet position, cash movement or other financial information, depending on the available data.
Financial statement line items may differ because companies operate in different industries and may follow different reporting formats.
Some companies may provide detailed financial breakup, while others may present broader financial categories.
Investors should review income, expenses, profitability, debt position, asset base, liabilities and cash flow position together.
A single financial figure should not be used alone to judge the company.
Profit is important, but it does not show the full financial picture.
Investors should also review revenue quality, expenses, debt, assets, liabilities, cash flow, valuation and business risks.
Cash flow helps investors understand how money moves in and out of the business.
A company may report profit but still face cash flow pressure, so cash flow should be reviewed along with profit, debt and balance sheet information.
No. Financial Highlights are useful, but investors should also review valuation, peer comparison, KPI data, business risks, IPO pricing, management discussion and official offer documents such as the RHP or DRHP.
Understand how the company may be compared with similar businesses using the peer comparison data available for the IPO.
Peer Comparison means comparing the IPO company with businesses operating in a similar sector or industry.
It helps investors understand the company in a broader industry context.
Peer Comparison helps investors understand how the company can be compared with similar businesses using available financial or valuation metrics.
It is useful for context, but it should not be treated as a final investment conclusion.
Peer comparison metrics may differ depending on the companies selected, accounting format, business model and available public information.
Investors should compare only relevant and similar metrics.
Investors should use the peer comparison table as a reference point.
Available metrics should be read together with business model, scale, profitability, margins, debt, growth, valuation and IPO pricing.
No. Peer Comparison does not directly decide whether an IPO is good or bad.
It only provides context for comparison. Final analysis should include financial statements, KPI data, valuation, risk factors and official offer documents.
No. Peer Comparison is only one part of IPO analysis.
Investors should also review financial statements, KPI data, business risks, valuation, IPO pricing and company fundamentals.
Understand important KPI metrics in simple language using the key performance indicator data available for the IPO.
Key Performance Indicators, or KPIs, are financial and valuation metrics used to understand profitability, efficiency, leverage, return-based ratios and earnings performance.
They help investors understand the company beyond basic financial figures.
KPIs help investors assess profitability, capital efficiency, leverage, valuation and earnings quality.
They should be reviewed together with financial statements, peer comparison and IPO pricing.
KPI data may differ depending on the company, industry, financial disclosures and available offer document information.
Not every IPO may provide every KPI, and some metrics may not be applicable to every business.
Investors should read KPI metrics together instead of relying on one ratio.
A single KPI may not give the full picture unless it is reviewed with financial statements, peer comparison, business model and valuation.
No. High or low KPI values need context.
The meaning of a ratio may differ depending on industry, business model, debt level, growth stage, profitability and IPO valuation.
No. KPI data is useful, but it should not be used alone.
Investors should also review financial statements, peer comparison, business risks, valuation, IPO pricing and official offer documents such as the RHP or DRHP.