Sahajanand Medical Technologies Reignites IPO Ambitions with OFS Route

Unknown Apr 02, 2026 1,150 Views

Sahajanand Medical Technologies Ltd (SMT), a leading player in India’s cardiovascular medical device space, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for a public listing. Backed by marquee investors including Ashish Kacholia, Samara Capital, and Kotak Pre-IPO Opportunitie...

Key highlights of the IPO structure:

The IPO is entirely an Offer for Sale (OFS) of up to 2.76 crore equity shares, with no fresh capital infusion.

Promoters Shree Hari Trust and Dhirajkumar Savjibhai Vasoya will each offload 27 lakh shares.

Institutional investors Samara Capital (1.29 crore shares), NHPEA Sparkle Holding BV (66.7 lakh shares), and Kotak Pre-IPO Opportunities Fund (26.15 lakh shares) will also pare holdings.

The offer includes a reserved portion with discounts for eligible employees.

Shares will be listed on NSE and BSE, with Motilal Oswal, Avendus Capital, HSBC Securities, and Nuvama Wealth Management acting as lead managers.

Company profile and business strengths:

Founded in 2001 by Dhirajlal Kotadia, SMT specializes in Class III and Class C/D medical devices, focusing on vascular intervention and structural heart segments.

Its product portfolio includes coronary stents, balloons, transcatheter aortic valves, occluders, and renal stents.

SMT operates two R&D centers—in India and Thailand—and holds 102 granted patents globally, with 71 more applications pending.

The company exports to over 76 countries, with Europe and emerging markets driving growth.

Financial performance and turnaround:

Revenue from operations rose 13.67 percent to Rs 1,024.88 crore in FY25, up from Rs 901.60 crore in FY24.

The company posted a net profit of Rs 25.15 crore in FY25, reversing a loss of Rs 7.35 crore in the previous fiscal.

Improved margins were attributed to higher sales in the structural heart segment and better inventory management.

Investor sentiment and market positioning:

SMT commands a 25 percent market share in India’s drug-eluting stent (DES) segment, according to industry reports.

The presence of Ashish Kacholia, known for identifying multibagger opportunities, adds credibility and retail interest.

The IPO is expected to attract institutional and retail investors seeking exposure to India’s growing medtech sector.

Strategic outlook and risks:

SMT’s focus on affordable innovation and precision manufacturing aligns with India’s Atmanirbhar Bharat goals.

However, investors should monitor regulatory changes, pricing controls, and global competition in the cardiovascular device space.

The absence of fresh capital in the IPO means growth will rely on internal accruals and strategic partnerships.

Conclusion:

Sahajanand Medical Technologies’ IPO offers a window into India’s evolving healthcare manufacturing landscape. With strong fundamentals, global reach, and high-profile backers, the company is poised to make a compelling debut—pending market conditions and investor appetite.

Sources: Financial Express, NDTV Profit

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