Morgan Stanley-backed Sahajanand Medical Technologies IPO to Open on October 15, Offers 1.38 Cr Shares

Sahajanand Medical Technologies (SMT), a Mumbai-based medical device manufacturer backed by Samara Capital, Morgan Stanley and Kotak Investment Advisors, is set to launch its maiden initial public offering (IPO) on October 15.

The IPO will be an offer for sale (OFS) of 1.38 crore equity shares, with no fresh issue component. This means the money raised will go to the existing shareholders selling their shares, and the company will not receive funds from the public issue. The listing is aimed at providing an exit opportunity to shareholders and bringing the company to the stock exchanges.

The company has reserved 2.5 lakh shares for its employees. The IPO price band will be announced on October 12.

• Sahajanand Medical Technologies IPO: Important Dates

The anchor book for institutional investors will open on October 14, followed by the public subscription period from October 15 to October 19. The share allotment is expected to be finalised by October 21, and the stock is scheduled to list on October 23.

Of the shares on offer, 50% has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors.

Samara Capital Markets Holding, Kotak Pre-IPO Opportunities Fund and NHPEA Sparkle Holding BV, along with the promoters, are among the selling shareholders. Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities and Capital Markets (India), and Nuvama Wealth Management have been appointed as merchant bankers.

• Founded by Dhirajlal Kotadia in 2001

Founded by Dhirajlal Kotadia in 2001, Sahajanand Medical Technologies develops medical devices used in cardiovascular treatment and other medical procedures.

Its products include coronary stents, balloons and structural heart devices such as transcatheter aortic valve implantation (TAVI) systems and occluders. Vascular intervention products contribute around 60% of revenue, while structural heart devices account for approximately 16%.

As of the quarter ended June 2026, the company marketed its products in 65 countries, including India and several European markets.

• Who Are the Major Shareholders?

Samara Capital Markets Holding is the company’s largest public shareholder, with a 29.61% stake. Morgan Stanley affiliate NHPEA Sparkle Holding BV holds 15.24%, while Kotak Pre-IPO Opportunities Fund owns 5.98%. Investor Ashish Kacholia also holds a 1.08% stake.

• Sahajanand Medical Technologies’ Financial Performance

SMT reported revenue of Rs 351.6 cr and a profit of Rs 15.1 cr for the quarter ended June 2026.

For FY26, revenue increased 18.1% year-on-year to Rs 1,210.5 Cr, compared with Rs 1,024.9 crore in FY25. Net profit rose sharply by 174.65% to Rs 69.1 cr from Rs 25.15 cr in the previous financial year.

The upcoming IPO will give public market investors an opportunity to participate in a medical device business with a presence across multiple international markets. Since the issue is entirely an OFS, investors should note that the company itself will not receive any money from the IPO.

Key Numbers

• 1.38 Cr shares: Total equity shares offered through the IPO

• Rs 1,210.5 Cr: Revenue reported in FY26

• Rs 69.1 Cr: FY26 net profit, up 174.65% year-on-year
  
  The Unicorn Magazine