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Sudeep Pharma IPO Last Day: GMP Falls, Issue Receives 8.89x Subscription So Far; Should You Apply?
Sudeep Pharma IPO Last Day: GMP Falls, Issue Receives 8.89x Subscription So Far; Should You Apply?
Sudeep Pharma IPO Day 3: The initial public offering (IPO) of Vadodara-based Sudeep Pharma Ltd is going to be closed today, Tuesday, November 25. The price band of the Rs 895-crore IPO has been fixed at Rs 563-593 per equity share. Till 11:20 am on the final day of bidding on Tuesday, the Sudeep Pharma IPO received 8.89x subscription, garnering bids for 9,39,61,475 shares as against the 1,05,64,927 shares on offer.
Its retail category got a 7.03x subscription, while its non-institutional investor (NII) quota got a 24.87x subscription. The QIB category received a 0.16x subscription.
Its grey market premium has also fallen to Rs 83, compared with Rs 90 on Monday.
Sudeep Pharma IPO GMP Today
According to market observers, unlisted shares of Sudeep Pharma Ltd are currently trading at Rs 676 apiece in the grey market, which is a GMP of Rs 83 or 14% over the upper IPO price of Rs 593, indicating moderate listing gains for investors.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium' indicates investors' readiness to pay more than the issue price.
Sudeep Pharma IPO: Should You Subscribe?
Anand Rathi has given the issue a ‘Subscribe – Long Term' rating, calling Sudeep Pharma a globally recognised maker of excipients and specialty mineral ingredients with strong traction across pharmaceutical, food and nutrition segments. The brokerage highlights the company's deep global reach, serving over 1,100 clients worldwide, supported by major international certifications that enhance credibility. According to the IPO note, “With a strong focus on quality, regulatory compliance, innovation, and customer engagement, the company has built long-term relationships with over 1,100 clients globally."
On the financial front, Sudeep Pharma posted an FY24 EBITDA of Rs 181.7 crore and PAT of Rs 138.7 crore, reflecting healthy margins and consistent growth. The brokerage also points to the company's move into higher-value areas such as mineral chemistry and battery-grade iron phosphate for EVs. While the IPO's upper-band valuation of 48.3x FY25E P/E is described as “fully priced", Anand Rathi believes the global footprint, regulatory strength and future expansion opportunities justify a long-term investment view.
Another brokerage firm Master Capital Services also sees strong sectoral tailwinds supporting the company. Its note highlights that India's food and nutritional ingredients market, valued at $22 billion in 2024, is growing at a CAGR of 8.1% and is expected to touch $32 billion by 2029. The vitamins and minerals segment alone, a key area for Sudeep, is projected to grow from $2.1 billion to $3 billion over the same period.
Master Capital Services in its IPO note said, “Sudeep Pharma Ltd is strategically positioned to capitalize on this rapid expansion across the pharmaceutical, food, nutrition and specialty ingredients markets."
Backed by a technology-driven manufacturing ecosystem and a portfolio of more than 100 products, investors may consider the IPO as a potential long-term opportunity, according to Master Capital.
Sudeep Pharma IPO: More Details
The initial public offering (IPO) will conclude on November 25, and bidding for anchor investors will open for a day on November 20. Investors can bid for a minimum of 25 equity shares and in multiples of 25 shares thereafter, the company said in a statement.
The IPO is a mix of a fresh issue of equity shares worth Rs 95 crore and an offer for sale of nearly 1.35 crore equity shares aggregating worth Rs 800 crore by promoters, Sujit Jaysukh Bhayani, Sujeet Jaysukh Bhayani HUF, Shanil Sujit Bhayani and Avani Sujit Bhayani.
The net proceeds from the fresh issue to the tune of Rs 75.81 crore will be for capital expenditure towards procurement of machinery for its production line located at Nandesari Facility 1, Gujarat and general corporate purposes.
Sudeep Pharma is a technology-led manufacturer of excipients and specialty ingredients for the pharmaceutical, food and nutrition industries and is dedicated to contributing to the global healthcare ecosystem.
The company is one of the largest producers of food-grade iron phosphate for infant nutrition, clinical nutrition, and the food and beverage sectors, in terms of production capacity with a combined annual available manufacturing capacity of 72,246 metric tons, as of June 30, 2025, as per F&S report.
It has served over 1,100 customers, and has built longstanding relationships with marquee customers including Pfizer Inc, Mankind Pharma, Merck Group, Aurobindo Pharma, Cadila Pharmaceutical, IMCD Asia Pte Ltd, and Danone SA.
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The company's shares are proposed to be listed on the BSE and NSE.
ICICI Securities Ltd and IIFL Capital Services are the book-running lead managers, and MUFG Intime India Pvt Ltd is the registrar of the IPO.
Source: News18
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