Sudeep Pharma Ltd.IPO (Sudeep Pharma IPO) Detail

Sudeep Pharma [finance:Sudeep Pharma Limited] IPO opens for subscription on November 21, 2025, offering investors an opportunity to invest in India’s leading pharmaceutical excipients manufacturer. The mainboard IPO aims to raise ₹895 crores and has already garnered strong anchor investor support of ₹268.5 crores, signaling robust institutional confidence in the company’s growth prospects.

The Sudeep Pharma IPO subscription window remains open until November 25, 2025, with shares priced between ₹563 to ₹593 per equity share. Early indications from the grey market show a premium of approximately 20%, reflecting positive investor sentiment ahead of the listing scheduled for November 28, 2025.

Sudeep Pharma IPO Overview

The Sudeep Pharma IPO is a book-building issue combining fresh equity and offer for sale components. The issue comprises a fresh issue of 16.02 lakh shares aggregating to ₹95 crores and an offer for sale of 1.35 crore shares worth ₹800 crores by existing promoters and shareholders.

ICICI Securities [finance:ICICI Securities Limited] Ltd serves as the book running lead manager, while MUFG Intime India Pvt Ltd acts as the registrar for this public offering. The shares will be listed on both BSE [finance:BSE Limited] and NSE [finance:National Stock Exchange of India Limited], providing liquidity to investors across India’s premier stock exchanges.

Important Sudeep Pharma IPO Dates & Timeline

Understanding the IPO timeline is crucial for investors planning to participate in the Sudeep Pharma IPO. The subscription window spans five working days, providing ample opportunity for retail and institutional investors to submit their applications.

The allotment process follows a structured timeline, with basis of allotment finalized within 24 hours of subscription closure. Investors can check their allotment status through the registrar’s website or directly through their broker’s platform.

Sudeep Pharma IPO Price Band & Investment Details

The Sudeep Pharma IPO price band is set at ₹563 to ₹593 per equity share, with a lot size of 25 shares. This pricing values the company at approximately ₹6,698 crores post-issue, reflecting a price-to-earnings ratio of 53.55x based on FY2025 earnings.

Retail investors can apply for a minimum of one lot (25 shares) requiring an investment of ₹14,825 at the upper price band. Similar to other investment opportunities requiring a demat account, investors must ensure their demat account is active before applying for the IPO.

Share Reservation Details

The Sudeep Pharma IPO follows SEBI guidelines for share allocation across different investor categories. Qualified Institutional Buyers receive up to 50% of the net offer, while retail investors are guaranteed a minimum 35% allocation, ensuring adequate participation from individual investors.

• QIB Portion: Not more than 50% of the net offer
• Retail Portion: Not less than 35% of the net offer
• NII Portion: Not less than 15% of the net offer

Sudeep Pharma IPO Grey Market Premium (GMP) Today

The Sudeep Pharma IPO GMP stands at approximately ₹122 per share as of November 21, 2025, representing a premium of 20.6% over the upper price band of ₹593. This translates to an expected listing price of around ₹715 per share, indicating strong market sentiment.

Grey market premium serves as an unofficial indicator of listing day performance, though it’s important to note that actual listing prices may vary based on market conditions. The robust GMP suggests healthy demand from investors, particularly given the company’s strong fundamentals and growth prospects in the pharmaceutical excipients sector.

Live Sudeep Pharma IPO Subscription Status

The Sudeep Pharma IPO witnessed strong subscription on Day 1, with the issue being subscribed 1.42 times overall as of November 21, 2025. The Non-Institutional Investors (NII) category led the demand with 3.00x subscription, followed by retail investors at 1.52x subscription.

Qualified Institutional Buyers (excluding anchor investors) showed initial participation at 0.09x, which typically increases on subsequent days as institutional investors assess market conditions. The strong retail and HNI participation indicates healthy grassroots demand for the issue.

About Sudeep Pharma Limited: Business Overview

Incorporated in 1989, Sudeep Pharma Limited has established itself as a technology-led manufacturer of pharmaceutical excipients, food-grade minerals, and specialty nutrition ingredients. The company serves over 100 countries globally, demonstrating its international reach and product acceptance.

Operating six state-of-the-art manufacturing facilities with a combined production capacity of 50,000 metric tonnes annually, Sudeep Pharma specializes in producing mineral-based ingredients including calcium, iron, magnesium, zinc, potassium, and sodium compounds. These excipients are critical components in pharmaceutical formulations and nutritional products.

Product Portfolio

Sudeep Pharma offers more than 200 products across three primary business segments. The pharmaceutical segment includes excipients used in tablet formulations, while the food and nutrition segment provides mineral supplements and fortificants for various applications.

• Pharmaceutical Excipients: Calcium phosphates, microcrystalline cellulose, and specialty binders for tablet manufacturing
• Food-Grade Minerals: Food fortificants, dietary supplements, and mineral premixes for infant nutrition and dairy products
• Specialty Ingredients: Triturates, custom formulations, and co-processed excipients for complex drug delivery systems

Manufacturing Infrastructure

The company operates manufacturing facilities strategically located in Gujarat, India, and Ireland, spanning 68,446 square meters. These facilities house 12 production lines with an annual capacity of 72,246 metric tonnes, ensuring scalability to meet growing global demand.

As of December 31, 2024, Sudeep Pharma employed 704 permanent employees, including a dedicated research and development team of 41 professionals focused on particle engineering and formulation innovation.

Sudeep Pharma Financial Performance Analysis

Sudeep Pharma has demonstrated consistent financial growth with revenue increasing by 10% and profit after tax rising by 4% between FY2024 and FY2025. The company reported total income of ₹511.33 crores and PAT of ₹138.69 crores for the year ended March 31, 2025.

The company maintains healthy profitability metrics with an EBITDA margin of 39.70% and PAT margin of 27.63%, significantly higher than industry averages. These margins reflect the company’s operational efficiency and pricing power in the specialty chemicals segment.

*All figures in ₹ Crores

Key Financial Ratios

The company exhibits strong return metrics with Return on Net Worth (RoNW) of 27.88%, indicating efficient utilization of shareholders’ funds. The conservative debt-to-equity ratio of 0.20 provides financial flexibility for future expansion plans.

Competitive Strengths of Sudeep Pharma

Sudeep Pharma’s competitive advantages stem from its integrated manufacturing capabilities, strong research and development focus, and established global customer relationships. The company has built long-term partnerships with multinational pharmaceutical and nutrition companies, providing revenue stability.

Technology Leadership

The company invests significantly in research and development, operating two dedicated R&D facilities with pilot-scale production capabilities. This enables rapid prototyping and customization of excipient solutions for specific customer requirements, creating entry barriers for competitors.

• Particle Engineering Expertise: Advanced capabilities in controlling particle size distribution and morphology for improved drug delivery
• Co-processed Excipients: Development of multifunctional excipients that reduce formulation complexity and manufacturing costs
• Quality Certifications: Compliance with stringent international standards including USFDA, EDQM, and other global regulatory approvals

Market Positioning

Operating in a growing market expected to reach ₹21.1 billion globally by 2030, Sudeep Pharma benefits from India’s position as the “pharmacy of the world.” The domestic pharmaceutical industry is projected to reach $130 billion by 2030, driving demand for excipients and specialty ingredients.

The Indian pharmaceutical excipients market itself is expected to grow at a CAGR of 10.50% from 2025 to 2032, reaching $201.70 billion. This macro tailwind positions Sudeep Pharma favorably for sustained growth, particularly as generic drug manufacturing expands globally.

Key Risk Factors to Consider

While Sudeep Pharma presents attractive investment prospects, investors should carefully evaluate several risk factors before making investment decisions. Understanding these risks is crucial for avoiding common investment mistakes in the stock market.

Customer Concentration Risk

Over 20% of Sudeep Pharma’s revenue comes from a limited number of large customers, creating vulnerability to customer attrition or renegotiation of pricing terms. Loss of any major customer could materially impact revenue and profitability in the short term.

Working Capital Management

The company’s working capital cycle has expanded in recent periods, tying up cash in inventory and receivables. This could pressure cash flows and require additional borrowings to fund operations, impacting return metrics.

Regulatory Compliance

As a pharmaceutical excipients manufacturer, Sudeep Pharma must maintain compliance with multiple international regulatory frameworks including USFDA, European Pharmacopoeia, and various national standards. Any compliance failures could result in sanctions, product recalls, or loss of market access.

Raw Material Price Volatility

The company sources mineral raw materials that are subject to price fluctuations based on global commodity markets. Inability to pass on cost increases to customers could compress margins and reduce profitability.

Sudeep Pharma IPO Anchor Investor Details

Sudeep Pharma successfully raised ₹268.5 crores from anchor investors on November 20, 2025, allocating 45.28 lakh equity shares at the upper price band of ₹593 per share. The strong anchor book participation signals institutional confidence in the company’s valuation and growth prospects.

Domestic mutual funds dominated the anchor allocation, receiving 36.06 lakh shares (79.64% of total anchor allocation) through 20 schemes from 14 mutual fund houses. This substantial participation from reputed fund managers provides validation for retail investors considering the issue.

Major Anchor Investors

Leading institutional investors who participated in the anchor round include:

• SBI Mutual Fund: SBI Healthcare Opportunities Fund participated significantly
• HDFC Mutual Fund: HDFC Innovation Fund and HDFC Manufacturing Fund allocated substantial amounts
• ICICI Prudential Mutual Fund: ICICI Prudential MNC Fund invested in the anchor round
• Nippon Life India Mutual Fund: Multiple schemes participated from Nippon India Trustee
• WhiteOak Capital Mutual Fund: Active participation from this growth-focused fund house
• Insurance Companies: Tata AIA Life Insurance and SBI Life Insurance [finance:SBI Life Insurance Company Limited] also invested

The diverse participation from specialized healthcare funds, manufacturing-focused schemes, and insurance companies demonstrates broad institutional appeal across different investment mandates.

Expert Review & Investment Recommendation

Market analysts have provided cautiously optimistic recommendations for the Sudeep Pharma IPO, acknowledging the company’s strong fundamentals while highlighting valuation concerns. The issue appears aggressively priced at 53.55x post-issue P/E ratio, compared to industry averages.

Investment Perspective

According to Dilip Davda’s review, Sudeep Pharma enjoys preferred partner status with marquee customers for critical and specialized ingredients. The company has posted consistent growth in revenue and margins, with management confident of maintaining this momentum.

However, the valuation premium reflects high growth expectations, making the investment more suitable for investors with medium to long-term horizons. Short-term traders seeking listing gains face execution risk if market sentiment turns negative.

Valuation Comparison

At the upper price band, Sudeep Pharma’s market capitalization will be approximately ₹6,698 crores post-issue. The Price-to-Book value of 12.93x and P/E ratio of 53.55x suggest premium valuations compared to broader market multiples.

Investors should compare these metrics with listed peers in the specialty chemicals and pharmaceutical ingredients space to assess relative valuation. Understanding hidden costs in investments including brokerage and taxes is also important when calculating expected returns.

How to Apply for Sudeep Pharma IPO

Retail investors can apply for the Sudeep Pharma IPO through multiple channels including online platforms, broker applications, and bank net banking portals. The application process is streamlined with UPI-based payment options for faster processing.

Application Process Through Discount Brokers

Leading discount brokers offer seamless IPO application facilities with zero account opening charges:

Step-by-Step Application Guide

1. Open Demat Account: Ensure you have an active demat and trading account with any SEBI-registered broker
2. Check Application Window: Applications accepted between November 21-25, 2025 during trading hours
3. Select Bid Price: Choose between ₹563 to ₹593 per share or opt for cut-off price for retail applications
4. Enter Lot Quantity: Minimum 1 lot (25 shares) and maximum 13 lots (325 shares) for retail investors
5. UPI Payment: Authorize UPI mandate within specified timeline (by 5 PM on November 25, 2025)
6. Application Confirmation: Receive application number and acknowledgment for record keeping

Important Application Guidelines

Retail investors must ensure compliance with SEBI guidelines for IPO applications. Each individual investor can submit only one application across all channels to avoid rejections for multiple applications.

• Use only one demat account per PAN for IPO application
• Ensure sufficient funds are available for UPI mandate blocking
• Complete KYC compliance including IPV (In-Person Verification) if not done earlier
• Apply using the ASBA (Application Supported by Blocked Amount) facility for fund safety

Frequently Asked Questions

What is the Sudeep Pharma IPO price band?

The Sudeep Pharma IPO price band is set at ₹563 to ₹593 per equity share. Retail investors can apply at the cut-off price, which means they will be allotted shares at the final price determined through the book-building process, subject to their application being selected in the allotment lottery if the issue is oversubscribed.

When does the Sudeep Pharma IPO open and close?

The Sudeep Pharma IPO opens for subscription on Friday, November 21, 2025, and closes on Tuesday, November 25, 2025. Investors have five working days to submit their applications through their brokers or net banking platforms using UPI or ASBA payment methods.

What is the minimum investment required for Sudeep Pharma IPO?

The minimum investment required for retail investors is ₹14,825, which represents one lot of 25 shares at the upper price band of ₹593 per share. Retail investors can apply for a maximum of 13 lots (325 shares) requiring an investment of ₹1,92,725, ensuring adequate opportunity for small investors to participate.

What is the current Sudeep Pharma IPO GMP?

The Sudeep Pharma IPO grey market premium (GMP) stands at approximately ₹122 per share as of November 21, 2025, indicating a premium of 20.6% over the upper price band. This suggests an expected listing price of around ₹715 per share, though actual listing prices may vary based on market conditions and subscription levels.

When will Sudeep Pharma shares be listed?

Sudeep Pharma shares are tentatively scheduled to be listed on BSE and NSE on Friday, November 28, 2025. The basis of allotment will be finalized on November 26, 2025, with shares credited to demat accounts by November 27, 2025, enabling investors to trade from the listing day.

How can I check Sudeep Pharma IPO allotment status?

Investors can check their Sudeep Pharma IPO allotment status on the registrar’s website (MUFG Intime India) by entering their PAN number or application number. The allotment status will be available from November 26, 2025, after the basis of allotment is finalized by the registrar in consultation with the stock exchanges.

What are the key strengths of Sudeep Pharma?

Sudeep Pharma’s key strengths include its established presence in over 100 countries, robust manufacturing capacity of 50,000 metric tonnes annually, strong R&D capabilities with 41 dedicated professionals, and diversified product portfolio of 200+ pharmaceutical excipients and specialty ingredients. The company also benefits from long-term relationships with multinational pharmaceutical companies and compliance with stringent international quality standards.

Should I apply for the Sudeep Pharma IPO?

Investment decisions should be based on individual risk appetite and investment objectives. While Sudeep Pharma demonstrates strong fundamentals and operates in a growing market, the issue appears aggressively priced at 53.55x P/E ratio. Consider consulting with a financial advisor and reviewing the company’s detailed financial analysis before making investment decisions.

What is the lot size for Sudeep Pharma IPO?

The lot size for Sudeep Pharma IPO is 25 shares per lot. Retail investors can apply for a minimum of 1 lot and a maximum of 13 lots, while small HNI investors must apply for a minimum of 14 lots and big HNI investors must apply for at least 68 lots as per SEBI categorization guidelines.

How will Sudeep Pharma use the IPO proceeds?

Sudeep Pharma will utilize ₹75.81 crores from the fresh issue proceeds for capital expenditure towards procurement of machinery for the production line at its Nandesari Facility I in Gujarat. The remaining funds will be used for general corporate purposes including working capital management, business expansion, and other strategic initiatives to support growth.

Final Thoughts on Sudeep Pharma IPO

The Sudeep Pharma IPO presents investors with an opportunity to participate in India’s growing pharmaceutical excipients industry, which benefits from strong domestic manufacturing growth and increasing global demand for generic drugs. The company’s established customer relationships, manufacturing scale, and R&D capabilities provide competitive advantages in this specialized sector.

However, the premium valuation requires careful consideration of growth sustainability and execution risks. Investors should evaluate their risk tolerance and investment timeframe before applying, keeping in mind that IPO investments carry inherent risks similar to other equity investments.

For investors building a diversified portfolio that includes both alternative assets like digital gold and long-term retirement instruments like NPS, IPO allocations should be proportionate to overall equity allocation strategy.

The strong anchor investor participation and positive grey market premium indicate favorable market sentiment, though listing day performance will ultimately depend on overall market conditions and subscription levels during the offer period. Investors are advised to conduct thorough due diligence and consult financial advisors before making investment decisions.

Disclaimer: This article is for informational purposes only and should not be considered as investment advice. Please consult with a qualified financial advisor before making any investment decisions. Past performance does not guarantee future results. IPO investments are subject to market risks, and investors may lose their capital.