Sudeep Pharma makes a strong debut, lists at 24% premium to IPO price

Shares of Sudeep Pharma made their Dalal Street debut on Friday, November 28, with the pharmaceutical excipients manufacturer delivering a healthy listing gain of 24%.

The stock opened at ₹733.95 on the BSE against the issue price of ₹593, while on the NSE it began at ₹730 per share.

Ahead of its debut, shares of Sudeep Pharma were commanding a premium of 20.40% in the unlisted market today. Based on the grey market premium (GMP) of ₹121, the stock was expected to list at ₹714.

The ₹895 crore initial public offering (IPO) of Vadodara-based Sudeep Pharma was open for bidding from November 21 to November 25.

The issue was subscribed 93.72 times at close, attracting bids for over ₹58,700 crore through over 29.86 lakh applications.

The category for qualified-institutional bidders (QIBs) was subscribed 213.08 times, while the non-institutional investors (NIIs) quota was booked 116.72 times. The allocation for retail investors was subscribed 15.65 times during the three-day bidding process.

Ahead of the issue launch, Sudeep Pharma mopped up ₹268.5 crore from anchor investors.

Mutual funds such as SBI, ICICI Prudential, HDFC, Axis, Nippon, Aditya Birla, and Bandhan participated in the anchor round. Other marquee investors, including Mukul Agarwal (Param Capital Sanshi Fund–I) and Manoj Garg (WhiteOak), also built positions. Prashant Jain (3P Investment) is part of the anchor book as well.

The IPO included a fresh issue of ₹95 crore and an OFS of nearly 1.35 crore shares worth ₹800 crore by promoters Sujit Jaysukh Bhayani, Sujeet Jaysukh Bhayani HUF, Shanil Sujit Bhayani, and Avani Sujit Bhayani.

Proceeds from the fresh issue, amounting to ₹75.81 crore, will be used for capital expenditure on machinery at its Nandesari Facility 1, Gujarat, and for general corporate purposes.

Sudeep Pharma is a technology-led manufacturer of excipients and specialty ingredients for the pharmaceutical, food, and nutrition industries, 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, with a combined annual manufacturing capacity of 72,246 metric tons as of June 30, 2025, according to F&S report.

The company has served over 1,100 customers, building longstanding relationships with marquee clients including Pfizer Inc, Mankind Pharma, Merck Group, Aurobindo Pharma, Cadila Pharmaceutical, IMCD Asia Pte Ltd, and Danone SA.

ICICI Securities Ltd and IIFL Capital Services were the book-running lead managers, while MUFG Intime India Pvt Ltd was the registrar of the IPO.

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