Sudeep Pharma Limited is launching its Initial Public Offering (IPO) to raise capital primarily for Capital expenditure for machinery at the Nandesari Facility I production line. The IPO comprises a fresh issue of 0.16 crore shares worth Rs. 95 crore and an offer for sale of 1.35 crore shares worth Rs. 800 crore, bringing the total issue size to Rs. 895 crore.
Sudeep Pharma Limited IPO opens on November 21, 2025, and closes on November 25, 2025, with shares set to be listed on NSE and BSE on Friday November 28, 2025. Here’s a complete overview of the issue.
Sudeep Pharma Limited’s IPO is priced between Rs. 563 to Rs. 593 per share with a lot size of 25 shares. Retail investment is Rs. 14,825 (25 shares at the upper price). For S-HNI, the investment is 14 lots (350 shares) totaling Rs. 2,07,550, and for B-HNI, a minimum of 68 lots (1,700 shares) totaling Rs. 10,08,100.
GMP of Sudeep Pharma Limited IPO
As of November 20, 2025, the shares of Sudeep Pharma Limited in the grey market were trading at a 19.39 percent premium. The shares in the Grey Market traded at Rs. 708. This gives it a premium of Rs. 115 per share over the upper price band of Rs. 593.
Overview of Sudeep Pharma Limited
Sudeep Pharma Limited, incorporated in 1989, is a global manufacturer of pharmaceutical excipients, food-grade minerals, and specialty nutrition ingredients, supplying over 200 products to customers in more than 100 countries. The company operates six manufacturing facilities with a total production capacity of 50,000 MT, focusing on key minerals such as calcium, iron, magnesium, zinc, potassium, and sodium. It caters to diverse end-use sectors, including pharmaceuticals, food, and nutrition.
Backed by strong R&D capabilities, Sudeep Pharma has in-house laboratories and pilot-scale facilities dedicated to developing advanced mineral salts and excipients. Its product portfolio spans pharmaceutical, food and nutrition offerings, specialty ingredients, and triturates. As of December 31, 2024, the company employed 704 permanent staff.
Promoters of Sudeep Pharma Limited
Sudeep Pharma Limited’s promoters are Sujit Jaysukh Bhayani, Avani Sujit Bhayani, Shanil Sujit Bhayani, Sujeet Jaysukh Bhayani Huf, Riva Resources Private Limited and Bhayani Family Trust, who together play a key role in guiding the company’s vision, strategy, and growth.
Sudeep Pharma Limited Selling Shareholders
The Sudeep Pharma Limited IPO features a significant Offer for Sale, with promoters Sujit Jaysukh Bhayani selling around 35.68 lakh equity shares, Sujeet Jaysukh Bhayani HUF selling around 84.19 lakh equity shares, Shanil Sujit Bhayani selling 7.5 lakh equity shares and Avani Sujit Bhayani selling around 7.54 lakh equity shares each.
Lead Managers of Sudeep Pharma Limited
ICICI Securities Limited and IIFL Capital Services Limited are the book-running lead managers for the IPO. MUFG Intime India Private Limited is the registrar handling the offer process.
Objectives of the IPO Offer
Sudeep Pharma Limited intends to use the net proceeds from its IPO for two main purposes: around Rs. 75.81 crore to Capital expenditure towards procurement of machinery for our production line located at Nandesari Facility I and remaining for general corporate purposes.
Financial Analysis of Sudeep Pharma Limited
Sudeep Pharma Limited’s revenue from operations has increased from Rs. 459.23 crore in FY24 to Rs. 502 crore in FY25, which represents a growth of 9.31 percent. The net profit has increased by 4.13 percent, from Rs. 133.19 crore in FY24 to Rs. 138.69 crore in FY25.
The basic earnings per share increased by 4.07 percent and stood at Rs. 12.78 in FY25 as against Rs. 12.28 recorded in FY24. In terms of return ratios, the company reports a Return on Net Worth (RoNW) of 27.88 percent and Debt to equity stands at 0.20.
Strengths of Sudeep Pharma Limited
- The company has established strong market leadership with a diversified portfolio of over 100 products in a high-barrier industry.
- The company has a distinguished global customer base, serving over 1,100 clients across regions, backed by long-standing partnerships that span decades.
- The company runs compliant, well-equipped plants in Gujarat and Ireland with 72,246 MT annual capacity across 68,446 sq. meters.
- The company has strong R&D capabilities, operating one R&D centre with 33 specialists, completing over 300 projects and commercialising 106 products over the last three years and up to June 30, 2025.
Weaknesses of Sudeep Pharma Limited
- The company’s manufacturing facilities undergo regular regulatory and customer audits, and any quality or compliance issues could harm its reputation and business performance.
- Any disruption or slowdown in the company’s manufacturing or R&D operations could negatively impact its business and financial performance.
- A significant portion of the company’s revenue comes from a few key customers, and any loss or reduced demand from them could negatively impact its business and financials.
- Failure to launch new products on time or underperformance of commercialized products could negatively impact the company’s business and financial results.
- Delays or disruptions in the supply of raw materials and equipment could adversely affect the company’s operations and financial performance.
Conclusion
Sudeep Pharma Limited’s IPO presents an opportunity to invest in a well-established pharmaceutical and specialty nutrition company with a diversified product portfolio, strong global customer base, and robust R&D capabilities. While the company demonstrates steady financial growth and high return ratios, potential investors should consider operational, regulatory, and customer concentration risks when evaluating the offering.
Written By Akshay Sanghavi
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