Sahajanand Medical Technologies (SMT) Limited, a Class III and Class C/D medical devices company with a portfolio of technologically advanced medical devices across vascular and structural heart intervention, has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise funds through Initial Public Offering (IPO).

The IPO, with a face value of ₹1, is entirely an offer-for-sale up to 27,644,231 equity shares by promoters, and investor selling shareholders. The offer also includes a subscription reservation with a discount to eligible employees in the employee reservation portion.

Samara Capital Markets Holding Limited, Kotak Pre-IPO Opportunities Fund, Plutus Wealth Management LLP, and Ashish Kacholia are the major shareholders in the company.

Offer for sale consists of shareholders up to 2,700,000 Equity Shares by Shree Hari Trust, up to 2,700,000 Equity Shares by Dhirajkumar Savjibhai Vasoya, up to 12,958,126 Equity Shares by Samara Capital Markets Holding Limited, up to 2,615,750 Equity Shares by Kotak Pre-IPO Opportunities Fund, and up to 6,670,355 Equity Shares by NHPEA Sparkle Holding B.V.

The Offer is being made through the book-building process, wherein not more than 50% of the offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the offer is assigned to non-institutional and retail individual bidders respectively.

Sahajanand Medical Technologies was founded by Mr. Dhirajlal Kotadia in the year 2001 and over the years, it has introduced several innovative products, driven by its focus on research and development and precision manufacturing capabilities enabling it to deliver quality products backed by clinical data, with a presence across 76 countries, as of March 31, 2025.

It is a R&D-driven company engaged in the development of Class III and Class C/D medical devices, with an emphasis on Vascular Intervention (“VI”) and Structural Heart (“SH”). Its portfolio consists of VI products includes coronary intervention products such as coronary stents and coronary balloons, SH products includes Trans-Catheter Aortic Valves and Occluders, and other products including its own brand of renal stents, peripheral drug coated balloons and other trading products.

According to the F&S Report, it is a leading market share in the drug eluting stent (“DES”) market in India, with a market share of nearly 25.00% in CY 2025 of the total DES sales volume in India. Further, it is among the top five companies in terms of market share by sales volume of DES in each of Germany, Spain, Poland and Brazil. Additionally, it is also among the top five companies in terms of market share by sales volume of Occluders in Thailand, South Korea and India, as of March 31, 2025. It is the first company in the world to receive a CE certification for a DES with a biodegradable polymer.

As of March 31, 2025, it has two R&D centers – one in India and another in Thailand. Additionally, it has built a robust intellectual property portfolio, with 102 patents granted globally, 71 more patent applications in the pipeline, and five design registrations in India as of the date of this Draft Red Herring Prospectus.

SMT further innovated by introducing its proprietary LDZ link, enhancing the deliverability of Supraflex Cruz (its biodegradable polymer-based DES), making it the most deliverable stent in its class. Additionally, it has developed a patented Aortic Valve Delivery Catheter (“AVDC”) system for its Hydra TAVI, improving deliverability, after the acquisition of Vascular Innovations.

In India through its hybrid model, it caters to large hospitals, including Narayana Hrudayalaya Limited. In Europe it has direct operations in major markets such as Germany, Spain, France and UK, successfully navigating complex regulatory and procurement environments. In certain other regions, such as Italy, it uses distributor-led models for efficient market entry and scaling. By acquiring its distributors in Spain (Imex) and Brazil (Zarek), it transitioned from a distributor-led to a direct model in Spain and a hybrid model in Brazil.

It has built a strong clinical foundation for its flagship products – Supraflex Cruz, Hydra, Pipit and Cocoon, supported by 72 clinical studies (comprising 60 completed studies and 12 ongoing studies) across diverse geographies and patient populations.

SMT Limited’s revenue from operations increased by 13.67% to ₹1,024.88 crore in Fiscal 2025 from ₹901.60 crore in Fiscal 2024 primarily due to an increase in the sale of devices driven by higher sales in Europe and the rest of the world, primarily led by the structural heart vertical. Profit for the year stood at ₹25.15 crore in Fiscal 2025 compared to a loss after tax of ₹7.35 crore in Fiscal 2024.

Motilal Oswal Investment Advisors Limited, Avendus Capital Private Limited, HSBC Securities and Capital Markets (India) Private Limited and Nuvama Wealth Management Limited are the book-running lead managers and MUFG Intime India Private Limited is the registrar of the issue. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.

DRHP Link: https://www.bseindia.com/corporates/download/356364/IPO%20Prior/SMTDRHP_20250726031147.pdf