Sahajanand Medical Technologies (SMT), the Surat-based maker of cardiac stents and heart-valve devices, will open its initial public offering on Thursday, October 15, with a share sale that brings no money into the company.

Key dates and structure

The issue closes on Monday, October 19, according to IPO tracker Chittorgarh, which also lists tentative dates for allotment on October 21 and listing on BSE and NSE on October 23. Those later dates are tentative until the exchanges confirm them.

The offering is entirely an offer for sale (OFS) of 2,76,44,231 equity shares of ₹1 face value. There is no fresh issue, so the company receives nothing from the sale. The proceeds go to the selling shareholders.

As of October 11, the sources I reviewed had not published the price band, lot size or total issue value. Those figures will appear in the company's final offer documents and exchange notices, and they matter for judging the valuation.

Who is selling

The selling shareholders, according to Chittorgarh, are:

  • Samara Capital Markets Holding: 1,29,58,126 shares
  • NHPEA Sparkle Holding BV: 66,70,355 shares
  • Shree Hari Trust (promoter): 27,00,000 shares
  • Dhirajkumar Savjibhai Vasoya (promoter): 27,00,000 shares
  • Kotak Pre-IPO Opportunities Fund: 26,15,750 shares

Promoters hold about 41% before the issue and are expected to hold about 35.5% afterwards. Chittorgarh's page gives 40.82% pre-issue, while another tracker gives 40.92%, so the exact figure should be checked against the prospectus.

Motilal Oswal Investment Advisors is the book running lead manager. Avendus Capital, HSBC Securities and Nuvama Wealth Management are also lead managers. Not more than 50% of the net offer is for qualified institutional buyers, not less than 35% for retail investors and not less than 15% for non-institutional investors.

What the company does

SMT was founded in 2001 and makes Class III and Class C/D medical devices, the categories regulators treat as higher-risk. Its products include coronary stents and balloons, transcatheter aortic valves, occluders, renal stents and peripheral drug-coated balloons.

The company has 11 subsidiaries, including units in Ireland, Germany, Brazil and Spain, according to IndiaIPO's profile. It holds 102 granted patents globally, and PTI reported R&D centres in India and Thailand. SEBI approved the offering on November 17, 2025.

This is not SMT's first attempt. PTI noted the company filed draft papers in September 2021 for a ₹1,500 crore issue combining fresh shares and an OFS, but did not proceed.

The financial picture

Restated consolidated figures, per Chittorgarh, show total income rising from ₹908.59 crore in FY2024 to ₹1,035.96 crore in FY2025 and ₹1,218.73 crore in FY2026. Profit after tax moved from a loss of ₹7.35 crore to ₹25.15 crore and then ₹69.08 crore.

On those figures, FY2026 profit equals about 5.7% of total income, my calculation. The improvement is clear, but the company recorded a loss only two years earlier, and the figures come from a single tracker page, not the prospectus I could read directly. PTI separately reported FY2025 revenue from operations of ₹1,025 crore, which differs from total income because it excludes other income.

What investors should weigh

Because the issue is an OFS, buyers are paying mainly to take over existing holders' shares. That is not unusual for companies backed by private equity, but it means the IPO funds no expansion.

Without the price band, the valuation cannot be judged. Investors should compare the offer price with earnings and with listed peers once it is announced, and read the risk factors in the prospectus. This article is not investment advice.

What to watch next

Watch for the price band announcement, the anchor investor book, subscription levels across the three investor categories, and the allotment on October 21.

Corrections and updates

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