Sahajanand Medical Technologies IPO: Listing Price, Listing Gains vs GMP and Review

Listing update, 23 October 2026: Sahajanand Medical Technologies (SMT) shares listed on 23 October 2026 at ₹371.15 on NSE, 7.9% above the ₹344 issue price, and at ₹368.05 on BSE (+7.0%). At the NSE listing price, one lot of 43 shares showed a paper gain of about ₹1,167. We will add the day-1 close after the market shuts.

Sahajanand Medical Technologies, better known as SMT, makes the tiny metal stents that hold open blocked heart arteries, along with balloons, transcatheter heart valves and occluders. Its ₹475.48 crore IPO, priced at ₹327 to ₹344 a share, was open from 15 to 19 October 2026 and closed 14.21 times subscribed.

Sahajanand Medical Technologies IPO listing price and listing gains

The ₹27 listing premium sat a little below the ₹35 to ₹41 grey market range quoted during bidding. GMP is unofficial and was never a forecast. The issue was a pure offer for sale of ₹475.48 crore, so the company itself raised no new money. The day-1 close will be added after 3:30 pm IST.

How to Check Sahajanand Medical Technologies IPO Allotment Status Online

The basis of allotment was finalised on Wednesday, 21 October 2026. The registrar usually uploads results in the evening; if Sahajanand Medical Technologies is not in the dropdown yet, the file is not live. You only need your PAN or application number.

• Registrar (MUFG Intime India, formerly Link Intime): MUFG Intime public issues status
• BSE: BSE IPO application status
• NSE: NSE verify IPO bids

Check on MUFG Intime with PAN

1. Open the MUFG Intime public issues page and select Sahajanand Medical Technologies Limited from the company list.
2. Choose PAN (or Application No. / DP-Client ID / Account No. with IFSC).
3. Enter your PAN and click Search. The page shows shares applied for and shares allotted.

Check on BSE

1. Select Issue Type Equity and Issue Name Sahajanand Medical Technologies Limited.
2. Enter your application number or PAN, tick the captcha and click Search.

Check on NSE

1. Sign in on the NSE bid-verification page (a one-time sign-up with your PAN is needed).
2. Choose Equity, select the Sahajanand Medical Technologies symbol, enter your PAN and application number, and submit.

What next: if allotted, shares should reach your demat account on 22 October 2026; if not, your UPI block or ASBA amount is released from 22 October. Grey market premium figures are unofficial and are not an indicator of the listing price.

SMT is a serious player: it had about 25% of India’s drug-eluting stent sales by volume in FY26 and ranks among the top five in Germany, Spain, Poland and Brazil. Profit has recovered from a loss in FY24 to ₹69.08 crore in FY26. But the issue is entirely an offer for sale, margins are still thin, and at the upper band the stock is priced at about 51 times FY26 earnings. Demand started slowly at 0.35 times on day 1 and was carried by QIBs, at 34.70 times, by the close.

Final subscription and allotment update

The Sahajanand Medical Technologies IPO closed on 19 October 2026 with the issue subscribed 14.21 times overall, according to the final day 3 exchange figures reported by HDFC Sky and IPO Watch. The retail portion was bid 3.04 times, so allotment for small investors was decided by a lottery of one minimum lot each, and most retail applicants will not get shares. Allotment was finalised on 21 October 2026 and the shares are scheduled to list on 23 October 2026. Use the allotment status steps above to check your application.

How the subscription built up

SMT ended day 1 at 0.35 times, with bids for 33.70 lakh shares against 97.50 lakh on offer. Retail investors, at 0.41x, and QIBs, at 0.37x, were the most active, while NIIs had bid for only a fifth of their quota. As is common, most of the institutional and HNI money came at the end: by the 19 October close QIBs had bid 34.70 times and NIIs 14.64 times, while retail finished at 3.04 times.

In the anchor round on 14 October, SMT raised ₹140.06 crore, allotting 40.72 lakh shares at ₹344 to investors including Nippon India Mutual Fund, DSP Mutual Fund and WhiteOak Capital Mutual Fund. That is about 29.5% of the issue.

Sahajanand Medical Technologies IPO at a glance

Because the whole issue is an offer for sale, the share count does not change and SMT receives no money. The selling shareholders bought their shares at average costs ranging from under ₹1 to about ₹262 a share, according to the offer documents, so most of them are booking large gains at ₹344.

What Sahajanand Medical Technologies actually does

SMT was founded in 2001 and designs and makes devices for heart and blood vessel treatment. Its best-known product is the Supraflex Cruz drug-eluting stent; it also makes the Hydra transcatheter aortic valve (TAVI), Cocoon occluders for heart defects, the Sironity balloon, renal stents and drug-coated balloons for leg arteries. It says it was the first company in the world to get CE certification for a drug-eluting stent.

It has three factories, two in India and one in Thailand, and two R&D centres with 156 people. As of June 2026 it held 119 patents with 78 more pending, and its products had been through 75 clinical studies. SMT sold in 77 countries in FY26 and had 1,596 employees.

The numbers behind the business

These are the restated figures from the offer documents, in ₹ crore.

What these numbers tell us, in plain language:

• Steady growth. Revenue grew about 18% in FY26, and the June 2026 quarter, at ₹351.67 crore, is running ahead of last year’s pace.
• Profit is recovering but thin. SMT swung from a ₹7.35 crore loss in FY24, which it linked to a product shift and provisioning, to ₹69.08 crore in FY26. That is still only a 5.7% net margin, low for a device maker with patented products.
• Modest returns. ROCE has risen from about 8% to 11.6%, an improvement but not yet the kind of return that justifies a high multiple on its own.
• Receivables are large. Trade receivables were ₹306.56 crore in June 2026, close to a quarter of annual revenue, which ties up cash.

Sahajanand Medical Technologies IPO GMP

SMT’s grey market premium was quoted at about ₹35 to ₹41 during bidding (16 October readings), or 10% to 12% over ₹344. We have not confirmed a post-close figure from two trackers, so we do not quote one. GMP is unofficial and thinly traded, and it is not a forecast of the listing price.

Sahajanand Medical Technologies IPO listing date and valuation

SMT shares are scheduled to list on BSE and NSE on Friday, 23 October 2026, after the basis of allotment on 21 October and demat credits on 22 October. We do not forecast listing prices. On valuation, listed peers are not close matches, but Poly Medicure trades at about 52 times earnings and Laxmi Dental at about 31 times, so SMT’s 51 times sits at the top of that range.

The long-term case depends on margins. If SMT can lift its net margin towards the levels seen at larger device makers as TAVI and occluder sales grow, the multiple will look less stretched. If margins stay near 5%, there is little room for error.

What to weigh: the business case

Leadership in a price-controlled market

SMT’s 25% share of Indian drug-eluting stent volumes is a real strength, but coronary stent prices in India are capped by the government. That limits how much the Indian business can earn, and it is one reason export markets and newer products like TAVI matter so much.

All of the money goes to sellers

This is an exit for existing shareholders, some of whom bought at very low prices. It adds nothing to the company’s balance sheet.

Global approvals are hard to build

On the positive side, CE certification, top-five positions in several European and Latin American markets, 119 patents and a long clinical record are difficult for new entrants to match, and give SMT a platform to grow.

Strengths and risks

Strengths

• About 25% of India’s drug-eluting stent volume in FY26
• Top five in stents in Germany, Spain, Poland and Brazil
• Sales in 77 countries, plants in India and Thailand
• 119 patents granted and 75 clinical studies
• Profit up from a loss in FY24 to ₹69 crore in FY26
• ₹140 crore anchor book from leading mutual funds

Risks

• Entirely an offer for sale
• About 51 times FY26 earnings and 5.35 times book
• Net margin of only 5.7% in FY26
• Price controls on coronary stents in India
• High trade receivables of ₹306.56 crore
• Retail demand was modest at 3.04x; the book relied on QIBs (34.70x)

Your chances of getting an allotment

• Retail investors get at least 35% of the net offer, roughly 47.5 lakh shares or about 1.1 lakh lots of 43 shares.
• Every successful retail applicant gets one lot of 43 shares.
• Retail finished at 3.04 times, so lots are drawn at random by computerised lottery and not every valid applicant will get one.
• Eligible employees can also apply in the 2,50,000-share employee portion.

What to watch from here

• Refunds and demat credits on 22 October
• How the shares trade against the ₹344 issue price after listing
• Allotment on 21 October through MUFG Intime India
• Listing on BSE and NSE on 23 October
• After listing: net margin, TAVI growth and receivable days

Sahajanand Medical Technologies IPO: frequently asked questions

Sources: MUFG Intime India (registrar) allotment page, BSE public issues, NSE IPO page, SEBI public issue filings (RHP), Groww, issue terms, IPO Watch review (financials), Chittorgarh subscription page. Subscription data are from the exchanges; financials are from the company’s offer documents.

Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Final subscription data as of the 19 October 2026 close; GMP as of 16 October 2026.