Sudeep Pharma, a key player in India's minerals and ingredients space, is all set to hit the primary market this month. The company has fixed its IPO price band at Rs 563–Rs 593 per share, with the issue opening for public subscription on November 21 and closing on November 25. Anchor investors will get their allotment a day earlier, on November 20.

For retail investors, the minimum investment begins at a lot size of 25 shares, and bids can be made in multiples of 25 thereafter.

Who Gets What?

Sudeep Pharma has divided its IPO allocation in line with SEBI norms:

• Up to 50% has been reserved for QIBs
• Not less than 15% for NIIs
• At least 35% has been earmarked for retail investors

If everything goes as planned, the basis of allotment will be confirmed on November 26, with refunds and demat credits expected on November 27. The stock is likely to make its debut on the BSE and NSE on November 28.

What the IPO Aims to Raise

The issue includes a fresh share sale worth Rs 95 crore and an offer-for-sale (OFS) of 1.34 crore shares by promoters. While the fresh issue size remains unchanged, the OFS portion has increased from the originally proposed 1 crore shares mentioned in the DRHP filed with SEBI in June. The company received SEBI's nod in October.

A large chunk of the fresh capital, around Rs 78.8 crore, will be used to purchase machinery for Sudeep Pharma's Nandesari Facility I. The rest will go towards general corporate needs.

The company is promoted by the Bhayani family, which currently holds an 89.37% stake. Public shareholders own the remaining 10.63%, including an 8.24% stake held by Nuvama Crossover Opportunities Fund.

ICICI Securities and IIFL Capital Services are managing the issue.

What Sudeep Pharma Does

Based in Gujarat, Sudeep Pharma is one of India's leading manufacturers of food-grade iron phosphate, widely used in infant and clinical nutrition, as well as the food and beverage sector. With six manufacturing units and a combined capacity of 50,000 MT, the company specialises in essential minerals such as calcium, iron, magnesium, zinc, potassium, and sodium.

It offers over 200 products to clients across pharmaceuticals, nutrition, and food industries. The company also boasts strong R & D capabilities, supported by in-house labs and pilot-scale production facilities focused on mineral salts and excipients.

Strong Financial Footing

Sudeep Pharma reported a profit of Rs 31.3 crore on revenues of Rs 124.9 crore in the quarter ending June 2025. For FY 2025, the company posted a profit of Rs 138.7 crore, a 4.1% rise from the previous year. Its revenues for the same period grew 9.3%, reaching Rs 502 crore.

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