Sudeep Pharma is set to make its debut on the Indian stock market today, November 28, 2025, with experts signaling a strong listing. The ₹895 crore IPO, a combination of a fresh issue of ₹95 crore and an offer for sale (OFS) of ₹800 crore, garnered significant investor interest, being oversubscribed by 93.72 times.
Subscription Details
The IPO witnessed enthusiastic participation across all investor categories. Qualified Institutional Buyers (QIBs) led the charge, subscribing a massive 213.08 times their quota. Non-Institutional Investors (NIIs) followed with a subscription of 116.72 times, while Retail Individual Investors (RIIs) subscribed 15.65 times their allotted portion.
Grey Market Premium (GMP)
Ahead of the listing, Sudeep Pharma's unlisted shares have been actively traded in the grey market, with the grey market premium (GMP) indicating a positive listing. According to media reports, the GMP for Sudeep Pharma is around ₹100 per share, suggesting a listing price of approximately ₹693 per share, a premium of nearly 15% over the IPO price of ₹593. Some reports indicate a GMP of ₹97.5 or 16.44 per cent over the issue price. However, it's important to note that the Grey Market Premium (GMP) is not regulated or recommended by stock exchanges or SEBI.
Anchor Investors
Prior to the IPO launch, Sudeep Pharma raised ₹268.5 crore from anchor investors. Prominent participants included SBI Mutual Fund, HDFC MF, ICICI Prudential MF, Nippon India MF, WhiteOak Capital MF, Aditya Birla Sun Life MF, Motilal Oswal MF, Quant MF, Bandhan MF, UTI MF, Edelweiss MF, Tata AIA Life Insurance, and SBI Life Insurance.
IPO Proceeds and Objectives
Sudeep Pharma plans to utilize ₹75.8 crore from the fresh issue towards capital expenditure, specifically for procuring machinery for its production line at the Nandesari Facility 1 in Gujarat. The remaining funds are earmarked for general corporate purposes.
Expert Opinions and Concerns
While Sudeep Pharma has received positive reviews for its strong financials and market position, some analysts have expressed concerns about its valuation. Swastika Investmart noted that the issue is "aggressively priced" at a P/E of 45–48x, potentially limiting short-term listing gains. They advise aggressive investors to apply only if they have a holding horizon of 2–5 years.
Other concerns include the company's expanding working capital cycle and negative cash flow from operating activities in Q1FY26. Dependence on key clients and geographic concentration are also potential risk factors.
Master Capital Services issued a positive view on the Sudeep Pharma IPO, citing the company's strong position in a fast-growing market and its advantages in technology-led manufacturing.
About Sudeep Pharma
Sudeep Pharma is a manufacturer of pharmaceutical excipients and specialty ingredients, essential components used in medicines. The company serves over 1,100 customers across approximately 100 countries, with a strong presence in the United States, South America, Europe, the Middle East, Africa, and Asia-Pacific.
Listing Details
The shares of Sudeep Pharma will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) today. The allotment process was finalized on November 26, 2025, and shares have been credited to the Demat accounts of successful allottees.
