Stent maker Sahajanand Medical sets Rs 327-344 band for Rs 475 crore IPO opening Oct 15

Sahajanand Medical Technologies, an Indian maker of cardiovascular devices including drug-eluting stents, on Monday, 12 October 2026 set a price band of Rs 327 to Rs 344 a share for its initial public offering. The issue, worth about Rs 475 crore, is entirely an offer for sale by existing shareholders, so the company will not receive any of the money. It opens to the public on Thursday, 15 October and closes on Monday, 19 October, after a one-day anchor book on 14 October. Shares are expected to list on the NSE and BSE on 23 October. At the top of the band, the company is seeking a market value of around Rs 3,500 crore, according to reports.

Heart disease is one of the leading causes of death in India, and stents, the small mesh tubes used to keep narrowed arteries open, are among the most widely used cardiac devices. Sahajanand is reported to hold close to a quarter of India's drug-eluting stent market and to sell in dozens of countries. Its listing gives public investors a direct way to invest in Indian-made medical devices, a sector the government wants to expand to reduce dependence on imports.

The company's profit has recovered sharply in recent years, moving from a reported loss in 2023-24 to Rs 25 crore in 2024-25 and Rs 69 crore in 2025-26. That turnaround is the main pitch to investors. But stent pricing in India is controlled: the government caps the prices of coronary stents, which limits how much manufacturers can charge at home. Growth may therefore depend on export markets, new products and keeping costs under control.

Like several issues this week, this one is a pure offer for sale. Promoters and private equity investors are selling part of their holdings; the company gets no new capital for research or expansion. That is common and not a negative signal in itself, but investors should look closely at valuation and at how much stake the selling investors keep after the issue.

The IPO also arrives in one of the busiest weeks of the year for new issues, alongside Zetwerk, Bonfiglioli Transmissions, Tonbo Imaging, HD Fire Protect and Fusion CX. Market conditions are uncertain, with the rupee under pressure and bond yields rising, and a crowded calendar can split demand. Grey-market premiums quoted online are unofficial and are not a guide to listing prices.

Short-term: Retail and institutional investors get another healthcare listing to weigh in a crowded IPO week; selling shareholders will partly exit their holdings.

Long-term: A successful listing would add a sizeable domestic medical-device maker to India's stock market and could encourage more device companies to go public.

Who is affected: Investors, the company's promoters and private equity backers, hospitals and cardiologists who use its devices, and India's wider medical-device industry.

Questions and Answers