Sudeep Pharma IPO allotment LIVE: GMP jumps to 16% — Check steps to track status on BSE, NSE, MUFG

Sujit Jaysukh Bhayani, Avani Sujit Bhayani, Shanil Sujit Bhayani, Sujeet Jaysukh Bhayani HUF, Riva Resources Private Limited, and Bhayani Family Trust are the promoters of the company.

As on the date of this Red Herring Prospectus, the company has five subsidiaries, of which two are Indian subsidiaries, and three are foreign subsidiaries.

1989: Incorporation of our Company.

2017: Our Company obtained USFDA certification for mineral-based ingredients.

2020: Incorporation of our Subsidiary, Sudeep Pharma USA Inc.

2021: Incorporation of our Subsidiary, Sudeep Nutrition Private Limited.

2022: Our Company obtained written confirmation certification for sale of calcium carbonate as an active pharmaceutical ingredient.

2023: Incorporation of our Subsidiary, Sudeep Pharma B.V.

2024: Incorporation of our Subsidiary, Sudeep Advanced Materials Private Limited. Our Subsidiary, Sudeep Nutrition Private Limited, introduced liposomal encapsulation of nutrients for enhanced absorption.

2025: Acquisition of our Step-down Subsidiary, Nutrition Supplies and Services (Ireland) Limited.

The business is fundamentally strong with a differentiated niche, but the pricing already reflects high expectations—leaving limited room for error and making execution over the next 12–24 months the key determinant of investor returns.

— Harshal Dasani, Business Head, INVAsset PMS

The company’s R&D capabilities play a crucial role in maintaining its competitive edge. It remains committed to enhancing efficiency, developing solutions for current challenges, and conducting pioneering research to meet evolving customer needs.

As of June 30, 2025, the company operates two R&D facilities staffed by a dedicated team of 41 professionals. Equipped with advanced tools such as a fluidized bed coater, spray dryer, tablet compression machine, and blender, these facilities enable the development of technologies that optimize production processes, reduce costs, improve operational sustainability, and expand the company’s product portfolio.

Sudeep Pharma IPO GMP today jumped to ₹96 in the afternoon trade. At the prevailing GMP, Sudeep Pharma listing price could be ₹689, a premium of 16.19%.

Its largest export markets are in the USA, Europe, APAC, and Africa regions. In the three months ended June 30, 2025, its export sales accounted for 58.68% of its revenue from operations.

As of June 30, 2025, the company operates in two business verticals, pharmaceutical, food and nutrition, and specialty ingredients, comprising a portfolio of more than 100 products. This portfolio includes excipients, APIs, mineral actives, and specialty ingredients and formulations with brands such as Presscal, Pressmag, Lubriprez, A-comprez, Novelcap, Lipoboost, and Cuvamix.

The company's marquee customers include Pfizer Inc, Intas Pharmaceuticals Limited, Mankind Pharma Limited, Merck Group, Alembic Pharmaceutical Limited, Aurobindo Pharma Limited, Cadila Pharmaceutical Limited, IMCD Asia Pte. Ltd., Micro Labs Limited, and Danone S.A..

The expansive global customer network includes companies in the pharmaceuticals, food and nutrition, and FMCG sectors. As of June 30, 2025, it has served over 1,100 customers across multiple regions, including partnerships spanning several decades. Its robust customer base includes over 40 blue-chip multinational companies across the pharmaceutical, food, and nutrition industries, as of June 30, 2025.

The company plans to use the fresh proceeds from the share sale for the following:

• Capital expenditure towards procurement of machinery for the production line located at Nandesari Facility
• General corporate purposes

• Top 10 customers contribute 35%+ of revenue, posing a concentration risk.
• 60%+ of revenue comes from one segment, adding to segment concentration risk.
• Quality lapses or audit failures may lead to order loss and reputational harm.
• Operational concentration in Gujarat exposes the business to regional disruption risks.
• Delays or failures in new product launches may impact growth and profitability.
• Unsuccessful acquisitions may strain resources and dilute expected synergies.

• Expand into high growth businesses.
• Expand market reach through multiple growth initiatives.
• Integrate recently acquired entities and continue evaluating inorganic growth opportunities.
• Enhance manufacturing capabilities.

The company operates three Manufacturing Facilities in Vadodara, Gujarat, with a combined annual available manufacturing capacity of 65,579 MT and covering a total area of approximately 45,784 square meters, as of June 30, 2025.

Further, pursuant to its acquisition of NSS as a Material Subsidiary with effect from May 22, 2025, it also has a manufacturing facility in Ireland.

The facilities are equipped with advanced technologies and automation to ensure precise control over manufacturing parameters, consistent product quality, and enhanced purity.

According to the F&S Report, the company is a leading manufacturer of pharmaceutical, food, nutrition, and specialty ingredients, in terms of production volume, as of June 30, 2025, with an emphasis on mineral-based products and iron phosphate.

According to the F&S Report, as of June 30, 2025, the company is a leading manufacturer of specialty food ingredients in India with a wide portfolio of products including encapsulated preservatives, such as sorbic acid and calcium propionate, which are extensively used in baked goods to prolong shelf life and prevent microbial growth.

Its market leadership is reinforced by its comprehensive product portfolio. From its early focus on excipients, it has broadened its product range to include specialized ingredient solutions. As of June 30, 2025, it has a diverse portfolio of over 100 products.

Step 1: Visit the IPO registrar website on this link - https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Step 2: Choose ‘Sudeep Pharma Limited’ in the Select Company dropdown menu.

Step 3: Select among PAN, App. No., DP ID or Account No.

Step 4: Enter the details as per the option selected.

Step 5: Click on Search.

Your Sudeep Pharma IPO allotment status will be displayed on the screen.

Step 1: Visit the NSE allotment status page on its website here - https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Step 2: Select ‘Equity and SME IPO bids’.

Step 3: Choose ‘Sudeep Pharma Limited’ from the Issue Name dropdown menu.

Step 4: Enter your PAN and Application Number.

Step 5: Click on Submit.

Your Sudeep Pharma IPO allotment status will be displayed on the screen.

Step 1: Visit the BSE website on this link - https://www.bseindia.com/investors/appli_check.aspx

Step 2: Select ‘Equity’ in the Issue Type

Step 3: Choose ‘Sudeep Pharma Limited’ in the Issue Name dropdown menu

Step 4: Enter either Application No. or PAN

Step 5: Verify by ticking on ‘I am not robot’ and click on ‘Search’

Your Sudeep Pharma IPO allotment status will be displayed on the screen.

Basis of Allotment: 26 November

Refunds / Unblocking ASBA Funds: 27 November

Credit of Shares to Demat A/c: 27 November

Listing Date: 28 November

The initial public offer of Sudeep Pharma Ltd received 93.71 times subscription on the final day of share sale on Tuesday.

The ₹895-crore IPO got bids for 99,00,87,025 shares against 1,05,64,926 shares on offer, according to NSE data.

Among investors category, Qualified Institutional Buyers (QIBs) fetched a whopping 213.08 times subscription while the quota for non-institutional investors got subscribed 116.72 times. Retail Individual Investors (RIIs) portion received 15.65 times subscription.

Sudeep Pharma’s IPO GMP today is ₹87. With the issue price of ₹593, Sudeep Pharma IPO’s estimated listing price is seen at ₹680. This implies an expected gain of 14.67% per share.