Sudeep Pharma IPO

About Sudeep Pharma IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 16,02,024 shares (aggregating up to ₹95.00 crores). The offer for sale portion includes 1,34,90,726 shares of ₹1 (aggregating up to ₹800.00 crores). The total number of shares is 1,50,92,750 and the aggregate amount is ₹895.00 crores.

The Sudeep Pharma IPO opens on Friday, 21 November 2025 and closes on Tuesday, 25 November 2025. The allotment of shares will take place on Wednesday, 26 November 2025. The credit of shares to the demat account will take place on Thursday, 27 November 2025. The initiation of refunds will take place on Thursday, 27 November 2025. The listing of shares will take place on Friday, 28 November 2025.

Sudeep Pharma is a technology-led manufacturer of excipients and specialty ingredients for the pharmaceutical, food and nutrition industries. They have established a presence in both domestic and international markets, including key regions such as the United States, South America, Europe, the Middle East, Africa, and Asia-Pacific. They operate three manufacturing facilities in Vadodara, Gujarat, as of 30 June 2025.

Objectives of Sudeep Pharma

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

Industry Outlook

The global food ingredients market reflects distinct trends across regions, shaped by consumer preferences, regulatory environments, and industry advancements. The specialty food ingredients market is rapidly expanding, driven by growing consumer demand for healthier and more innovative food products. Advancements in distribution channels, personalised nutrition, and integration into functional foods contribute to the expansion of the global market for vitamins and minerals.

In 2024, India’s specialty nutritional ingredients market is estimated to be around $61.3 crores. The market is expected to grow at a CAGR of 7.8% between 2024 and 2029, with demand reaching $89.2 crores in 2029. In terms of volume, the total consumption was around 203 kilotonnes (KT) in 2024 and is expected to reach 292 kilotonnes by 2029, with a CAGR of 7.5%. For comparison, in 2019, the market volume demand was around 145 kilotonnes.

Sudeep Pharma Company Information

Sudeep Pharma is a technology-led manufacturer of excipients and specialty ingredients for the pharmaceutical, food and nutrition industries and is dedicated to contributing to the global healthcare ecosystem. They leverage their in-house-developed technologies for processes such as encapsulation, spray drying, granulation, trituration, liposomal preparations and blending in an effort to drive innovation in their operations.

In order to capitalise on market opportunities and meet the growing demands of local industries, they have established regional sales offices with dedicated teams in key geographies, including the United States, Europe, the United Kingdom and Latin America.

Note: (Formerly known as Sudeep Pharma Private Limited)

Strengths of Sudeep Pharma

• Market leadership with a diversified product portfolio in a high-barrier industry.
  
• Distinguished global customer base with long-standing relationships with key customers.
  
• Well-equipped and regulatory-compliant manufacturing facilities.
  
• Strong research and development capabilities.
  
• Experienced promoters and senior management team.
  

Risks of Sudeep Pharma

• Any adverse developments affecting the pharmaceutical, food and nutrition segment.
  
• Any disruption, slowdown or shutdown in their manufacturing or R&D operations.
  
• Any delay, interruption or reduction in the supply of raw materials and equipment to manufacture their products.
  
• Competition in the pharmaceutical industry.
  
• Exchange rate fluctuation risks.
  
• Any disruption or shortage in electricity, fuel or water for their manufacturing processes.
  
• Failure of their information technology infrastructure or any breach of their information technology systems.
  
• Changing laws, rules and regulations in India.
  

Anchor Investor Bidding Date

20-Nov-2025

*The AnchorInvestor Bid/Offer Period shall be one Working Day prior to the Bid/Offer Opening Day.

Registrar: MUFG IntimeIndia Private Limited Book Running Lead Managers: ICICI Securities Limited IIFL Capital Services Limited

Business Model

The company earns its revenue through the following:

• Pharmaceutical, food and nutrition: They focus on providing refined, mineral-based single ingredients essential to the pharmaceutical, food, and nutrition industries.
  
• Specialty ingredients: They conduct this business through their subsidiary, SNPL, and are committed to developing technology-driven, application-specific mineral and micronutrient systems.
  

Company Growth Trajectory

Sudeep Pharma’s total income increased by 9.87% from ₹465.38 crores in fiscal 2024 to ₹511.33 crores in fiscal 2025.

Their revenue from operations increased by 9.30% from ₹459.28 crores in fiscal 2024 to ₹502.00 crores in fiscal 2025.

Their profit for the year attributable to owners was ₹138.69 crores in fiscal 2025 as compared to ₹133.19 crores in fiscal 2024.

Their EBITDA increased from ₹187.76 crores in fiscal 2024 to 199.281 crores in fiscal 2025.

Company Market Position

According to the F&S Report, Sudeep Pharma is one of the largest producers of food-grade iron phosphate for infant nutrition, clinical nutrition, and the food and beverage sectors, in terms of production capacity, with a combined annual available manufacturing capacity of 72,246 metric tonnes (“MT”), as of 30 June 2025.

According to the F&S Report, they are one of the largest exporters of mineral ingredients for pharmaceutical, food and nutrition industries from India to global markets in terms of volume of products exported during 2024, as of 31 December 2024.

Further, as per the F&S Report, they were the only company in India and one of nine companies globally with a Certificate of Suitability issued by the Council of Europe (“CEP”) and written confirmation certification for the sale of calcium carbonate as an active pharmaceutical ingredient (“API”) in the European Union, as of 30 June 2025.

According to the F&S Report, they are one of the pioneers in India to introduce a product range of liposomal ingredients for nutrient absorption and stability.

They have expanded their global presence to around 100 countries, as of 30 June 2025.

The company’s Total Income, Profit After Tax, and EBITDA as on 31st March, 2025 were ₹511.328 crores, ₹138.691 crores, and ₹199.281 crores, respectively.

How to apply for Sudeep Pharma IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.