Sudeep Pharma is a technology-driven manufacturer of excipients and speciality ingredients for pharmaceutical, food, and nutrition industries. Since 1989, the company has expanded from basic excipients to over 100 products using in-house technologies for encapsulation, spray drying, granulation, and liposomal preparations. The company provides mineral-based ingredients (calcium, zinc, iron, potassium, magnesium) for pharmaceutical and food applications, while developing customized specialty ingredients including micronutrient premixes and encapsulated formulations through its subsidiary SNPL.
Operating three manufacturing facilities in Vadodara, Gujarat with 65,579 metric tons capacity, Sudeep Pharma holds USFDA, WHO-GMP, and ISO approvals, serving over 1,100 customers globally including Pfizer, Merck Group, and Danone across 100 countries.
IPO schedule
Issue open date
2025-11-21
Issue close date
2025-11-25
UPI mandate deadline
2025-11-25 (5 PM)
Allotment finalization
2025-11-26
Refund initiation
2025-11-27
Share credit
2025-11-27
Listing date
2025-11-28
Mandate end date
2025-12-10
Lock-in end date for anchor investors (50%)
2025-12-26
Lock-in end date for anchor investors (remaining)
2026-02-24
Financials
Financial Year Ended
March 2024
March 2025
June 2025
Total Assets
513.87
717.17
922.26
Revenue
465.38
511.33
120.08
Profit After Tax
133.15
138.69
31.27
Issue size
Funds Raised in the IPO
Amount
Total issue size
895
Fresh Issue - Proceeds go to the company
95
Offer for sale - Proceeds go to the existing investors
800
Utilisation of proceeds
Purpose
INR crores (%)
Capital expenditure towards the procurement of machinery for the company’s production line located at Nandesari Facility I
75.81 (79.8%)
General Corporate Purposes
19.19 (20.20%)
Strengths
Strong R&D drives innovation and product advancement.
Experienced leadership with deep industry and functional expertise.
Advanced, compliant facilities with global certifications and scalable capacity.
Long-standing relationships with global blue-chip and Fortune 500 customers.
Market leader with a diversified portfolio in a high-entry-barrier ingredients industry.
Risks
Top 10 customers contribute 35%+ of revenue, posing concentration risk.
60%+ revenue from one segment poses 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.
Regulatory and government approval delays may disrupt operations.