Sudeep Pharma IPO 2025: Key Details and Insights

Introduction

Sudeep Pharma, a leading manufacturer of pharmaceutical and specialty ingredients, is set to launch its highly anticipated Initial Public Offering (IPO) on November 21, 2025. The company has steadily expanded its presence across the pharmaceutical, food, and nutrition sectors, evolving from a basic excipient producer to a diversified ingredients manufacturer with over 100 products as of June 30, 2025.

Sudeep Pharma IPO Details

The IPO aims to raise ₹895 crore through a 100% book-built offering, comprising both a fresh issue and an offer-for-sale of over 1.5 crore shares.

• Price Band: ₹563 – ₹593 per share
• Lot Size: 25 shares (Minimum investment: ₹14,825 at the upper band for retail investors)
• Book Running Lead Manager: ICICI Securities
• Registrar: MUFG Intime India Pvt. Ltd

IPO Timeline

• Bidding Period: November 21 – November 25, 2025
• Allotment Date: November 26, 2025
• Shares Credit to Demat Accounts: November 27, 2025
• Listing Date: November 28, 2025 on BSE and NSE

Financial Snapshot (₹ Crore)

IPO Objectives

The proceeds from the IPO will be allocated toward:

• Capital Expenditure: ₹75.81 crore for machinery at the Nandesari Facility I
• General Corporate Purposes: Remaining funds to support operational and strategic activities

About Sudeep Pharma

Sudeep Pharma is a leading producer of food-grade iron phosphate, serving infant and clinical nutrition, as well as the food and beverage industries. Recognized for its export capabilities, the company serves over 100 countries and was among India’s largest exporters in its segment in 2024.

Business Verticals

1. Pharmaceutical, Food, and Nutrition Ingredients: Includes mineral salts such as calcium, zinc, iron, potassium, magnesium, sodium, and copper.
2. Specialty Ingredients: Produced by subsidiary SNPL, these include liposomal ingredients, granulated or spray-dried formats, encapsulated actives, and micronutrient premixes.

As of June 2025, the pharmaceutical, food, and nutrition segment contributed 66.43% of revenue, while specialty ingredients accounted for 33.57%, with intersegment revenue at 7.96%.

Global Clientele

The company has served over 1,100 clients worldwide, including 14 Fortune 500 companies, with repeat customers generating 83.17% of revenue, reflecting strong client loyalty.

Manufacturing Footprint

Sudeep Pharma operates four manufacturing facilities and twelve production lines, including three units in Gujarat with a combined capacity of 65,579 MT and a plant in Ireland, acquired through NSS. The total production capacity across all facilities is 72,246 MT annually.

Strengths and Opportunities

• Market Leadership: Leading producer of pharmaceutical, food, and specialty ingredients with a diverse product range of over 100 items.
• Established Customer Base: Serves 1,100+ global clients, including top brands like Pfizer, Merck, Danone, Intas, and Aurobindo.
• Robust Manufacturing: Four facilities with 12 production lines, 35 global accreditations including USFDA and ISO certifications, and an upcoming 51,200 MT facility by Q4FY26.

Risks and Threats

• Customer Concentration: Top five customers account for over 34% of revenue, creating vulnerability to order loss or pricing pressure.
• Segment Dependence: Pharmaceutical, food, and nutrition ingredients contribute the majority of revenue, exposing the company to regulatory and market fluctuations.
• Export Exposure: Over 58% of revenue comes from exports, making the company sensitive to FX volatility, geopolitical risks, and trade regulations.

Conclusion

Sudeep Pharma’s IPO presents an opportunity for investors to participate in a well-diversified, globally recognized ingredients company with a strong manufacturing base, a loyal client network, and clear growth prospects, while remaining mindful of its concentrated customer base and export-dependent risks.

About the Author

Sorit Chaudhary

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