Samara Capital, NHPEA Sparkle, Kotak-backed cardiovascular devices maker SMT refiles IPO papers with entirely OFS issue

Sahajanand Medical Technologies IPO

Mumbai-based cardiovascular devices maker Sahajanand Medical Technologies (SMT), which is backed by Samara Capital, NHPEA Sparkle, Kotak, and Ashish Kocholia, has refiled draft papers with the SEBI for IPO.

The IPO will consist of entirely offer-for-sale of 2.76 crore equity shares by promoters and investors, which means the entire IPO proceeds will go to the selling shareholders and the company will not receive any offer money.

Promoters - Shree Hari Trust, and Dhirajkumar Savjibhai Vasoya, and investors - Samara Capital Markets Holding, Kotak Pre-IPO Opportunities Fund, and NHPEA Sparkle Holding BV will be the selling shareholders in the offer-for-sale.

Sahajanand Medical Technologies, founded by Dhirajlal Kotadia in 2001, is a Class III56 and Class C/D57 medical devices company with a portfolio of devices across vascular and structural heart intervention including coronary stents, coronary balloons, trans-catheter aortic valve (TAVI) and occluders.

Earlier in September 2021, Sahajanand Medical Technologies had filed draft papers for Rs 1,500-crore IPO which consisted of a fresh issue of shares worth Rs 410.33 crore and an offer-for-sale of equity shares worth Rs 1,089.67 crore. The SEBI had given a green signal to IPO in December same year, but SMT could not launch the offer within a year.

Promoters own 40.92 percent stake in SMT, and the remainder 55.36 percent shares are held by public shareholders including Samara Capital Markets Holding (29.68 percent stake), NHPEA Sparkle Holding BV (15.28 percent, which is managed by Morgan Stanley Private Equity Asia), and Kotak Pre-IPO Opportunities Fund (5.99 percent). Ace investor Ashish Kacholia holds 1.08 percent stake in the company.

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On the financial front, SMT has recorded profit of Rs 25.2 crore in the fiscal 2025 against loss of Rs 7.4 crore in the previous financial year. Revenue during the year ended March 2025 stood at Rs 1,024.9 crore, increasing 13.7 percent from Rs 901.6 crore in the previous fiscal.

The merchant bankers handling the Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities and Capital Markets (India), and Nuvama Wealth Management are the book running lead managers for the Sahajanand Medical Technologies IPO.