Sudeep Pharma to tap capital markets to raise funds, files IPO papers with SEBI

The company may consider fund raising up to Rs 19 crore in pre-IPO round

Gujarat-based excipients and specialty ingredients manufacturer Sudeep Pharma plans to tap capital markets for funding capex as it has filed draft papers with the SEBI.

The IPO will consist of fresh issuance of shares worth Rs 95 crore, and an offer-for-sale of 1 crore shares by promoter - the Bhayani family.

The company may consider fund raising up to Rs 19 crore in pre-IPO round.

Founded in 1989, Sudeep Pharma manufactures excipients and specialty ingredients for the pharmaceutical, food and nutrition industries. As of December 2024, it has served over 1,100 customers, including marquee customers like Pfizer Inc, Intas Pharmaceuticals, Mankind Pharma, Merck Group, Alembic Pharmaceutical, Aurobindo Pharma, Cadila Pharmaceutical, IMCD Asia Pte, Micro Labs, and Danone SA.

Of the net fresh issue proceeds, Rs 75.8 crore will be utilised for procurement of machinery for production line at Nandesari facility, and the remainder money for general corporate purposes.

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In the last fiscal ended March 2024, Sudeep Pharma has recorded profit at Rs 133.1 crore, growing 113.6 percent and revenue at Rs 459.3 crore, increasing 7.1 percent over the previous fiscal. Profit in the nine months period ended December 2024 stood at Rs 94.5 crore on revenue of Rs 344.4 crore.

The merchant bankers handling the Sudeep Pharma IPO will be ICICI Securities, and IIFL Capital Services.