Sudeep Pharma IPO: Gujarat-Based Nutraceutical Manufacturer Reveals Rs 95 Crore Fresh Issue and Offer for Sale by Promoters

Backed by 65,579 MT annual capacity and exports to 100 countries, the company readies for public listing with marquee clients like Pfizer, Merck, and Mankind Pharma

Gujarat-headquartered Sudeep Pharma Limited has officially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), initiating the process for its proposed initial public offering. The offer comprises a fresh issue of equity shares worth ₹95 crore, along with an offer for sale by the promoter group of up to 1,00,76,492 shares. The company is known for manufacturing excipients and specialty ingredients for pharmaceutical, food, and nutrition markets. The fresh capital raised will be directed primarily toward capital expenditure to upgrade machinery at its Nandesari Facility I and support other general corporate requirements.

Founded in 1989, Sudeep Pharma has grown to become one of India’s leading producers of mineral-based pharmaceutical ingredients. The company’s manufacturing operations are centered in Vadodara, Gujarat, where it operates three facilities with a combined annual capacity of 65,579 metric tons. It has expanded into more than 100 countries, including strategic markets such as the United States, Europe, South America, the Middle East, and Asia-Pacific. The company’s global reach is further supported by its international offices located in the United States, Latin America, the United Kingdom, and the European Union.
Among its core achievements, Sudeep Pharma is distinguished as the only Indian manufacturer and one of just nine companies globally to receive the Council of Europe’s Certification of Suitability for calcium carbonate as an active pharmaceutical ingredient, a credential recognized under European Union regulations. The company is also recognized for pioneering liposomal ingredient delivery systems in India, which are designed to improve nutrient absorption and product stability in both clinical and consumer settings. Its formulations are further supported by regulatory endorsements such as Halal and Kosher certifications, reinforcing its alignment with global compliance frameworks.

Sudeep Pharma’s clientele includes internationally respected names such as Pfizer Inc. (Wikipedia), Merck Group (Wikipedia), and Mankind Pharma Limited (Wikipedia), alongside Indian leaders such as Intas Pharmaceuticals and Aurobindo Pharma. As of December 2024, the company reported having served more than 1,100 customers globally. According to data in the DRHP, it remains one of the top exporters of pharmaceutical-grade mineral ingredients from India, contributing significantly to the country’s position as a reliable global supply source.
For the financial year ending March 2024, Sudeep Pharma’s revenue from operations reached ₹459.28 crore, marking a 7.12 percent increase from ₹428.74 crore in FY23. Net profit more than doubled to ₹133.15 crore, compared to ₹62.32 crore the previous year. During the nine-month period ending December 31, 2024, the company generated ₹344.45 crore in revenue, with profit after tax of ₹94.54 crore, reflecting strong demand and cost discipline across segments.

The public issue will be offered through a book-building mechanism with allocations designated for Qualified Institutional Buyers (up to 50 percent), Non-Institutional Investors (not less than 15 percent), and Retail Investors (not less than 35 percent). The company also retains the option to raise ₹19 crore in a pre-IPO placement, subject to regulatory thresholds.
ICICI Securities Limited and IIFL Capital Services Limited are acting as the Book Running Lead Managers for the IPO. MUFG Intime India Private Limited has been appointed as the registrar. The equity shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
For a full overview of the offering, including risk factors, financial disclosures, and business strategy, the DRHP is available on the official BSE website and can be accessed here.

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