Sudeep Pharma IPO: Price Band, GMP, Subscription Status; Should You Apply?

Sudeep Pharma's IPO is open until November 25, 2025, with a price band of Rs 563-593, aiming to raise Rs 895 crore. The grey market premium is Rs 130, indicating mild positive sentiment. Subscription on day one was slow.

The IPO of Sudeep Pharma Limited opened today, kicking off a three-day subscription window that closes on 25 November 2025. The company has priced its shares between Rs 563 and Rs 593, targeting Rs 895 crore through a mix of fresh equity and an offer for sale. Of this, Rs 95 crore comes from new shares, while Rs 800 crore will be sold by existing shareholders. The stock will list on both the BSE and NSE.

Grey Market Premium Holds at Rs 130

Ahead of listing, the company is witnessing some action in the grey market. Market observers report that Sudeep Pharma's shares are trading at a premium of around Rs 130, indicating a mildly positive sentiment—but not an overly bullish one.

Slow Start to Subscription on Day 1

Subscription numbers on the opening day remained modest. By 10:15 am, the issue saw an overall subscription of 0.09 times. Retail investors subscribed 0.10 times their quota, while non-institutional investors subscribed 0.16 times. Each lot includes 25 shares, and MUFG Intime India is overseeing the allotment process. The likely allotment date is 26 November, with listing expected on 28 November 2025.

What Brokerages Are Saying

Brokerages have begun sharing their early assessments. Swastika Investmart notes the company's strong fundamentals, steady revenue growth, sturdy EBITDA margins, and an FY25 RONW of nearly 28%. However, it warns that the valuation, at a P/E of 45–48x, leaves little room for quick listing gains. The firm suggests applying only with a long-term horizon of two to five years.

Master Trust echoes a positive long-term view. Highlighting India's rapidly expanding food and nutrition ingredients market, currently valued at $22 billion and projected to reach $32 billion by 2029, the brokerage believes Sudeep Pharma is well-positioned to capitalise on this growth. With over 100 products and strong in-house manufacturing capabilities, the company is seen as a potential long-term performer.