Sahajanand Medical Technologies, an Indian maker of coronary stents, heart valves and other cardiovascular devices, has opened its initial public offering, testing investor appetite for one of the country's more established medical technology companies at a time when healthcare listings are drawing growing interest.
The ₹475.48 crore issue opened for subscription on 15 October and closes on 19 October. Shares are priced in a band of ₹327 to ₹344 each, with a minimum bid of 43 shares. The anchor book opened on 14 October.
The offering is entirely an offer for sale of about 1.38 crore shares, meaning the company itself will not receive any of the proceeds. The money will go to existing shareholders selling part of their stakes.
Who Is Selling
The selling shareholders include Samara Capital Markets Holding, which holds a 29.61 per cent stake; NHPEA Sparkle Holding BV, an affiliate of Morgan Stanley, with 15.24 per cent; Kotak Pre-IPO Opportunities Fund, with 5.98 per cent; and investor Ashish Kacholia, with 1.08 per cent, according to Digital Health News. The promoters are also selling shares.
A pure offer for sale is common when private equity investors that have held a company for several years look to realise returns. For incoming public shareholders, it means the investment case rests entirely on the strength of the existing business, since there is no fresh capital earmarked for expansion, debt reduction or new projects.
Inside the Business
Founded in 2001, Sahajanand Medical Technologies is a research and development-driven medical device company focused on vascular and structural heart interventions. Its products include coronary stents, coronary balloons, transcatheter aortic valve implantation (TAVI) systems and occluders, devices used to close abnormal openings in the heart. It also sells renal stents and peripheral drug-coated balloons.
The company's products were sold in 77 countries in fiscal 2026 and in 65 countries during the three months ended June 2026, including India, according to Groww. That international footprint distinguishes it from many domestic device makers whose sales are concentrated in the Indian market.
The cardiovascular device segment is one of the largest and most competitive areas of medtech. Coronary stents, in particular, have been subject to price controls in India since 2017, when the National Pharmaceutical Pricing Authority capped prices to improve affordability. The move sharply reduced margins in the domestic market and pushed manufacturers to look abroad and to diversify into newer, higher-value products such as TAVI systems.
TAVI is one of the most closely watched segments in cardiology. The procedure replaces a narrowed aortic valve using a catheter, typically inserted through an artery in the leg, rather than through open-heart surgery. It has transformed treatment for older and higher-risk patients with aortic stenosis, a condition that becomes more common with age, and has steadily expanded to lower-risk groups as clinical evidence has accumulated. Globally, the market has been dominated by a handful of large multinationals, and their devices carry prices that put the procedure out of reach for many patients in developing countries. Manufacturers that can offer clinically proven valves at lower cost have a significant opportunity in India and other emerging markets, where ageing populations are increasing the number of people who could benefit.
