Sahajanand Medical Technologies will make its stock market debut today, October 23. The Sahajanand IPO, priced at an upper band of Rs 344, carries a grey market premium of Rs 16 per share ahead of the listing, The Economic Times reported.
The Rs 16 premium on the Sahajanand IPO implies a listing near Rs 360, about 5 per cent above the Rs 344 upper end of the price band. The quote is informal and unregulated, so the actual debut price could land on either side of that estimate. The modest premium suggests the grey market is taking a measured view of the debut. The listing will be watched for whether the stock holds above the Rs 344 issue price through the session.
The Rs 344 upper band was the top of the price range set for the issue. Investors who bid at the cut-off price are allotted shares at the final discovered price within the band.
Sahajanand IPO: profit grew far faster than revenue
The company's latest financials show sharp profit growth. Total income rose 18 per cent to Rs 1,219 crore in FY26 from Rs 1,036 crore in FY25, The Economic Times reported. Profit after tax surged 175 per cent to Rs 69 crore from Rs 25 crore a year earlier.
In absolute terms, the company added Rs 183 crore to its top line and Rs 44 crore to its bottom line year on year. Profit grew nearly ten times faster than revenue, which points to expanding margins: net margin works out to about 5.7 per cent in FY26, up from about 2.4 per cent in FY25. A near-tripling of profit on an 18 per cent revenue gain is unusual, and it reflects costs growing far more slowly than sales. The jump from Rs 25 crore to Rs 69 crore in profit is the standout number in the FY26 accounts.
The FY26 numbers were reported ahead of the debut. An 18 per cent rise in income with a 175 per cent rise in profit suggests costs grew much more slowly than sales, a pattern that often shows up when a company scales without adding overhead at the same pace. Whether the margin holds at 5.7 per cent will be tested in the quarterly numbers the company reports after listing.
What the Sahajanand IPO grey market premium suggests
A 5 per cent implied premium on the Sahajanand IPO is modest, and grey market quotes can move quickly since the market is unofficial and volumes are thin. Grey market activity picks up in the days before listing as allottees and buyers negotiate informally, though none of these trades are settled through the exchanges.
The book-running lead managers for the Sahajanand IPO were Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities and Nuvama Wealth Management, The Economic Times reported. The four managers ran the book-building process, collecting bids across the price band before the final issue price was set. Book building lets the managers test demand across the price band before fixing the final issue price, which is how the Rs 344 upper band was arrived at.
Sahajanand IPO listing day: what to watch
Shares allotted in the issue are credited to investors' demat accounts before listing, and the opening price is discovered in the pre-open session. For the Sahajanand IPO, the reference points on debut are the Rs 344 issue price and the Rs 360 level implied by the grey market.
For investors who took part, the listing will set the first public market price for the stock. Investors who missed the IPO can buy the stock from the open market once it lists, at whatever price the market sets. The company is one of two mainboard debuts today, with Bonfiglioli Transmissions also listing, making October 23 a double listing day for new stocks. The debut comes on the same day the Jio Platforms IPO closes for subscription. The shares list today, October 23.