Startup funding in India added another listed medtech name on October 23, as Sahajanand Medical Technologies made a positive stock-market debut, listing at a premium of nearly 8% over its IPO price.
Stronger than grey-market expectations
The shares listed at ₹371.15 on the NSE, a 7.89% premium over the ₹344 issue price, and at ₹368.05 on the BSE (up 6.99%). By 11:48 am IST, the stock was trading at ₹382.20 on the NSE, up over 11% from the issue price, per Informist. Post-listing, the company's market capitalisation stood at around ₹3,741.11 crore. The debut beat grey-market expectations, which had indicated only about a 5% listing gain, according to InvestorGain.
The ₹475.48-crore IPO was entirely an offer-for-sale of up to 13.82 million shares by existing shareholders, so the company received no fresh proceeds. It was subscribed 14.20 times overall — QIBs bid 34.70 times, NIIs 14.64 times and retail investors 3.03 times. Ahead of the offer, the company raised ₹140 crore from anchor investors at ₹344 per share.
Sahajanand Medical is a Class III and Class C/D medical devices company focused on vascular intervention and structural heart treatments, with a portfolio spanning coronary intervention products, TAVI devices, occluders, renal stents and drug-coated balloons. Per SBI Securities, it reported a net profit of ₹65.3 crore in FY26 after a ₹12.8-crore loss in FY24.
It was one of four debuts on October 23: Tonbo Imaging led with a 66% premium, Zetwerk listed at about 5% before slipping below its issue price, and Bonfiglioli Transmissions made a flat debut.
Why it matters for founders
Sahajanand's solid debut — beating its own grey-market expectations — shows investors will pay up for profitable, niche medtech with a real product portfolio. For healthtech founders, the 34.70x QIB subscription is the headline: institutions are hungry for regulated, revenue-generating medical device businesses.