Sudeep Pharma IPO Day 2: Subscription at 2.88x; GMP, Listing Estimate, Investor Review — Should You Apply?
Sudeep Pharma IPO hits 2.88x subscription on Day 2. Check latest GMP, investor sentiment, listing price estimate, expert review, and whether you should apply before closing.
Sudeep Pharma IPO Day 2: Subscription at 2.88x, GMP, Listing Estimate & Review
The initial public offering (IPO) of Sudeep Pharma continues to see strong investor interest, with the issue subscribed 2.88 times by the second day of bidding. The public issue opened on November 21 and will close on November 25, 2025, with a price band set at ₹563–₹593 per share.
The IPO was fully booked on Day 1 with a subscription of 1.42x, signalling strong demand across investor categories.
📈 Grey Market Premium (GMP) Today
Sudeep Pharma IPO’s GMP stands at ₹121, indicating a possible listing price near ₹714, which is around a 20.40% premium over the upper issue price of ₹593.
Market trackers note that the GMP trend has been rising through the last eight sessions, with the lowest seen at ₹0 and the highest reaching ₹130 — suggesting strong interest ahead of the listing.
📊 Subscription Status Breakdown (as of Day 2)
Total Subscription: 2.88x
Retail Investors: 1.50x
Non-Institutional Investors (NII): 0.48x
Qualified Institutional Buyers (QIBs): 3.00x
The IPO has received bids for 1,50,09,425 shares against 1,05,64,926 shares available for bidding.
🏭 About Sudeep Pharma
Headquartered in Gujarat, Sudeep Pharma is one of India’s notable producers of food-grade iron phosphate used in:
- Infant and clinical nutrition
- Food and beverage manufacturing
The company operates six manufacturing facilities with a combined capacity of 50,000 MT, producing key minerals including:
Calcium
Iron
Magnesium
Zinc
Potassium
Sodium
📝 IPO Timeline
Event Date
IPO closes November 25
Allotment date November 26
Refunds initiation November 27
Shares credited to Demat November 27
Listing on BSE & NSE November 28
📌 Expert View: Apply or Avoid?
Brokerage opinions remain divided:
🔹 Swastika Investmart: Cautious View
The firm notes strong financials, including:
- Rising revenue
- High EBITDA margins
- FY25 RONW: 27.88%
- However, it believes the valuation is “aggressive” at a P/E of 45–48x, limiting near-term listing gains.
- Recommended only for investors with a long-term (2–5 years) horizon.
🔹 Geojit Financial Services: Subscribe
Geojit finds the valuation reasonable considering:
- Strong operational delivery
- European market expansion via NSS acquisition
- Entry into battery-grade minerals
- Healthy balance sheet and R&D focus
- Assigned a SUBSCRIBE rating for medium- to long-term investors.
💼 IPO Structure & Use of Proceeds
Fresh Issue: ₹95 crore
Offer for Sale (OFS): ~1.35 crore shares worth ₹800 crore
Of the fresh capital, ₹75.81 crore will be used for capital expenditure at the Nandesari facility.
Lead managers include ICICI Securities and IIFL Capital Services, while MUFG Intime India Pvt Ltd is the registrar.
📌 Should You Apply?
With strong response from QIBs, rising GMP trends, and positive long-term fundamentals, Sudeep Pharma’s IPO may appeal more to investors with a medium to long-term view, rather than short-term listing gain seekers.
