Last day! Sudeep Pharma IPO closes today; subscription up 9x, NIIs lead

Sudeep Pharma subscription status Day 3: The subscription window to apply for the initial public offering (IPO) of Sudeep Pharma, a pharmaceutical excipients manufacturer, is set to close today, Tuesday, November 25, 2025, after a three-day bidding period that began on Friday, November 21, 2025. So far, the maiden public issue has received a muted response from investors. 

 

Data from the National Stock Exchange (NSE) shows that by 11:30 AM on Tuesday, bids had been placed for 98.23 million shares, compared to the 10.56 million shares available, resulting in an overall subscription rate of approximately 9.3 times.

 

Among investor categories, Non-Institutional Investors (NIIs) demonstrated the highest demand, oversubscribing their allocated quota by 26.3 times. Retail investors also showed decent interest, with their segment subscribed 7.20 times. However, the Qualified Institutional Buyers (QIBs) category witnessed a marginal subscription of only 17 per cent.

Sudeep Pharma IPO GMP

According to sources tracking unofficial markets. Sudeep Pharma’s unlisted shares were trading at ₹679, reflecting a grey market premium of ₹86 or 14.5 per cent above the upper end of the price band of ₹563 to ₹593.  Check Excelsoft Tech IPO Allotment status, GMP, listing date

Sudeep Pharma IPO Review

Reliance Securities has assigned a 'Subscribe' rating to the issue, citing its position has as a scaled, technically strong, and reliable manufacturer in the industry. 

 

"At the upper price band of ₹593, SPL is available at a P/E of 48x (FY25 diluted basis), which appears to be fairly priced," according to a note by Geojit Investments.  According to the brokerage, the company is well-positioned for sustained long-term growth, supported by robust operational performance, and its planned foray into the high-growth battery-grade minerals segment. It assigned a 'Subscribe' rating for investors with a medium- to long-term investment horizon.  ALSO READ | Missed Groww? These 3 IPOs also doubled investors' money in 2025

Sudeep Pharma IPO details

Sudeep Pharma aims to raise ₹895 crore through a combination of fresh issue of 1.6 million shares and an offer for sale (OFS) of 13.5 million shares. The public offering is available at a price band of ₹563 to ₹593, with a lot size of 25 shares. A retail investor can bid for a minimum of one lot with an investment amount of ₹14,825 (at the upper end of the IPO price) and in multiples thereof.

 

As the subscription window concludes today, the basis of allotment for Sudeep Pharma IPO shares is expected to be finalised on Wednesday, November 26, 2025. The successful allottees will receive the company's shares in their demat accounts by Thursday, November 27, 2025.

 

Sudeep Pharma shares are scheduled to list on the NSE and BSE, tentatively on Friday, November 28, 2025.

 

MUFG Intime India is the registrar for the issue. ICICI Securities and IIFL Capital Services are the book-running lead managers. 

 

According to the red herring prospectus (RHP), the company plans to use ₹75.81 crore from the net fresh issue proceeds for the procurement of machinery for the production line located at the Nandesari Facility. The remaining funds will be used for general corporate purposes.