Sudeep Pharma IPO to list on Nov 28: Here's what latest GMP hints at

Sudeep Pharma IPO witnessed robust investor interest, getting oversubscribed 93.72 times overall, driven largely by strong participation from QIBs

Sudeep Pharma IPO listing forecast: Sudeep Pharma, a pharmaceutical excipients manufacturer, will make its debut on the Dalal Street on Friday, November 28, 2025, and the grey market is indicating a strong start. 

 

The company raised ₹895 crore through its initial public offering (IPO), which comprised a combination of fresh issue of 1.6 million equity shares and an offer for sale (OFS) of 13.5 million equity shares.

 

The IPO witnessed robust investor interest, getting oversubscribed 93.72 times overall, driven largely by strong participation from qualified institutional buyers (QIBs), whose quota was booked 213.08 times. The non-institutional investors (NIIs) and retail investor segment also showed solid demand, oversubscribing their portions by 116.72 times and 15.65 times, respectively, according to NSE data. 

 

Ahead of the IPO, Sudeep Pharma had raised ₹268.5 crore from anchor investors on Thursday, November 20, allotting 4.52 million shares at ₹593 each, as per a circular on the BSE website. Marquee investors, including SBI Mutual Fund, HDFC MF, ICICI Prudential MF, Nippon India MF, WhiteOak Capital MF, Aditya Birla Sun Life MF, Motilal Oswal MF, Quant MF, Bandhan MF, UTI MF, Edelweiss MF, along with insurers Tata AIA Life Insurance and SBI Life Insurance, participated in the anchor round.

 

The allotment for the IPO was finalised on Wednesday, November 26, 2025, and investors are now awaiting the listing. Ahead of its listing, Sudeep Pharma’s unlisted shares were trading at around ₹690.5 per share in the grey market, indicating a premium of ₹97.5 or 16.44 per cent over the issue price of ₹593, as per sources tracking unofficial markets.

 

If grey market trends sustain, Sudeep Pharma shares could list near ₹691, signalling gains of about 16.5 per cent for IPO investors. However, analysts warn that the grey market is unregulated, and the GMP is not a reliable predictor of actual listing performance.  ALSO READ | E-commerce player Meesho eyes ₹6,000-crore IPO; key details you must know

Sudeep Pharma IPO details

The IPO comprised a fresh issue of 1.6 million shares aggregating to ₹95 crore and an OFS of 13.5 million shares aggregating to ₹800 crore. The issue was available at a price band of ₹563 to ₹593 per share, with a lot size of 25 shares. The public issue was open for subscription from November 21 to November 25, 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.