Here is how investors can check whether they received shares and what to expect on listing day.
Visit https://www.mufgintime.com/ipo/
Select Sudeep Pharma from the dropdown.
Enter your PAN or application number and click on Submit to view allotment status.
On the BSE website (https://www.bseindia.com/investors/appli_check.aspx)Choose Equity, select Sudeep Pharma and enter your application details or PAN.You will be able to see if shares have been allotted to you.
GMP and listing outlook
The grey market premium (GMP) for Sudeep Pharma is around 14%, indicating that shares may list approximately Rs 80-85 above the issue price of Rs 593, if broader market sentiment holds. A firm anchor book and heavy QIB participation point to strong institutional confidence, although valuations remain on the higher side. The listing is scheduled for Friday, November 28, on both NSE and BSE.
Subscription summary
The IPO saw an overall subscription of 93.71 times. The QIB portion led with 213.08 times subscription, followed by NII at 116.72 times and retail at 15.65 times. The strong institutional response reflects the company’s global presence, scale and margin profile in the high-entry-barrier excipients and specialty nutrition ingredients space.
Ahead of the issue, Sudeep Pharma raised Rs 268.5 crore from anchor investors on November 20. The 30-day anchor lock-in ends on December 26, followed by a 90-day lock-in expiry on February 24, 2026.
IPO details
Sudeep Pharma’s Rs 895 crore IPO comprises a fresh issue of Rs 95 crore and an offer for sale of Rs 800 crore by existing shareholders. The price band was Rs 563–593 per share, with the issue finally priced at the upper band.
Company overview
Sudeep Pharma is a leading manufacturer of pharma excipients, food-grade minerals and specialty nutrition ingredients. It operates six manufacturing facilities with a combined 50,000 MT capacity and supplies over 200 products across more than 100 countries.
Its customer base spans pharmaceutical companies, food and beverage firms and global nutrition brands. The company has strong R&D capabilities, with specialised labs and pilot-scale processing units.
Financial performance
Sudeep Pharma reported revenue of Rs 511.33 crore for FY25, up 10% from FY24. Net profit rose modestly to Rs 138.69 crore from Rs 133.15 crore. The company maintains strong margins with EBITDA margin at 39.7% and PAT margin at 27.6%.
What happens next
Refunds and demat credits will be processed on November 27, followed by the listing on November 28. Given the healthy GMP and strong institutional book, the market expects a positive debut, although final pricing will depend on broader market conditions on listing day.