Homespun medical device maker Sahajanand Medical Technologies Limited (SMT) has taken its cardio-vascular products into developed markets largely dominated by multinational companies, on the back of its clinical efficacy, among other things, says Bhargav Kotadia, Managing Director and Chief Executive of Sahajanand Medical Technologies Limited.
Back home, though, as medical devices find themselves at the centre of a price discussion, he says, prices need to be pegged at an “optimum point” – accessible, but without affecting the quality of the product.
“There is a price point which gives greater accessibility, and then there is a price point which starts to reduce the quality. So we want to make sure that you are placing the price at the right point. There is an optimum point, and you don’t want to overdo it because, ultimately you’re dealing with people’s lives in this product,” Kotadia told businessline. Cardiac stents were the earliest medical devices to be brought into the Centre’s price control net, in 2016.
SMT management were in Mumbai ahead of its Initial Public Offering scheduled to open on Thursday, with a price band between ₹327 to ₹344 per equity share. The company is looking to raise ₹475 crore, he said. The IPO closes on Monday (October 19, 2026).
Over 70 percent of the Gujarat-based company’s ₹1,210 crore revenue comes from developed markets, largely dominated by MNCs. Explaining how a company with a background in providing technology to the diamond industry was able hold its own in markets like Germany, he points to clinical evidence, besides the ability to manufacture at scale, among other things.
“We funded large randomised clinical trials that did head-to-head comparison of our product versus the US brands, where we were able to showcase exactly how our product performs across a wide set of patients across the world, India, Europe, Latin America….We were able to prove that our devices are at par in terms of clinical efficacy. ..We also focused on and delivered better user (doctors) experience,” says Kotadia, second generation of the promoter family. In a market like Germany, “the land of ultra-precision, the land of quality engineering”, he adds, the company has a greater market share than one of its competitors.
IPO details
The IPO comprises an offer for sale of up to 13,822,116 equity shares of face value of ₹1 each by the company’s promoter, Shree Hari Trust; a member of the promoter group, Dhirajkumar Savjibhai Vasoya; and investor shareholders: Samara Capital Markets Holding Limited, Kotak Pre-IPO Opportunities Fund and NHPEA Sparkle Holding BV, he said.
The offer includes a reservation of up to 250,000 equity shares for subscription by eligible employees, the company said. About four percent of the company’s capital is also in ESOPs with employees, Kotadia said, some of them with the company for about 25 years. “So we wanted to create basically a monetization opportunity for them as well,” he added.
The Offer is being made through the book-building process, and the company looks to list on NSE and BSE.