Sahajanand Medical Technologies' Rs 475.48-crore offer entered bidding day two on October 16. The numbers cut both ways.
The grey market has the shares near Rs 41 apiece. That is about 12% over the Rs 344 ceiling of the Rs 327-344 band, and works out to a listing price near Rs 385. A retail lot — 43 shares, Rs 14,792 at the top of the band — would carry about Rs 1,763 of implied paper gain at those levels.
Actual bidding on day 1 was thin. The offer, entirely an offer for sale of 1.38 crore shares, drew bids for only 34% of the 97.5 lakh shares being sold. Roughly 33.15 lakh shares found buyers on the first of three days. Retail investors took up 40% of their reserved quota. Qualified institutional buyers were at 37%. The non-institutional category lagged at 20%.
Sahajanand is not listing alone. Four mainboard IPOs are bidding in the same window — Tonbo Imaging, Bonfiglioli Transmissions and Zetwerk alongside Sahajanand — and all four are expected to list around October 23. On the grey market, Sahajanand trails the group badly. Tonbo carries an implied 71.4% premium, Bonfiglioli about 30.4%, Zetwerk 14.6%. Sahajanand sits at 11.9%.
Why it matters
India's primary market is in its busiest stretch of 2026, and the four-way pileup is splitting investor attention — and money. A grey market ranking Sahajanand last in expected listing pop is a concrete demand signal, reinforced by Religare Broking's Neutral call: the brokerage notes healthy growth in revenue, profit and margins, but says absolute profits remain modest and trail listed peers. Also worth weighing is the offer structure: the entire Rs 475.48 crore is an offer for sale, so not a rupee of the proceeds reaches the company; it goes to selling shareholders.
What to watch
- Subscription through October 19: institutional bids typically arrive on the final day; watch whether QIB participation jumps from 37%.
- GMP drift: the premium has hovered between Rs 41 and Rs 44 (11.9%-12.8%); a slide below 10% would weaken listing expectations.
- Anchor signal: Rs 140 crore was raised from anchor investors at the full Rs 344 upper band — 40,71,634 shares — which anchors the valuation argument.
- Listing day, around October 23: four simultaneous listings will test how much new paper the market can absorb at once.
MarketRadar take
The grey market is voting with its wallet: among four IPOs bidding the same week, Sahajanand ranks last on implied listing pop at 11.9%. Yet the fundamentals have a heartbeat — revenue grew 15.9% a year over FY24-FY26, PAT margin more than doubled to 5.7%, and anchor investors paid the full Rs 344. The tension into day 3 is whether institutional bidding catches up to the grey market's modest-but-positive read, or the crowded calendar keeps this issue at the back of the queue. With an all-OFS structure and a Neutral brokerage call, this reads as a valuation-sensitive listing rather than a momentum one.
