Sudeep Pharma IPO: Mukul Agrawal, Prashant Jain among investors in Rs 268 crore anchor book

Sudeep Pharma, a technology-focused maker of excipients and specialty ingredients used in pharmaceuticals, food and nutrition, has raised Rs 268 crore from a heavyweight roster of anchor investors, setting the tone for its Rs 895 crore IPO set to open on November 21.The company allotted 45.27 lakh shares of Rs 593 each to anchors, drawing participation from almost all major mutual funds in India. SBI, ICICI Prudential, HDFC, Axis, Nippon, Aditya Birla Sun Life, Bandhan, UTI, Mirae, Motilal Oswal, Edelweiss and Quant all participated through various programmes. These institutions collectively snapped up 36,05,799 shares, signaling broad institutional confidence in the company’s growth profile in pharmaceutical ingredients.

Besides India’s largest domestic funds, several major investors also joined the anchor book. Mukul Agrawal of Param Capital, Prashant Khemka of Whiteoak, Akash Bhansali of Shamyak Investments and Prashant Jain of 3P Investment bet their exposure to the company before the listing. Insurance companies such as Tata AIA Life Insurance and SBI Life Insurance also participated.

The money was raised just a day before the IPO was set for subscription. The issue includes a fresh fundraise of Rs 95 crore and an offer for sale of 1.35 crore shares by the promoter group worth Rs 800 crore. In the higher price band, the IPO size is Rs 895 crore. Bids can be made for a minimum of 25 shares and in multiples thereafter.

Approximately half of the net supply will be allocated to qualified institutional buyers, while high net worth investors and retail investors will receive up to 15% and 35% of the book respectively. ICICI Securities and IIFL Capital Services are managing the issue, while MUFG Intime is the registrar.

Sudeep Pharma operates in a specialized part of the pharmaceutical and food supply chain, making excipients and mineral-based ingredients that are essential for the formulation of pharmaceuticals and fortified food products. Backed by in-house technologies in encapsulation, spray drying, granulation, liposomal processes and blending, the company has built a presence in the US, Europe, South America, Africa, the Middle East and Asia Pacific. The company is one of the largest global producers of food-grade iron phosphate for infant and clinical nutrition. Its installed capacity is 72,246 tonnes annually, and one of its production facilities is approved by the US FDA for mineral-based ingredients – a key reference for supplying regulated global markets.

Financially, the company has shown stable performance. Revenue rose from Rs 428.7 crore in FY23 to Rs 502 crore in FY25, while net profit more than doubled from Rs 60.4 crore to Rs 137 crore in the same period. In the June 2025 quarter alone, Sudeep Pharma posted a turnover of Rs 124.9 crore and a profit of Rs 28.4 crore