Sahajanand Medical Technologies Ltd.
DRHP · filed 15 Oct 2026
This is a draft. SEBI has not cleared it, there is no final price yet, and it may never become an IPO.
Sahajanand Medical Technologies Ltd. is a medical device company that manufactures and sells cardiovascular and interventional products. The offer is structured as an offer for sale of 1,25,00,000 equity shares by existing shareholders, with no fresh issue of shares. The company's financial trajectory is supported by a debt-to-equity ratio of 44.74, though it faces significant risks regarding regulatory approvals and product registrations in key markets like Brazil, the US, Taiwan, and Australia.
Partial analysis — some sections could not be read from the document (found: capitalisation, cover, litigation, objects, price_basis, promoters, related_party, risks).
What stands out
High leverage. Debt-to-equity of 44.74x.
Criminal proceedings disclosed. There are no outstanding criminal proceedings initiated against the Company except for two notices: (i) an information seeking notice dated June 9, 2025, under section 94 of Bharatiya Nagarik Suraksha Sanhita, 2023, issued by the Office of the Assistant Commissioner of Police, Delhi, in relation to
Risk factor. The cancellation of product registration by the National Health Surveillance Agency (ANVISA) for the Barty Medical Catheter Introducer Kit in Brazil, due to alleged misclassification, resulted in the withdrawal and discarding of associated inventory. If the registration is not reinstated, the busine
How the offer is structured
- carry out the Offer for Sale of 13,822,116 Equity Shares of face value of ₹ 1 each aggregating up to ₹ [●] million by the Selling Shareholders which constitutes 13.60% of the pre-Offer Equity Share capital of the Company
- achieve the benefits of listing the Equity Shares on the Stock Exchanges
Promoters, litigation & related parties
Promoter (pre)
36.7%
Proceedings
2
There are no outstanding criminal proceedings initiated against the Company except for two notices: (i) an information seeking notice dated June 9, 2025, under section 94 of Bharatiya Nagarik Suraksha Sanhita, 2023, issued by the Office of the Assistant Commissioner of Police, Delhi, in relation to an ongoing investigation against M/s Boston Ivy Healthcare; and (ii) a second notice dated July 1, 2025, directing the Company to submit documents and appear in person before the Assistant Commissioner of Police on July 7, 2025.
Risks the company discloses
The cancellation of product registration by the National Health Surveillance Agency (ANVISA) for the Barty Medical Catheter Introducer Kit in Brazil, due to alleged misclassification, resulted in the withdrawal and discarding of associated inventory. If the registration is not reinstated, the business, cash flows and financial condition may be adversely affected.(Regulatory)
The discontinuation of efforts to obtain USFDA approval for Supraflex Cruz in Fiscal 2020, after incurring expenses of ₹38.14 million in Fiscal 2025 and ₹19.84 million in Fiscal 2024, due to price erosion in the US market and substantial investments required.(Regulatory)
The rejection of product registration applications in Taiwan for Hydra TAVI and in Australia for Hydra TAVI, which requested additional tests or clinical studies. There is no assurance that these applications will be approved in the future.(Regulatory)
The requirement to undertake additional clinical studies in respect of product registration applications in Taiwan and Australia, with no assurance of approval.(Regulatory)
The transition from the Medical Device Directive (MDD) to the EU Medical Device Regulation (EU MDR) for products other than Supraflex Cruz, which requires a gap assessment, conformity tests, and adherence to ISO 13485:2016. There is no assurance that the EU MDR-compliant dossier will be reviewed and issued in a timely manner.(Regulatory)
The expiration of CE certificates for several products, including Pipit NC, Pipit SC, Hydra Aortic Valve, Cocoon Duct Occluders, Cocoon Septal Occluders, and Cocoon VSD Occluders on December 31, 2027. There is no assurance that renewal or recertification applications will be approved in time to continue selling these products.(Regulatory)
The mandate by the Drug Controller General of India (DCGI) for a post-market surveillance phase IV trial (Genesis 2 study) for Hydra, which assessed the continued safety and performance of the product. There is no assurance that similar incidents will not occur in the future.(Regulatory)
The global regulatory environment is becoming increasingly stringent and unpredictable, which could increase the time, cost and complexity of obtaining regulatory approvals for products, as well as the clinical and regulatory costs of supporting those approvals.(Regulatory)
No dimension score is published for this filing. Too few sections could be read from the document to score it without guessing, and a score built on two fields would say more about our extraction than about the company.