Sudeep Pharma IPO
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About Sudeep Pharma
Sudeep Pharma is a technology-driven manufacturer of excipients and speciality ingredients for pharmaceutical, food, and nutrition industries. Since 1989, the company has expanded from basic excipients to over 100 products using in-house technologies for encapsulation, spray drying, granulation, and liposomal preparations.
The company provides mineral-based ingredients (calcium, zinc, iron, potassium, magnesium) for pharmaceutical and food applications, while developing customized specialty ingredients including micronutrient premixes and encapsulated formulations through its subsidiary SNPL.
Operating three manufacturing facilities in Vadodara, Gujarat with 65,579 metric tons capacity, Sudeep Pharma holds USFDA, WHO-GMP, and ISO approvals, serving over 1,100 customers globally including Pfizer, Merck Group, and Danone across 100 countries.
Financials of Sudeep Pharma
Issue size
| Funds Raised in the IPO | Amount |
| Overall | – |
| Fresh Issue | ₹95 crore |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Capital expenditure towards procurement of machinery for the company’s production line located at Nandesari Facility I | 75.81 (79.8%) |
| General Corporate Purposes | – |
Strengths
- Strong R&D drives innovation and product advancement.
- Experienced leadership with deep industry and functional expertise.
- Advanced, compliant facilities with global certifications and scalable capacity.
- Long-standing relationships with global blue-chip and Fortune 500 customers.
- Market leader with a diversified portfolio in a high-entry-barrier ingredients industry.
Risks
- Top 10 customers contribute 35%+ of revenue, posing concentration risk.
- 60%+ revenue from one segment poses concentration risk.
- Quality lapses or audit failures may lead to order loss and reputational harm.
- Operational concentration in Gujarat exposes the business to regional disruption risks.
- Delays or failures in new product launches may impact growth and profitability.
- Unsuccessful acquisitions may strain resources and dilute expected synergies.
- Regulatory and government approval delays may disrupt operations.
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