Upcoming IPO: Sudeep Pharma, a Gujarat-based manufacturer of excipients and specialty ingredients used in pharmaceutical and nutrition products, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).

The proposed issue includes a fresh equity raise of Rs 95 crore, and an offer for sale (OFS) of up to 1.007 crore shares by existing shareholders, including members of the promoter group.

As per the filing, the OFS will include shares offloaded by Sujit Jaysukh Bhayani (35.6 lakh shares), Sujeet Jaysukh Bhayani HUF (50 lakh), Shanil Sujit Bhayani (7.5 lakh), and Avani Sujit Bhayani (7.54 lakh).

The company plans to use Rs 75.81 crore from the fresh issue towards purchasing machinery for its Nandesari Facility I, with the remaining amount to go toward general corporate purposes.

The IPO will follow the book-building route, with 50 per cent of the issue reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors, and 35% for retail investors, in line with SEBI norms.

ICICI Securities and IIFL Capital Services will act as the book-running lead managers, and MUFG Intime India is the registrar.

Sudeep Pharma was incorporated in 1989 and supplies functional ingredients to pharma, food, and nutrition companies across India and export markets including the US, South America, Europe, and Asia-Pacific. According to the DRHP, it is among the larger producers of food-grade iron phosphate globally, with an annual production capacity of 65,579 metric tonnes as of December 2024.

The timing of the IPO will depend on market conditions and regulatory approvals.