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Building investor confidence in India’s healthcare innovation through SMT’s successful IPO

Building investor confidence in India’s healthcare innovation through SMT’s successful IPO
Published Date
Oct 27, 2026
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Image of Pallavi Gopinath Aney
Pallavi Gopinath AneyPartner, Singapore
Image of Mark Leemen
Mark LeemenPartner, Sydney
Image of Serena Upadhyay
Serena UpadhyaySenior Associate, Singapore
Sahajanand Medical Technologies Limited (SMT) completed its approximately INR4.8 billion initial public offering, with its shares listing on the National Stock Exchange of India Limited and BSE Limited on October 23, 2026. A&O Shearman acted as international legal counsel to the underwriters on the transaction.

The IPO, a secondary sale of shares by existing shareholders, was oversubscribed 14.2 times. The strong response highlights the depth and maturity of India’s equity capital markets and sustained investor appetite for quality healthcare and medical technology issuers. 

SMT, an Indian medical devices company focused on vascular and structural heart intervention, represents the growing strength of India’s healthcare innovation ecosystem.

“This IPO is a strong signal of investor confidence in India’s healthcare innovation and capital markets”

“This IPO is a strong signal of investor confidence in India’s healthcare innovation and capital markets” Pallavi Gopinath Aney, A&O Shearman partner and co-head of the firm’s India Group, commented. “We are pleased to have supported the underwriters on this significant transaction, combining our international ECM capabilities with deep local insight to help deliver a seamless execution.”

A&O Shearman advised the underwriters as international counsel, managing a multi-stakeholder transaction that required coordination among the underwriters, the issuer, and the selling shareholders. The team negotiated transaction documents concurrently with several counsel teams, ensuring timely execution and alignment across jurisdictions.

The A&O Shearman team was led by partner Pallavi Gopinath Aney, supported by Mark Leemen and Serena Upadhyay.

The transaction builds on the firm’s strong track record in Indian ECM, having advised on numerous landmark listings and capital raisings in India.

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