GAMP Services IPO
GAMP Services Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue of up to 31,93,500 shares and an offer for sale of up to 15,00,000 shares by its three promoters. In FY26 the company made a profit of ₹10.97 crore on revenue of ₹45.81 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 22 Oct 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Valmiki Leela Capital Private Limited
- Last SEBI contact
- 27 Oct 2026
- Price band and dates
- Not announced
Where it stands
GAMP Services IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI22 Oct 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 22 October 2026, 15 days ago, and its last communication on the draft was on 27 October 2026 (day count is our calculation).
DRHP at a glance
GAMP Services DRHP at a glance
Draft red herring prospectus, 18 Oct 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 235) and Risk Factors (p. 27 to 34)GAMP Services provides validation, qualification and instrumentation services to companies in regulated industries, mainly pharmaceuticals; life sciences customers gave 87.39% of FY26 revenue. It also distributes instruments from global makers as an authorised channel partner.
Its top 10 customers gave 42.00% of FY26 revenue, and most purchases come from overseas suppliers. It was incorporated in 2020 and is based in Vadodara, Gujarat.
Revenue by business, FY26
- Services: 71.34%
- Distribution: 28.66%
The offer
DRHP cover page and The Offer (p. 86)| Fresh issue | Up to 31,93,500 shares₹ amount set with the price; money goes to the company |
| Offer for sale | Up to 15,00,000 sharesSanjeevkumar Mahendrakumar Patel 6,20,700 (average cost ₹12.15), Girish Agrawal 6,20,700 (₹7.01) and Gaurav M Shah 2,58,600 (₹0.57) |
| Shares before the IPO | 1,21,06,499The fresh issue equals about 26.4% and the offer for sale about 12.4% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(2), as it does not meet Regulation 6(1)(b) |
| Lead manager | Valmiki Leela Capital Private Limited |
| Registrar | Bigshare Services Private Limited |
| Promoters | Sanjeevkumar Mahendrakumar Patel, Girish Agrawal and Gaurav M Shah |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 126 to 127)| Object | ₹ crore |
|---|---|
| Equipment and IT hardware for the services and data business | 40.05 |
| Unidentified acquisitions and general corporate purposes (set later) |
Amounts are what the net proceeds will fund. The fresh issue size in ₹ is set with the price, so each object's share is not shown yet. The offer for sale money goes to the selling promoters, not the company.
Financials
DRHP, Summary of Financial Information (p. 90 to 92) and Basis for Offer Price, KPIs (p. 142 to 145), ₹ crore| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 19.09 | 35.69 | 45.81 | 19.46 |
| EBITDA | 4.42 | 11.23 | 15.18 | 7.96 |
| EBITDA margin | 23.14% | 31.48% | 33.14% | 40.90% |
| Profit after tax | 3.04 | 7.95 | 10.97 | 5.81 |
| Diluted EPS (₹) | 4.80 | 8.66 | 10.45 | 4.86 |
| Total equity | 5.28 | 13.57 | 19.73 | 27.61 |
| Cash from operations | 3.88 | 4.16 | 9.83 | 0.19 |
| Return on net worth | 80.76% | 108.50% | 53.21% | 17.14% |
| Return on capital employed | 73.96% | 105.97% | 84.99% | 32.32% |
Restated figures. Q1 FY27 is April to June 2026 and is not annualised. Return on net worth uses average net worth from the KPI table. Revenue grew about 54.9% a year from FY24 to FY26 (our calculation).
Risks the draft lists first
DRHP, Risk Factors (p. 27 to 34)- Pharma customersLife sciences customers, mainly pharmaceutical, gave 87.39% of FY26 revenue. (Risk factor 1, p. 27)
- ServicesThe services business gave 71.34% of FY26 revenue. (Risk factor 2, p. 29)
- Foreign suppliersOverseas suppliers among the top ten were 87.82% of FY26 purchases. (Risk factor 3, p. 30)
- Few suppliersThe top ten suppliers were 92.83% of FY26 purchases. (Risk factor 4, p. 31)
- Key customersThe top ten customers gave 42.00% of FY26 revenue. (Risk factor 5, p. 33)
- DistributionThe distribution business gave 28.66% of FY26 revenue and depends on agreements with instrument makers. (Risk factor 6, p. 34)
Documents
GAMP Services DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
GAMP Services IPO FAQs
When will the GAMP Services IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 15 days ago (our calculation).
Has SEBI approved the GAMP Services IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the GAMP Services IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the GAMP Services IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the GAMP Services IPO?
Valmiki Leela Capital Private Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will GAMP Services do with the IPO money?
According to the DRHP, the fresh issue money goes to equipment and IT hardware for the services and data business (₹40.05 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does GAMP Services do?
GAMP Services provides validation, qualification and instrumentation services to companies in regulated industries, mainly pharmaceuticals; life sciences customers gave 87.39% of FY26 revenue. It also distributes instruments from global makers as an authorised channel partner.
Where can I read the GAMP Services DRHP?
On SEBI's website, where the draft red herring prospectus was published on 21 October 2026. The draft is dated 18 October 2026 and runs to 547 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 18 October 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.