An Initial Public Offering (IPO) offers investors an opportunity to sell part of their holdings and realise returns on their investments. However, the gains can vary significantly depending on when investors entered a company, how much they paid for their shares, and the price at which they exit.
Sahajanand Medical Technologies IPO provides an interesting case study of these differences. The proposed exits highlight five investors, including private equity firms, a trust and an individual shareholder. Together, they represent different investment histories and return profiles.
Based on the reported IPO exit figures, Samara Capital leads in terms of the value of shares being sold, with an exit amount of ₹222.88 crore. Meanwhile, Dhirajkumar Savjibhai Vasoya stands out with a return multiple of 546.03x. Shree Hari Trust also records a substantial multiple of 25.58x.
Therefore, while the exit amount shows how much an investor may realise from selling shares, the return multiple offers another perspective: how the exit price compares with the investor’s average acquisition cost per share.
Sahajanand Medical Technologies IPO: Investor Exit Overview
The five investors in the dataset have different exit amounts and return multiples. Moreover, all five are marked as partial exits, indicating that the reported IPO sale does not represent a complete exit from their holdings.
The following table summarises the reported figures.
| Investor | Investor type | IPO exit amount (₹ Cr) | Exit status | Return multiple |
|---|---|---|---|---|
| Samara Capital | Private Equity | 222.88 | Partial Exit | 7.41x |
| Shree Hari Trust | Trust | 92.88 | Partial Exit | 25.58x |
| Dhirajkumar Savjibhai Vasoya | Individual | 68.80 | Partial Exit | 546.03x |
| Morgan Stanley Private Equity Asia | Private Equity | 45.93 | Partial Exit | 3.53x |
| Kotak Private Equity | Private Equity | 44.99 | Partial Exit | 1.31x |
Source: Compiled investor exit data. Return multiples are based on the figures provided.
Taken together, these five investors account for ₹475.48 crore in reported IPO exit proceeds. However, their return multiples differ considerably.
For instance, Samara Capital has the largest reported exit amount, but its return multiple is lower than those of Shree Hari Trust and Dhirajkumar Savjibhai Vasoya. Similarly, Kotak Private Equity has a reported exit amount of ₹44.99 crore, with a return multiple of 1.31x.
Consequently, the ranking by exit value differs from the ranking by return multiple. This distinction is important when assessing the outcomes of early investments.
IPO Exit Amount by Investor
The chart below compares the reported IPO exit amounts of the five investors.
Exit proceeds (₹ crore)
| Investor | Exit amount (₹ Cr) |
|---|---|
| Samara Capital | 222.88 |
| Shree Hari Trust | 92.88 |
| Dhirajkumar Savjibhai Vasoya | 68.80 |
| Morgan Stanley Private Equity Asia | 45.93 |
| Kotak Private Equity | 44.99 |
Samara Capital accounts for the largest reported exit amount among these investors. At ₹222.88 crore, its proceeds are more than twice those of Shree Hari Trust, the second-largest seller in the group.
Furthermore, the five investors’ combined exit proceeds total ₹475.48 crore. Samara Capital contributes approximately 46.9% of this amount, making it the largest seller by value within the selected group.
However, exit proceeds alone do not establish which investor earned the highest return. To understand that, the average acquisition cost per share must also be considered.
Understanding Return Multiples
A return multiple compares the price received when shares are sold with the average acquisition cost per share.
Return Multiple = Exit Price Per Share ÷ Average Acquisition Cost Per Share (AACPS)
For example, a return multiple of 7.41x indicates that the exit price per share is 7.41 times the average acquisition cost per share used in the calculation. It does not mean that the investor received 7.41 times the total exit amount as profit.
Similarly, a multiple of 1.31x indicates an exit price that is 1.31 times the average acquisition cost per share. Before fees, taxes and other adjustments, this represents a price gain of approximately 31% relative to that acquisition cost.
Importantly, a return multiple is not the same as an annualised return. It does not account for the length of time an investor held the shares. Therefore, investors who achieve the same multiple over different periods may have very different annualised returns.
In addition, the reported multiples should be interpreted in line with the acquisition-cost methodology used in the dataset. They should not automatically be treated as fully realised portfolio returns or as a measure of an investor’s overall performance across all its investments.
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