Deeptech startup SEDEMAC Mechatronics is preparing for its public market debut, allowing its investors to partially cash out through an offer for sale (OFS).
According to the company's draft red herring prospectus (DRHP), promoters and shareholders together plan to offload up to 80.4 Lakh equity shares via the OFS. There is no fresh issue component, meaning no new capital will flow into the company.
The IPO is expected to be in the range of INR 800 Cr-INR 1,000 Cr, as per previous media reports. ICICI Securities, Avendus Capital and Axis Capital are the book-running lead managers to the issue, while MUFG Intime India will act as registrar.
Among investors, biggest shareholder A91 Partners, through its entity A91 Emerging Fund II LLP, will sell up to 24 Lakh shares, the highest among selling shareholders. The fund currently holds 80.4 Lakh shares, representing 18.2% of SEDEMAC's pre-offer equity share capital.
Following A91, cofounder Shashikanth Suryanarayanan holds the second largest 16.2% stake in the company. He doesn't plan on selling any shares via the IPO.
Further, 360 ONE Asset Management, through its two funds, will offload a total of 11.5 Lakh shares. Together, the entities hold 38.4 Lakh shares or 8.7% of the company.
Xponentia Capital, via its two holding entities, will cumulatively sell up to 14.7 lakh shares. The funds together currently own about 49 Lakh shares, translating to 11% of SEDEMAC's pre-IPO shareholding.
Both of these VC firms acquired shares worth $91 Mn in the company's mega funding round in October 2024. The deal valued SEDEMAC at $260 Mn.
Meanwhile, other selling shareholders include NRJN Family Trust, which will sell up to 10.5 Lakh shares, Mace Private Limited (7.66 Lakh shares) and HDFC Life Insurance (4.2 Lakh shares).
Among promoters, cofounder and COO Manish Sharma and promoter group member Ashwini Amit Dixit would be selling 45,000 and 67,000 shares, respectively.
Before the offer, promoters Suryanarayanan, Amit Arun Dixit, Manish Sharma and Anaykumar Avinash Joshi, along with the promoter group, Mallika R Iyer, Ravikumar Krishnamurthi, Priyanka Manish Sharma and Ashwini Amit Dixit, together hold 26.4% of the company's equity, with 22.3% owned by the promoters and 4.2% by the promoter group.
The top 20 shareholders together account for 87.5% of SEDEMAC's pre-offer shareholding, indicating a tightly held ownership structure led by institutional investors.
According to the DRHP, investor shareholders such as A91 Partners, Xponentia, Mace and 360 ONE acquired their shares at a weighted average cost between INR 352 and INR 386 per equity share, while HDFC Life's average cost stands at INR 373.7 per share. Promoters' acquisition cost is much lower, ranging between INR 46 and INR 100 per share, reflecting their early founding participation.
Founded in 2007 by IIT-Bombay professor Suryanarayanan and his students Amit Dixit and Manish Sharma, the Pune-based company designs and manufactures electronic control systems used in two-wheelers, three-wheelers, electric powertrains and industrial engines. Its clientele includes Tata Motors, Mahindra Group, Ashok Leyland and TVS Motors.
SEDEMAC reported a net profit of INR 17.1 Cr in Q1 FY26 on a revenue of INR 217.4 Cr. For FY25, its net profit surged eightfold year-on-year to INR 47.1 Cr, while operating revenue grew 24% YoY to INR 658.4 Cr.
Who Sits On SEDEMAC's Board?
Shashikanth Suryanarayanan
Founder and managing director of SEDEMAC, Suryanarayanan leads business strategy, R&D and operations. In FY25, he received a remuneration of INR 5.39 Cr.
Amit Arun Dixit
Cofounder and joint managing director Dixit oversees engineering development and product innovation. He was the CTO of the company till June 2025. He drew a remuneration of INR 3 Cr in FY25.
Manish Sharma
Cofounder and whole-time director, Sharma serves as SEDEMAC's COO, responsible for manufacturing efficiency and delivery. He received INR 2.65 Cr in FY25.
Poyni Bhatt
Independent director Bhatt chairs SEDEMAC's board and brings three decades of experience in corporate governance and compliance.
Namakal S Parthasarathy
Independent director Parthasarathy joined SEDEMAC's board with over two decades in technology services. He is currently managing partner at Mela Ventures.
Udo Edgar Wolz
Non-executive director Wolz contributes over 30 years of experience in automotive and engineering industries.
Key Managerial Personnel
Rajesh Madhukar Sheth
Chief financial officer Sheth since May 2015, Sheth oversees finance strategy, planning and risk management. He received a remuneration of INR 98.3 Lakh in FY25.
Prasad Rajendra Chavan
As the company's secretary and compliance officer, Chavan is responsible for regulatory compliance. He received a remuneration of INR 3.4 Lakh in FY25.
Anaykumar Avinash Joshi
Working with SEDEMAC since 2015, Joshi took up the role of CTO of the company in July 2025. He drew a salary of INR 1.2 Cr in FY25.
Nikhil Rai
Rai has been serving as the company's senior vice president - global sales and business development since October 2023. He is responsible for driving global partnerships and revenue in his role. Rai has been with SEDEMAC since 2014. He received a remuneration of INR 98.4 Lakh in FY25.
Rridhima Namdeo
Namdeo heads the human resources function for SEDEMAC, overseeing talent strategy and organisational development. She joined the company in 2023 and received a salary of INR 57 lakh in FY25.
Sudeep Solanki
Solanki joined the company as a principal systems engineer in 2018 and was elevated to the position of vice president - business development in April 2025. In his current role, he is responsible for identifying new business opportunities and exploring new markets.