Integris Medtech, the second largest Indian headquartered diversified medical technology platform in terms of operating revenue for FY25, has received the Securities and Exchange Board of India (SEBI) approval for its proposed initial public offering (IPO).
The IPO comprises of a fresh issue of equity shares of face value Rs. 1 each aggregating up to Rs. 925 crores and an offer for sale of up to 21,674,531 equity shares of face value Rs. 1. The offer for sale by promoter selling shareholders comprises of up to 15,174,251 equity shares by Evercure Holdings Pte. Ltd., up to 3,250,140 equity shares by Gurmit Singh Chugh and up to 3,250,140 equity shares by Punita Sharma.
In consultation with the BRLMs, the company may consider a pre IPO placement of Rs. 185 crore prior to the filing of the RHP with ROC.
The company plans to use the funds raised from the net proceeds to repay or prepay certain loans, along with any interest and prepayment charges amounting to Rs. 696.39 crore taken by its wholly owned subsidiaries as well as by its step-down subsidiaries. A portion of the funds will also be used for general corporate purposes.
Co-founded by Gurmit Singh Chugh and Punita Sharma, Integris began with the sales of cardiology products and it has steadily transitioned into advanced manufacturing with introduction of technologies such as Yukon drug eluting stent. Recently the company on-boarded Probir Das as its CEO. He has over 26 years of leadership experience across global medtech segments and has held senior roles in companies like Terumo and Becton Dickinson
The company has grown at the back of growth capital it received from Everstone Capital in 2019 that resulted in strategic acquisitions in Europe and in the laboratory sector, securing proprietary technologies for complex coronary interventions and extending its reach to scientific and clinical laboratories and as on date stands to be the worlds only company to have two drug eluting stent platforms such as VIVO ISAR and Yukon Choice
The diversified India-based global medical products and laboratory solutions company operates across two key global medtech segments including cardiovascular devices (including drug-eluting stents, drug-coated balloons, complex coronary intervention products, and vascular access solutions) and laboratory solutions, which serve clinical, research, and industrial laboratories.
It is one of only two Indian companies producing all three classes of medical devices, with over 2,500 SKUs manufactured in-house across facilities in Dehradun, India, Hechingen in Germany, and Helmond in the Netherlands.
Over 60% of its revenues comes from international markets due to its global portfolio across the cardiovascular, scientific lab solutions and clinical diagnostic verticals.
ICICI Securities Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited And IIFL Capital Services Limited (formerly known as IIFL Securities Limited) are the bankers to the issue. |