Integris Medtech is the second-biggest medical technology platform in India that is diversified. It has submitted the Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), marking a crucial step in a public offering (IPO) journey.
The issue will consist of a new issue of equity shares with a maximum value of Rs. 925 crore and a promoter selling shareholders' offer for sale of 21.67 million shares, including Evercure Holdings Pte. Ltd., Gurmit Singh Chugh, and Punita Sharma, by whom promoter selling shareholders, are.
In consultation with the book-running lead managers (BRLMs), the company is also evaluating a pre-IPO placement of Rs. 185 crore. The plan is to utilize the net proceeds for repaying loans of Rs. 696.39 crore, which were availed by the subsidiaries, while the rest will be used for general corporate purposes.
Integris Medtech by Gurmit Singh Chugh and Punita Sharma is a company that started with cardiology products and later ventured into advanced manufacturing, with the introduction of technologies like the Yukon drug-eluting stent.
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The company has executed 17 strategic acquisitions across the world during the tenure of new CEO Probir Das. These acquisitions include the likes of Translumina GMBH, Blue Medical Devices, and Everlife Holdings Pte., which together deepens technology, expands geographic reach, and eases market access.
Integris is engaged in the development of devices for the treatment of cardiovascular issues and the supply of laboratory equipment. They make over 2,500 SKUs in their Indian, German, and Dutch facilities.
