Integris Medtech Secures SEBI Approval for IPO, Plans INR 925 Cr Fundraise to Fuel Global Expansion

The Everstone Capital-backed company intends to deploy approximately INR 696.39 Cr from the fresh issue proceeds toward repayment or prepayment of loans, with the remaining funds allocated for general corporate purposes.

Integris Medtech has obtained regulatory clearance from SEBI to proceed with its initial public offering, aiming to raise up to INR 925 Cr through a fresh issue of shares while enabling existing investors to pare holdings through an offer for sale.

The Everstone Capital-backed company intends to deploy approximately INR 696.39 Cr from the fresh issue proceeds toward repayment or prepayment of loans taken by its subsidiaries and step-down units, with the remaining funds allocated for general corporate purposes.

Founded in 2008 by Gurmit Singh Chugh and Punita Sharma, Integris Medtech began as a distributor of cardiology products before transitioning into a vertically integrated medical technology platform. In 2019, Everstone Capital infused growth capital, catalyzing an acquisition-driven strategy, and it transformed the company into a diversified global medtech group.

Since then, Integris Medtech has completed 17 acquisitions, including Translumina GmbH, Blue Medical Devices, Lamed GmbH, Research Instruments, Biofrontier, Analisa Resources, Sciences Resources, and Everlife Holdings.

Integris Medtech currently operates manufacturing facilities in India, Germany, and the Netherlands, producing more than 2,500 SKUs across all three classes of medical devices. The company maintains a commercial presence in over 65 international markets spanning India, Europe, Asia, the Middle East, Africa, and Latin America.

In the cardiovascular segment, Integris Medtech has positioned itself as India’s second-largest coronary stent manufacturer, holding around 22 per cent share in the drug-eluting stent market. It states that it is the only medtech company worldwide offering two drug-eluting stent platforms, VIVO ISAR and Yukon Choice.

Beyond interventional cardiology, Integris Medtech has expanded into scientific laboratory solutions and in-vitro diagnostics, partnering with approximately 9,500 laboratories and 2,000 hospitals and catheterization labs.

The IPO will also include an offer for sale of 21.67 Mn shares by existing shareholders. Evercure Holdings will offload up to 15.17 million shares, while co-founders Gurmit Singh Chugh and Punita Sharma will each sell around 3.25 million shares.

Integris Medtech may additionally consider a pre-IPO placement of INR 185 Cr before filing its final prospectus.

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