Integris Medtech, the second-largest Indian-headquartered diversified medical technology platform by operating revenue in FY25, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its proposed initial public offering (IPO).
The IPO comprises a fresh issue of equity shares with a face value of INR 1 each aggregating up to INR 925 crore, along with an offer for sale (OFS) of up to 21,674,531 equity shares. The OFS includes up to 15,174,251 shares by Evercure Holdings Pte. Ltd., and up to 3,250,140 shares each by promoters Gurmit Singh Chugh and Punita Sharma.
In consultation with the book-running lead managers (BRLMs), the company may undertake a pre-IPO placement of up to INR 185 crore prior to filing the Red Herring Prospectus (RHP) with the Registrar of Companies.
Integris plans to utilize the net proceeds primarily to repay or prepay certain outstanding loans amounting to INR 696.39 crore, including interest and prepayment charges. These borrowings were taken by its wholly owned and step-down subsidiaries. The remaining funds will be used for general corporate purposes.
Co-founded by Gurmit Singh Chugh and Punita Sharma, Integris began as a cardiology products distributor and has since transitioned into advanced manufacturing, including the introduction of the Yukon drug-eluting stent platform. The company recently appointed Probir Das as Chief Executive Officer. He brings more than 26 years of leadership experience in global medtech, having held senior roles at Terumo Corporation and Becton, Dickinson and Company.
The company’s growth trajectory accelerated following growth capital investment from Everstone Capital in 2019, enabling strategic acquisitions in Europe and expansion into the laboratory segment. Integris is currently the only company globally to offer two drug-eluting stent platforms — VIVO ISAR and Yukon Choice.
The India-based global medical products and laboratory solutions company operates across two core segments: cardiovascular devices, including drug-eluting stents, drug-coated balloons, complex coronary intervention products and vascular access solutions; and laboratory solutions serving clinical, research and industrial laboratories.
Integris is one of only two Indian companies manufacturing all three classes of medical devices, with more than 2,500 SKUs produced in-house across facilities located in Dehradun (India), Hechingen (Germany) and Helmond (Netherlands). More than 60 Percent of its revenue is derived from international markets, supported by its diversified global portfolio spanning cardiovascular, scientific laboratory solutions and clinical diagnostics.
The IPO is being managed by ICICI Securities Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited and IIFL Capital Services Limited (formerly IIFL Securities Limited).
