Everstone Capital backed MedTech Co, Integris Medtech files DRHP with SEBI for IPO

New Delhi: Integris Medtech has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI).

The IPO comprises of a fresh issue of equity shares of face value ₹ 1 each aggregating up to ₹925 Crores and an offer for sale of up to 21,674,531 equity shares of face value ₹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 Crores 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 Crores 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’s journey 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 onboarded 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

Its tech led expansion is illustrated by its acquisition of Translumina GMBH and Blue Medical Devices in 2004 similarly for geographic and category diversification it did bolt on acquisitions of Lamed Gmbh and for leadership consolidation and market access it acquired Research Instruments, Biofrontier, Analisa Resources and Sciences Resources. In 2025 it acquired 100% shares of Everlife Holdings Pte Ltd. It has completed 17 acquisitions across cardiovascular and laboratory solutions. Their build, partner and acquire strategy has been deliberate to fuel growth, expand reach, address technology gaps and strengthen innovation and service delivery. 

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. 

Notably, it is the country’s second largest coronary stent manufacturer with an estimated 22.0% market share in drug-eluting stents and is also the largest scientific laboratory solutions company in Southeast Asia. 

It manages the operations across four principal markets: India, Europe, Asia (excluding India), and Rest of World (comprising the Middle East, Africa and Latin America) and runs five manufacturing facilities across India, Germany, and the Netherlands, supplying products to over 65 international markets. 

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

As of June 30, 2025, Integris had partnered with over 2,000 hospitals and Cath labs and worked with 9,500 laboratories globally, offering 22,000 SKUs across more than 200 brands. Its lab solutions segment represents over 200 global manufacturers, including Euroimmun, Biorad, bioMérieux, and MGI, serving clinical and scientific labs across India and Southeast Asia. 

Over 60% of its revenues comes from international markets due to its global portfolio across the cardiovascular, scientific lab solutions and clinical diagnostic verticals.

Integris Medtech’s total income grew 23.85% to ₹1,959.58 crore in FY25 from ₹1582.25 Crore in the previous year. Additionally, while the restated profit showed a positive turnaround from a ₹4.8 Crore loss in FY24 to ₹70.6 crore profit in FY25, the adjusted PAT stood at ₹103 crores in FY25 from Rs 21.4 crore in FY24 

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.