About G. Surgiwear IPO
The G. Surgiwear IPO is a book-built issue, offering a total issue of shares worth up to ₹740 crores, which includes a fresh issue of ₹370 crore and an offer for sale (OFS) of up to 4,500,000 equity shares with a face value of ₹10 per share. The company filed its DRHP with SEBI on December 30, 2025.
The price band and dates of opening and closing of the issue will be announced later by the company. The equity shares are proposed to be listed on the BSE and the NSE. The Book Running Lead Manager (BRLM) for this issue is Unistone Capital Private Ltd., while Skyline Financial Services Private Ltd. will be the registrar to the offer.
Company Background
G. Surgiwear Ltd. was formed as a private ltd. company on June 18, 1990, in Uttar Pradesh and later converted into a public company in July 2024. The company has been functioning for over 3 decades (30+ years) from its base in Shahjahanpur and has transformed itself from a small-scale manufacturer to a research-oriented medical device company.
The company is based in Shahjahanpur, Uttar Pradesh and has maintained its main operational and administrative center. Since its inception, the company has remained focused on the development of indigenous medical solutions that address complex surgical needs, especially in areas where foreign medical devices have remained dominant.
Operations & Product Range
The primary focus of G. Surgiwear Ltd. is to carry out research, design and manufacture a comprehensive range of medical devices. Their product lines cater to the diverse needs of various surgical subspecialties, including neurosurgery, orthopedics, and general surgery. Additionally, the company offers a range of disposable medical products, including surgical drapes and gowns.
Some of their top products are the Chitra-Surgiwear Hydrocephalus Shunt, intraocular lenses, and titanium cranial and maxillofacial implants. Their implants are used in hospitals and healthcare institutions that need high levels of precision. The company also produces some silicone surgical products and some modified disposable kits that help to maintain sterile conditions during surgery.
Facilities & Capacity
Located in the Shahjahanpur district of Uttar Pradesh, G. Surgiwear Ltd. operates two production units called Unit I and Unit II. Each of these units can conduct a variety of activities, including plastic molding, silicone molding and precision titanium engineering.
With the upcoming IPO, the company will be able to file for geographical and capacity expansion. The company will be able to open a third production unit, which will be located at SIDCUL in Pantnagar, Uttarakhand. This will increase production capacity and enhance the production units that are in line with the growing demand in the global marketplace.
Brands & Market Presence
For more than 30 years, G. Surgiwear Ltd. has operated in the Indian medical sector under the brand name of "SURGIWEAR." With more than 40 various international destinations, including the subcontinent of India and various countries of Asia, Africa, and Latin America, their market reach is extensive.
The firm has a number of notable accolades pertaining to quality, including ISO 13485 for quality management systems for medical devices and CE certification to numerous products, enabling them to sell their products in Europe and other international markets. Their production units are also compliant with WHO-GMP.
Revenue Streams & Business Model
G. Surgiwear Ltd. makes revenue from the sales of medical devices and surgical disposables to hospitals, nursing homes and government health care units. Their business model is a mix of direct institutional sales and a wide range of distributors in different regions.
Management has revenue from service categories, including surgical implants and disposable drapes. Exporting is becoming a part of their revenue growth due to the high demand for inexpensive medical solutions, even though their primary revenue center is their home market.
Management & Shareholding
The promoters of the company G. Surgiwear Ltd. include Ghanshyam Das Agarwal, Renu Agarwal, Vinamra, Rishu Agarwal and Ghanshyam Das Agarwal HUF. The promoters and the promoter group held the majority of the company's equity ahead of the G. Surgiwear IPO. Their company shareholding will inevitably decrease post the IPO due to the new issuance and OFS.
Board & Key Management
The board of G. Surgiwear Ltd. is headed by Ghanshyam Das Agarwal (chairman and managing director). He is assisted by Vinamra Agarwal and Rishu Agarwal (whole-time directors). The board also includes independent directors, who bring professional expertise in the fields of finance, law and corporate governance. The group of professionals is responsible for overseeing the growth and compliance necessary for a world-class company in the medical devices sector.
G. Surgiwear IPO Details
| Detail | Description |
|---|---|
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹ 10 per Equity Share |
| Issue Price Band | [.] |
| Lot Size | [.] |
| Sale Type | Book Built Offer |
| Total Issue Size | Up to ₹ 740.00 Cr (₹7,400.00 million) |
| Fresh Issue(Ex Market Maker) | Up to ₹ 370.00 Cr (₹3,700.00 million) |
| Offer for Sale | Up to ₹ 370.00 Cr (₹3,700.00 million) by Ghanshyam Das Agarwal |
| Issue Type | Initial Public Offering (IPO) |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 5,41,26,560 Equity Shares |
G. Surgiwear IPO Financial Information
Latest Revenue
44.87
₹ Crore
Profit After Tax
5.61
₹ Crore
Net Worth
197.43
₹ Crore
Total Borrowing
121.72
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| June 30, 2025 (3 Months) | 349.10 | 44.87 | 5.61 | 197.43 | 196.11 | 121.72 | |||
| FY 2025 (Mar 31) | 324.59 | 224.85 | 58.05 | 191.25 | 189.93 | 93.07 | |||
| FY 2024 (Mar 31) | 270.88 | 169.13 | 23.53 | 133.13 | 131.81 | 102.59 | |||
| FY 2023 (Mar 31) | 211.22 | 151.72 | 19.49 | 110.92 | 109.60 | 73.08 | |||
| Amount in ₹ Crore | |||||||||
G. Surgiwear Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 30.35% |
| ROCE | 29.75% |
| Debt/Equity | 0.49x |
| PAT Margin | 25.82% |
| EBITDA Margin | 44.19% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ₹10.74 | [.] |
| P/E (x) | [.] | [.] |
IPO Objectives
G. Surgiwear Ltd. intends to utilize the proceeds from the fresh issue from the IPO for several key strategic goals:
- • Investing in the new manufacturing plant in Pantnagar, Uttarakhand.
- • Repayment of debt (in part or in full) to strengthen the company’s balance sheet
- • Funding the working capital requirements of the business as it scales operations
- • General corporate purposes
Conclusion
The G. Surgiwear IPO brings to the market a seasoned participant in the Indian medical devices sector. The company has a strong focus on R&D and a broad product portfolio that caters to the complex requirements of surgery. The proposed entry into the Uttarakhand market indicates a clear strategy to shift towards large-scale manufacturing. As the healthcare infrastructure in India grows, the company's ability to retain its quality certifications and distribution chain effectiveness will be pivotal to its future as a listed company.
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Competitive Strengths
Presence in the hotel industry in Shillong since 1986, offering more than 3 decades of experience in the tourism sector in northeastern India.
Group structure with several subsidiaries, which improves the diversification of services offered in different hotel types.
Located at Polo Grounds in Shillong, providing easy access to the main business and tourist hubs in the capital city of Meghalaya.
Registered trademark, which helps in building brands in the hotel industry in the region.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 30/12/2025 | View DRHP |
| 2 | SEBI/Exchange approval received | - | - |
G. Surgiwear IPO Timeline
| IPO Open Date | [.] |
| IPO Close Date | [.] |
| Tentative Allotment | [.] |
| Initiation of Refunds | [.] |
| Credit of Shares to Demat | [.] |
| Tentative Listing Date | [.] |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | [.] | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | [.] | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | [.] | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | [.] | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | [.] | Over ₹10,00,000 |