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.