Everstone‑backed Integris Medtech gets SEBI nod for IPO

Integris Medtech Ltd., one of India’s fastest‑expanding medical technology groups, has secured the capital markets regulator’s approval for an initial public offering as it looks to accelerate acquisitions, deepen manufacturing capabilities, and strengthen its balance sheet. The Everstone Capital–backed company, India’s second‑largest home‑grown diversified medtech platform by FY25 operating revenue, plans to raise up to Rs 925 crore through a fresh issue of shares, alongside an offer for sale of 21.67 million shares from existing investors and founders. The bulk of the OFS will come from Evercure Holdings Pte. Ltd., which is offloading as many as 15.17 million shares, while co‑founders Gurmit Singh Chugh and Punita Sharma will each pare about 3.25 million shares. The company may also consider a pre‑IPO placement of Rs.185 crore ahead of filing the final prospectus. Integris plans to channel a large share of the fresh issue proceeds into repaying or prepaying loans—about Rs 696.39 crore—taken by its subsidiaries and step‑down units. The rest will go toward general corporate purposes. A significant deleveraging will strengthen the company’s financial profile as it gears up for more expansion across cardiovascular devices and scientific laboratory solutions—two businesses that give it a footprint across more than 65 international markets. Founded by Chugh and Sharma, Integris began as a cardiology products distributor before evolving into a global medtech manufacturer after Everstone’s growth capital infusion in 2019. That investment sparked a wave of acquisitions, including deals for Translumina GmbH, Blue Medical Devices, Lamed GmbH, Research Instruments, Biofrontier, Analisa Resources and Sciences Resources. In 2025, the company bought Everlife Holdings Pte. Ltd., taking its total acquisitions to 17 across cardiovascular and laboratory verticals. This acquisition‑led strategy has given Integris proprietary technologies for complex coronary interventions and expanded its reach in clinical, research and industrial laboratories. The company says it is the world’s only medtech firm with two drug‑eluting stent platforms—VIVO ISAR and Yukon Choice. To further professionalize operations, the company recently hired industry veteran Probir Das—formerly with Terumo and Becton Dickinson—as CEO. Integris operates across India, Europe, Asia and emerging markets in the Middle East, Africa and Latin America. It runs manufacturing facilities in India, Germany and the Netherlands, producing more than 2,500 SKUs across all three classes of medical devices. As of June 30, 2025, the company had partnered with 2,000 hospitals and catheterization labs, and worked with 9,500 laboratories, offering 22,000 SKUs across 200 global brands such as Euroimmun, Bio‑Rad, bioMérieux and MGI. Over 60% of its revenue comes from international markets. The company is also India’s second‑largest coronary stent maker with around 22% share of the drug‑eluting stent market, and the largest scientific laboratory solutions provider in Southeast Asia. Integris posted a 23.85 percent jump in total income to Rs 1,959.58 crore in FY25 from Rs 1,582.25 crore a year earlier. Restated profit swung into the black, rising from a Rs 4.8 crore loss in FY24 to a Rs 70.6 crore profit in FY25, while adjusted PAT surged nearly fivefold to Rs 103 crore. ICICI Securities, Axis Capital, Citigroup Global Markets India and IIFL Capital are advising the issue.