Integris Medtech Revises IPO Structure, Lowers Fresh Issue to ₹600 Crore

Medical technology firm Integris Medtech Ltd has revised the structure of its proposed initial public offering (IPO), reducing the fresh issue component from ₹925 crore to ₹600 crore. According to an addendum to the company’s Draft Red Herring Prospectus (DRHP), the adjustment reflects a calibrated approach to capital raising amidst evolving market dynamics and geopolitical volatility.

Under the revised IPO structure, approximately 85 per cent of the proceeds—amounting to roughly ₹509.85 crore—will be allocated toward the repayment or prepayment of borrowings. This debt reduction spans the company's wholly owned and step-down subsidiaries, which include Translumina Therapeutics, Transhealth, CPC Diagnostics, Chemopharm, and Research Instruments. According to the company document, lowering debt is expected to strengthen the consolidated balance sheet, reduce future finance costs, and provide operational flexibility.

The restructuring also involves changes to the offer for sale (OFS) component. Promoters Gurmit Singh Chugh and Punita Sharma have withdrawn their proposed OFS participation entirely, enabling them to retain their existing shareholdings through the transaction. Meanwhile, promoter Evercure Holdings Pte. Ltd has reduced its proposed OFS to up to 1,08,37,266 equity shares.

Integris Medtech operates in two core segments: cardiovascular devices—such as drug-eluting stents, drug-coated balloons, complex coronary intervention products, and vascular access solutions—and laboratory solutions catering to clinical, research, and industrial laboratories. Co-founded by Gurmit Singh Chugh and Punita Sharma, the enterprise began as a cardiology products sales business before expanding into advanced manufacturing with technologies like the Yukon drug-eluting stent. The company maintains manufacturing facilities in India, Germany, and the Netherlands.

The proposed public offering follows the recent subscription of Sahajanand Medical Technologies’ ₹475 crore IPO, highlighting continued activity within the medical technology segment of the Indian capital markets.

"Revising an IPO structure to prioritize debt reduction demonstrates a practical approach to managing capital in a volatile market environment. By channeling the majority of fresh issue proceeds toward repaying borrowings across subsidiaries, Integris Medtech is focusing on balance sheet health and lower finance costs. For growing businesses, securing financial stability and managing existing liabilities often takes precedence over aggressive capital raising during uncertain economic phases." — Dr. Shishir Gupta, Founder & CEO, StartupLanes