Stent maker Sahajanand Medical Tech files IPO papers with Sebi

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New Delhi: Cardiac stent maker Sahajanand Medical Technologies has filed preliminary documents with market regulator Sebi to raise Rs 1,500 crore through a first sale of shares. The initial public offering (IPO) includes a new issuance of equity shares worth Rs 410.33 crore and an offer to sell (OFS) equity shares in the amount of 1,089.67 Rupee crores by selling shareholders, according to the Red Herring Draft Prospectus (DRHP).

As part of the OFS, Samara Capital Markets Holding will sell shares valued at Rs 635.56 crore and Nhpea Sparkle Holdings BV will unload shares valued at Rs 320.36 crore, among others.

At present, Samara Capital holds 36.59% of the capital and NHPEA Sparkle Holding BV holds 18.44% of the capital of the company.

The company may consider a pre-IPO placement of shares totaling up to Rs 185 crore. If such a placement is made, the size of the new number will be reduced.

Proceeds from the new issue will be used to pay off debt, to fund the working capital requirements of the Company’s indirect foreign subsidiary, Vascular Innovations Co. Ltd, and for general corporate purposes.

The company is a major player in medical devices which researches, designs, develops, manufactures and markets vascular devices on a global scale.

Currently, the company offers products used in interventional cardiology. It operates three research and development facilities in Surat, Galway, Ireland and Nonthaburi, Thailand. In addition, the company is in the process of establishing a new research, development and manufacturing campus in Hyderabad.

BofA Securities India, Edelweiss Financial Services, UBS Securities India and Axis Capital are primarily responsible for the issue.

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