Integris Medtech Ltd has recalibrated its proposed initial public offering (IPO), reducing the fresh issue component from ₹925 crore to ₹600 crore according to an addendum to its Draft Red Herring Prospectus (DRHP). The revision reflects a calibrated approach to capital raising amid evolving market dynamics and heightened volatility arising from geopolitical developments, with the company retaining a significant focus on debt reduction. This strategic adjustment comes as the company navigates current market conditions while maintaining its commitment to strengthening its financial position. The revised IPO structure comprises a fresh issue of ₹600 crore and an offer-for-sale of 1.08 crore equity shares, with SEBI approval received in February 2026.
About 85 per cent of the revised IPO structure, ie approximately ₹509.85 crore, will go towards repayment or prepayment of borrowings across its wholly owned and step-down subsidiaries, including Translumina Therapeutics, Transhealth, CPC Diagnostics, Chemopharm and Research Instruments. The proposed debt reduction could strengthen the company's consolidated balance sheet, lower future finance costs and provide greater financial flexibility for its medical technology operations, according to the document. This substantial debt reduction component represents the company's primary strategic objective in the current market environment, with the remaining proceeds allocated for general corporate purposes.
The revised offer structure involves promoters Gurmit Singh Chugh and Punita Sharma withdrawing their proposed offer for sale (OFS) participation, allowing them to retain their existing shareholdings through the proposed transaction. Meanwhile, promoter Evercure Holdings Pte. Ltd has reduced its proposed OFS to up to 1.08 crore equity shares, down from the earlier proposed 1.51 crore shares. The restructuring indicates a measured approach to shareholder dilution and capital mobilisation, while prioritising the company's existing debt obligations and maintaining promoter control. Evercure Holdings has also reduced its portion of the OFS from its earlier proposed 1.51 crore equity shares.
Integris Medtech's ownership structure shows promoters holding an 84.04% stake in the company, as per the DRHP. Evercure Holdings and Medicore Holdings, which are indirectly controlled by Everstone Capital Asia through its role as investment manager of ECP III Pte, held stakes of 28.85% and 33.93% respectively. Gurmit Singh Chugh and Punita Sharma, the company's original promoters, each held a 10.23% stake. Evercure Holdings acquired control of the company in 2019 by taking over equity shares from Chugh and Sharma, while Medicore Holdings acquired control through a preferential allotment in the five years immediately preceding the filing of the DRHP.
The proposed IPO comes on the heels of the strong subscription of Sahajanand Medical Technologies' ₹475 crore IPO, indicating continued investor interest in the medical technology sector. The revised structure reflects the company's strategic focus on debt management while maintaining its position in the competitive medical devices market. The book-running lead managers for the proposed Integris Medtech IPO are ICICI Securities, Axis Capital, Citigroup Global Markets India and IIFL Capital Services. Integris Medtech describes itself as India's second-largest coronary stent manufacturer by sales volume, with manufacturing facilities across India, Germany and the Netherlands, offering a portfolio of cardiovascular devices, clinical diagnostics and scientific laboratory solutions.
