The surgical thread maker, which has been valued at around Rs 5,000 crore, is unlikely to issue fresh shares.
Sutures India, the Bengaluru-headquartered maker of surgical threads, plans to tap the market with an Initial Public Offering that merchant banking sources said could be as big as Rs. 1,500 crore.
The company has been valued at around Rs 5,000 crore, the source said. The IPO will be floated primarily to provide an opportunity to the existing private equity investors to monetise their holdings. The company is unlikely to issue fresh shares, he added.
Axis Capital, Kotak Mahindra Capital, JM Financial and Nomura are said to be advising the company on the IPO process, but this could not be independently verified with the merchant bankers.
TPG Growth, the middle market and growth equity platform of global private investment firm TPG, and Delhi-based CX Partners are the two private equity entities invested in Sutures India. TPG owns majority stake in the company founded 25 years ago by Sutures India Chairman LG Chandrasekhar and Managing Director S Subramanian.Sutures India has five manufacturing facilities, all of them in southern India. It makes absorbable as well as non-absorbable sutures besides surgical meshes, skin staplers, surgical gloves, surgical paper tapes, bone wax, umbilical cotton tapes and two-way Foley catheters. The company exports to over 91 countries in Europe, South America, Africa and Asia.