12076 Investors following Opto Circuits. Share this News with them.
0
Like this story, share it with millions of investors on M3
Opto Circuits unit to raise upto $212m via IPO
Healthcare equipment maker Opto Circuits (India) said on Tuesday its fully owned unit plans to raise up to Rs 10 billion (USD 211.77 million) through an initial public offering (IPO).
Healthcare equipment maker Opto Circuits (India) said on Tuesday its fully owned unit plans to raise up to Rs 10 billion (USD 211.77 million) through an initial public offering (IPO).
The listing of Opto Eurocor Healthcare would happen in 'a few months' depending on the market situation, V. Bhaskar, director finance, told Reuters over the telephone.
"Once we get the right valuations, we will go ahead with it," he said, adding that the parent firm would see 25% of its stake dilution in the unit through the IPO.
The company is planning to set up manufacturing units in India and Malaysia and the proceeds of the share sale would be used to finance this expansion, he said.
"In India, it (plant) will be at Vizag and ultimately we will set up something in Mysore or Hassan."
The Bangalore-based company has already acquired land to set up a unit in Malaysia, he said.
The unit makes medical stents used in various cardiovascular surgeries.
The company also plans to spend the funds on clinical trials and further research, he said.
Shares of Opto Circuits, valued at USD 1 billion by market, closed at Rs 247.70 on Tuesday, down 1.3% in a weak Mumbai market.
