KKR, TPG, Alkem Labs in race to acquire stent maker SMT: Report

The stent maker has a market share of 31 percent in India and had filed papers for IPO in 2021 to raise Rs 1,500 crore.

Major global private equity firms such as KKR, Apax Partners and TPG Capital are eyeing the acquisition of Sahajanand Medical Technologies (SMT), India’s largest cardiac stent maker, at a valuation of Rs 3,500 crore to Rs 4,000 crore, the Economic Times has reported.

The promoters Kotadias own 45 percent of the company, while Morgan Stanley PE Asia and Samara Capital together hold 49 percent in the company, the report said. The remaining 6 percent is with Kotak Pre IPO Opportunities Fund.

Pharma major Alkem Laboratories is also in the fray, the report said.

The stent maker, which has a market share of 31 percent, filed papers for an initial public offering in 2021 to raise Rs 1,500 crore but it was later put on hold.

Moneycontrol couldn’t verify the report independently but medical devices segment has been buzzing acquisition talks.

In March, Moneycontrol reported that Apax Partners-promoted Healthium Medtech was on the bloc with likely bids from EQT (formerly BPEA EQT), KKR, Bain Capital, and Advent International, valuing the medical devices firm at $750-850 million. In May, KKR emerged as the front-runner for the acquisition.

In August, it was also reported that KKR is in talks with Torrent Pharma to sell its majority stake in JB Chemicals.