Everstone-backed Integris Medtech files for Rs 3,500-4,000 crore IPO

IPO

Integris Medtech Ltd., a medical technology company backed by Everstone Capital, has filed its draft red herring prospectus (DRHP) with India’s market regulator SEBI for an initial public offering (IPO) worth Rs 925 crore.

The IPO includes a fresh issue of equity shares aggregating up to Rs 925 crore and an offer for sale (OFS) of up to 21.67 million shares by existing shareholders. The OFS comprises up to 15.17 million shares by Evercure Holdings Pte. Ltd., and 3.25 million shares each by co-founders Gurmit Singh Chugh and Punita Sharma.

The company may also consider a pre-IPO placement of Rs 185 crore before filing the final prospectus.

Integris plans to use the net proceeds to repay or prepay loans worth ₹696.39 crore taken by its wholly owned and step-down subsidiaries. The remaining funds will be allocated for general corporate purposes.

The IPO comes as the company consolidates its position as India’s second-largest coronary stent manufacturer, with a 22% market share in drug-eluting stents, and the largest scientific laboratory solutions provider in Southeast Asia.

Founded by Gurmit Singh Chugh and Punita Sharma, Integris began with cardiology products and has since evolved into a medtech platform. Its growth was accelerated by Everstone Capital’s investment in 2019, which enabled a series of strategic acquisitions across Europe and Asia.

The company has completed 17 acquisitions to date, including Translumina GmbH, Blue Medical Devices, Lamed GmbH, Research Instruments, Biofrontier, Analisa Resources, and most recently, Everlife Holdings Pte. Ltd. in 2025.

“Our build, partner, and acquire strategy has been deliberate to fuel growth, expand reach, address technology gaps, and strengthen innovation and service delivery,” the company said in its DRHP.

Integris operates five manufacturing facilities across India, Germany, and the Netherlands, supplying over 2,500 SKUs to more than 65 countries. It serves over 2,000 hospitals and cath labs and partners with 9,500 laboratories globally.

Its lab solutions segment represents over 200 global manufacturers, including Euroimmun, Biorad, bioMérieux, and MGI.

Additionally, while the restated profit showed a positive turnaround from a ₹4.8 Crore loss in FY24 to ₹70.6 crore profit in FY25, the adjusted PAT stood at ₹103 crores in FY25 from Rs 21.4 crore in FY24. Over 60% of Integris’s revenue now comes from international markets, reflecting its global ambitions.

ICICI Securities, Axis Capital, Citigroup Global Markets India, and IIFL Capital Services are the book-running lead managers to the issue.