Key details at a glance
- Structure: Fresh issue of ₹925 crore; OFS of 2,16,74,531 shares by Evercure Holdings Pte Ltd, Gurmit Singh Chugh, and Punita Sharma, with a potential pre‑IPO placement of up to ₹185 crore that could reduce the fresh size.
- Indicative size and valuation: Market reports peg the total size at ₹3,500–₹4,000 crore and an indicative valuation of ₹11,000–₹13,000 crore at listing, subject to book build and market tone.
- Use of proceeds: About ₹696.4 crore from the fresh issue earmarked to repay/prepay borrowings at wholly owned and step‑down subsidiaries; remainder for general corporate purposes.
- Business profile: Diversified med‑tech platform with manufacturing in India, Germany, and the Netherlands; distributes cardiac stents and laboratory solutions to 65+ countries.
- Financials: FY25 total income ~₹1,960 crore, up ~24% YoY; PAT turned positive at ~₹7 crore versus a loss in FY24; gross borrowings ~₹828 crore as of August 2025.
- Bankers: ICICI Securities, Axis Capital, Citigroup Global Markets India, and IIFL Capital Services as BRLMs.
What to watch next
- RHP and price band: Will clarify implied multiples versus Indian and global med‑tech comps and debt‑reduction trajectory.
- Anchor book quality: Long‑only participation and healthcare specialists would support pricing and listing tone.
- Debt metrics post‑issue: Track net‑debt/EBITDA and interest coverage after the ₹696 crore repayment to gauge rerating potential.
FAQs
- What is the fresh issue amount? ₹925 crore, with roughly ₹696.4 crore to repay subsidiary debt and the rest to general corporate purposes.
- How large is the OFS? Up to 2.167 crore shares led by Evercure Holdings Pte Ltd and co‑founders.
- What is the expected total issue size? Approximately ₹3,500–₹4,000 crore per media and banker sources.
- What’s the business focus? Cardiac stents and diversified lab solutions with multi‑country manufacturing and 65+ country distribution.