Integris Medtech, the second largest Indian headquartered diversified medical technology platform in terms of operating revenue for FY25, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
The IPO includes a fresh issue of equity shares of face value ₹1 each aggregating up to ₹925 crore and an offer for sale of up to 21,674,531 equity shares of face value ₹1. The offer for sale by promoter selling shareholders includes up to 15,174,251 equity shares by Evercure Holdings Pte. Ltd., up to 3,250,140 equity shares by Gurmit Singh Chugh and up to 3,250,140 equity shares by Punita Sharma. The company may consider a pre-IPO placement of ₹185 crore prior to the filing of the RHP with the Registrar of Companies.
The company plans to use the net proceeds to repay or prepay loans amounting to ₹696.39 crore, including interest and prepayment charges, taken by its wholly owned subsidiaries and step-down subsidiaries. A portion of the funds will also be used for general corporate purposes.
Integris was co-founded by Gurmit Singh Chugh and Punita Sharma. The company began with sales of cardiology products and later moved into manufacturing with the introduction of technologies such as the Yukon drug eluting stent. The company recently appointed Probir Das as CEO. He has over 26 years of leadership experience in global medtech and has held senior roles at Terumo and Becton Dickinson.
The company expanded with growth capital from Everstone Capital in 2019, enabling acquisitions in Europe and the laboratory sector. These acquisitions secured proprietary technologies for complex coronary interventions and extended its reach to scientific and clinical laboratories. The company states it is the only entity globally with two drug eluting stent platforms, VIVO ISAR and Yukon Choice.
Its expansion includes acquisitions such as Translumina GmbH and Blue Medical Devices in 2004. For geographic and category diversification, it acquired Lamed GmbH, and for leadership consolidation and market access, it acquired Research Instruments, Biofrontier, Analisa Resources and Sciences Resources. In 2025, it acquired 100 per cent of Everlife Holdings Pte Ltd. Integris has completed 17 acquisitions across cardiovascular and laboratory solutions. The company states that its build, partner and acquire strategy aims to fuel growth, expand reach, address technology gaps and strengthen innovation and service delivery.
Integris operates across cardiovascular devices, including drug-eluting stents, drug-coated balloons, complex coronary intervention products and vascular access solutions, and laboratory solutions serving clinical, research and industrial laboratories.
The company is the second largest coronary stent manufacturer in India with an estimated 22.0 per cent market share in drug-eluting stents. It is also the largest scientific laboratory solutions company in Southeast Asia. It manages operations across India, Europe, Asia (excluding India) and the Rest of World, covering the Middle East, Africa and Latin America. The company runs five manufacturing facilities in India, Germany and the Netherlands, supplying products to more than 65 international markets.
Integris is one of two Indian companies that produce all three classes of medical devices. It manufactures over 2,500 SKUs across facilities in Dehradun, Hechingen and Helmond. As of 30 June 2025, the company had partnered with more than 2,000 hospitals and Cath labs and worked with 9,500 laboratories globally. It offers 22,000 SKUs across more than 200 brands. Its lab solutions segment represents over 200 global manufacturers, including Euroimmun, Biorad, bioMérieux and MGI.
More than 60 per cent of the company’s revenue comes from international markets across its cardiovascular, scientific lab solutions and clinical diagnostic portfolios.
Integris Medtech’s total income increased 23.85 per cent to ₹1,959.58 crore in FY25 from ₹1,582.25 crore in the previous year. The restated profit moved from a loss of ₹4.8 crore in FY24 to a profit of ₹7.06 crore in FY25. The adjusted PAT increased to ₹103 crore in FY25 from ₹21.4 crore in FY24.
ICICI Securities Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited and IIFL Capital Services Limited are the bankers to the issue.