Integris Medtech has cut the fresh issue in its proposed IPO to ₹600 crore from ₹925 crore, according to an addendum to its draft papers. It has also halved the offer for sale, the part where existing shareholders sell. This is a revised plan for the Integris Medtech IPO, not a launch date.
What changed in the revised IPO plan?
The addendum, as reported by PTI, changes two parts of the issue.
| Part of the issue | Earlier plan | Revised plan |
|---|---|---|
| Fresh issue (money goes to the company) | ₹925 crore | ₹600 crore |
| Offer for sale (money goes to sellers) | 2.16 crore shares | 1.08 crore shares |
The offer for sale shrank because the co-founders pulled out. Gurmit Singh Chugh and Punita Sharma, who are also promoters, have withdrawn their proposed share sales and will keep their holdings. The promoter Evercure Holdings Pte Ltd stays in the offer for sale. Integris is backed by the private equity firm Everstone Capital.
The reports give the offer for sale only in shares. They do not give a rupee value or a price band, so the total issue size is not known yet.
Where will the IPO money go?
About ₹509.85 crore, nearly 85% of the fresh issue, is meant to repay or prepay borrowings. The loans sit in its wholly owned and step-down subsidiaries: Translumina Therapeutics, Transhealth, CPC Diagnostics, Chemopharm and Research Instruments. The company says this should strengthen its consolidated balance sheet and cut future finance costs.
In plain words, most of the new money goes to clearing debt, not to building new capacity.
What does Integris Medtech do?
It makes and sells medical devices across cardiovascular devices, clinical diagnostics and scientific laboratory solutions. It has factories in India, Germany and the Netherlands. It sells in more than 68 markets outside India and serves over 9,500 laboratories and 2,000 hospitals and pathology labs globally.
What our data shows
At about ₹600 crore for the fresh issue, Integris would rank #45 of the 58 IPO filings and plans we have tracked this year by size. Our tracker shows 68 companies have filed draft papers so far this month. We covered a similar trim earlier this week, when Crystal Crop Protection cut its fresh issue to ₹439 crore and halved its offer for sale.
What happens next?
PTI, citing sources familiar with the matter, says Integris is expected to file its red herring prospectus (RHP), the final offer document, next week. It plans to launch by late October or early November. Neither timeline is confirmed by the company, so treat both as reports. The RHP will carry the price band, the exact offer for sale size and the dates.
The report links the timing to Sahajanand Medical Technologies, whose ₹475 crore issue was subscribed 14.2 times, with QIBs at nearly 35 times. We will update once the RHP is out. Dated issues are on our upcoming mainboard IPO page. You can read the original report to check the figures.
