Integris Medtech Ltd., a leading 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 ₹925 crore.
The IPO will comprise a fresh issue of equity shares aggregating up to ₹925 crore and an offer for sale (OFS) of up to 21.67 million shares by existing shareholders. The OFS includes 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 ₹185 crore prior to filing the final prospectus.
According to the DRHP, net proceeds from the fresh issue will be used to repay or prepay loans worth ₹696.39 crore taken by its wholly owned and step-down subsidiaries. The balance funds will go toward general corporate purposes.
The IPO comes as Integris strengthens its position as India’s second-largest coronary stent manufacturer with a 22% market share in drug-eluting stents, and as the largest scientific laboratory solutions provider in Southeast Asia.
Founded by Gurmit Singh Chugh and Punita Sharma, Integris began its journey in cardiology products and has since evolved into a diversified global medtech platform. The company’s growth accelerated following Everstone Capital’s investment in 2019, which enabled a series of strategic acquisitions across Europe and Asia.
“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.
To date, Integris has completed 17 acquisitions, including Translumina GmbH, Blue Medical Devices, Lamed GmbH, Research Instruments, Biofrontier, Analisa Resources, and most recently, Everlife Holdings Pte. Ltd. in 2025.
The company operates five manufacturing facilities across India, Germany, and the Netherlands, offering over 2,500 SKUs to more than 65 countries. Its network includes over 2,000 hospitals and cath labs, and partnerships with 9,500 laboratories worldwide.
Within its laboratory solutions segment, Integris represents more than 200 global manufacturers, including Euroimmun, Biorad, bioMérieux, and MGI.
Financially, the company reported a 23.85% increase in total revenue to ₹1,959.6 crore in FY25, compared to ₹1,582.3 crore in FY24. Restated profit turned positive at ₹7.06 crore (against a ₹4.8 crore loss the previous year), while adjusted profit after tax surged nearly fivefold to ₹103 crore, up from ₹21.4 crore.
Notably, over 60% of Integris’s revenue now comes from international markets, underscoring its expanding global presence.
The IPO will be managed by ICICI Securities, Axis Capital, Citigroup Global Markets India, and IIFL Capital Services, who are the book-running lead managers to the issue
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