Medical devices maker Integris Medtech cuts fresh issue to Rs 600 crore, halves OFS size

The fresh issue size has been reduced from Rs 925 crore, and an offer-for-sale halved from 2.16 crore equity shares proposed earlier as per the filing of draft document in October 2025. The SEBI approved its IPO papers in February 2026. Evercure Holdings has also reduced its portion of the OFS from 1.51 crore equity shares. Integris Medtech has revised the issue size under SEBI regulations that allow a company planning to launch an IPO by March 2027 to increase or reduce the fresh issue size by up to 50% without refiling the draft red herring prospectus (DRHP).

Following the revision, the company, which describes itself as India's second-largest coronary stent manufacturer by sales volume, has also revised the proposed utilisation of proceeds from the fresh issue. Accordingly, Rs 509.8 crore will be used to repay debt, while the remaining proceeds will be used for general corporate purposes. With manufacturing facilities in India, Germany and the Netherlands, Integris Medtech has a portfolio of cardiovascular devices, clinical diagnostics and scientific laboratory solutions.

Promoters held an 84.04% stake in the company, as per the DRHP. Evercure Holdings and Medicore Holdings, which are indirectly controlled by Everstone Capital Asia through its role as investment manager of ECP III Pte, held stakes of 28.85% and 33.93%, respectively. Gurmit Singh Chugh and Punita Sharma, the company's original promoters, each held a 10.23% stake. Evercure Holdings acquired control of the company in 2019 by taking over equity shares from Chugh and Sharma, while Medicore Holdings acquired control through a preferential allotment in the five years immediately preceding the filing of the DRHP.

The book-running lead managers for the proposed Integris Medtech IPO are ICICI Securities, Axis Capital, Citigroup Global Markets India and IIFL Capital Services.