I’m thrilled to sit down with James Maitland, a renowned expert in robotics and IoT applications in medicine, to discuss the recent IPO filing of Integris Medtech. With a deep passion for leveraging technology to advance healthcare solutions, James brings a unique perspective on how companies like Integris Medtech are shaping the future of medical technology. In our conversation, we explore the company’s innovative portfolio, the details of their public offering, their global operations, and the vision driving their growth in the medtech space.
Can you give us an overview of Integris Medtech and what sets their approach apart in the medical technology sector?
Absolutely, Jan. Integris Medtech is a diversified medical technology platform that focuses on developing, manufacturing, and distributing a wide range of medical devices and solutions. They specialize in areas like cardiovascular devices, clinical diagnostics, and scientific laboratory solutions. What sets them apart is their integrated approach—they’re not just a manufacturer but a full-spectrum player that collaborates globally to bring innovative healthcare solutions to market. Their ability to cater to multiple segments of the medtech industry positions them as a unique and dynamic entity.
What can you share about Integris Medtech’s recent IPO filing with Sebi and the scale of this offering?
The company has filed preliminary papers with Sebi for an IPO that’s estimated to be worth between Rs 3,500 crore and Rs 4,000 crore. This translates to a valuation in the range of Rs 11,000 to Rs 13,000 crore, which is quite significant for a medtech firm. The IPO itself includes a fresh issue of equity worth Rs 925 crore, alongside an offer for sale of around 2.16 crore equity shares by the promoters. It’s a substantial move to fuel their growth while allowing existing stakeholders to realize some value.
Speaking of the offer for sale, who are the key stakeholders involved, and what’s their role in this process?
The offer for sale includes shares being offloaded by Evercure Holdings Pte Ltd, as well as the co-founders, Gurmit Singh Chugh and Punita Sharma. Evercure Holdings, tied to private equity player Everstone Capital, is a major backer, and their participation in the OFS reflects a partial exit strategy. The co-founders’ involvement in the sale also suggests they’re looking to balance personal gains with continued investment in the company’s future. It’s a significant portion of the IPO, shaping how much new capital versus existing equity is in play.
How does Integris Medtech plan to utilize the funds from the fresh issue of equity?
The proceeds from the fresh issue, which is Rs 925 crore, are primarily earmarked for two purposes. A large chunk will go toward debt repayment, which is a smart move to clean up the balance sheet and reduce financial burdens. The remaining funds are slated for general corporate purposes, which could include investments in R&D, operational expansion, or other strategic initiatives. It’s a practical approach to ensure both stability and growth.
There’s mention of a potential pre-IPO placement in the filing. Can you shed some light on what that entails?
Yes, Integris Medtech is considering a pre-IPO placement that could raise up to Rs 185 crore. This is essentially a private fundraising round before the public offering, often used to bring in strategic investors or bolster the company’s cash reserves. If this placement happens, it would reduce the size of the fresh issue in the IPO itself. It’s a flexible strategy that allows them to test the waters with select investors before going fully public.
Let’s talk about the vision behind Integris Medtech. What can you tell us about its founders and their mission?
The company was co-founded by Gurmit Singh Chugh and Punita Sharma, who have a clear passion for transforming healthcare through technology. Their mission has been to build a comprehensive portfolio of medical devices and solutions that address critical needs in the industry. From the outset, they’ve focused on innovation and accessibility, aiming to create products that not only save lives but also reach a wide range of markets. Their leadership has been instrumental in shaping Integris Medtech into a global player.
How expansive are Integris Medtech’s operations, and what kind of global footprint do they have?
Their operations are quite impressive. Integris Medtech’s portfolio spans cardiovascular devices, diagnostics, and lab solutions, catering to a variety of healthcare needs. They sell their products in over 65 countries as of mid-2025, which speaks to their extensive global reach. On the production side, they have manufacturing facilities in India, Germany, and the Netherlands, and they also collaborate with other global manufacturers. This diversified setup allows them to maintain quality and scale across different regions.
Financially, how has Integris Medtech been performing in recent years?
They’ve shown strong growth recently. In FY25, their total income rose by 24% to Rs 1,959.58 crore, up from Rs 1,582.25 crore the previous year. Even more notable is their turnaround in profitability—they recorded a profit of Rs 70.6 crore in FY25 after posting a loss of Rs 4.8 crore in FY24. This kind of financial momentum is a positive signal for investors as they head into the IPO process.
Looking ahead, what is your forecast for the medtech sector, particularly for companies like Integris Medtech that are going public?
I’m optimistic about the medtech sector as a whole. With aging populations, increasing healthcare demands, and rapid advancements in technology, companies like Integris Medtech are well-positioned to thrive. Going public can provide the capital needed to scale innovations, expand into new markets, and stay competitive. However, they’ll need to navigate regulatory challenges and maintain their growth trajectory to meet investor expectations. I believe if they continue to focus on accessible, high-quality solutions, they could set a benchmark for others in the industry.
