Integris Medtech IPO cuts fresh issue to Rs 600 crore

Integris Medtech has cut the size of its proposed stock market listing. The fresh issue component is now Rs 600 crore, down from Rs 925 crore planned earlier, according to an addendum to the company's draft papers. The Integris Medtech IPO revision was reported by PTI on October 23, 2026.

The medical technology platform is backed by private equity firm Everstone Capital. It has also halved the offer for sale to 1.08 crore shares from 2.16 crore shares proposed earlier. Promoter Evercure Holdings Pte Ltd will take part in the offer for sale, while co-founders Gurmit Singh Chugh and Punita Sharma have withdrawn their proposed share sales and will keep their existing holdings. The revised structure of the Integris Medtech IPO keeps promoter participation while removing the co-founders' shares.

People familiar with the matter told PTI the company expects to file its red herring prospectus next week and plans to launch the issue by late October or early November. The Integris Medtech IPO would follow Sahajanand Medical Technologies, whose Rs 475-crore issue was subscribed 14.2 times overall and nearly 35 times by qualified institutional buyers.

Why the Integris Medtech IPO shrank

The addendum says around Rs 509.85 crore, nearly 85 per cent of the gross proceeds from the fresh issue, will repay or prepay borrowings of wholly owned and step-down subsidiaries. The fresh issue size was reduced even though debt repayment remains the stated use of most of the money.

Those subsidiaries include Translumina Therapeutics, Transhealth, CPC Diagnostics, Chemopharm and Research Instruments. The repayment is expected to strengthen the company's consolidated balance sheet, reduce future finance costs and give the group more financial room to run its medical technology operations. Cutting the fresh issue size trims the amount available for that repayment, but the company says the structure leaves its plans intact.

What the medical devices IPO filing shows

The medical devices IPO filing describes a business that develops, manufactures, commercialises and sells medical devices and solutions. The portfolio spans cardiovascular devices, clinical diagnostics and scientific laboratory solutions.

Integris Medtech has manufacturing facilities in India, Germany and the Netherlands. It sells its products in more than 68 international markets outside India and serves over 9,500 laboratories and 2,000 hospitals and pathology labs around the world. Cardiovascular devices are sold through hospital networks, while the diagnostics arm reaches labs directly. Growth in the cardiovascular devices segment supports the case for the Integris Medtech IPO among healthcare-focused funds.

The clinical diagnostics business includes instruments and reagents used by laboratories, and the laboratory solutions arm covers equipment for scientific research. Demand for clinical diagnostics has risen steadily in India as private lab chains expand and testing volumes grow.

The addendum does not set a price band or valuation. Those details will come with the red herring prospectus, which is expected next week. The subscription dates will also be fixed at that stage. The withdrawal of the co-founders' share sales leaves the promoter as the sole seller.

Investors watching the medical devices IPO pipeline will compare subscription levels with the Sahajanand issue, which drew strong institutional demand. The offer for sale portion of the Integris Medtech IPO will be watched separately, since only the promoter's shares are now on offer.

Integris Medtech IPO timeline and next steps

The company is expected to file the red herring prospectus next week, which will set the price band and the subscription timetable. If the Integris Medtech IPO opens on schedule, it will test investor appetite for medical technology paper in a busy primary market.

The Integris Medtech IPO revision gives the company a smaller but clearer route to listing. The prospectus will show whether investors agree that the trimmed structure is enough.