IPO-bound cardiac stent maker Integris Medtech turns profitable in FY25, approaches capital markets for debt reduction

IPO-bound cardiac stent maker Integris Medtech turns profitable in FY25, approaches capital markets for debt reduction

Cardiovascular and clinical diagnostic devices maker Integris Medtech, which is backed by Singapore-registered Everstone Capital Asia, has turned profitable in the year fiscal year 2025.

As per the draft red herring prospectus filed on October 9, the company that competes with listed entities like Poly Medicure and Laxmi Dental has recorded profit at Rs 70.7 crore during the fiscal gone by, against loss of Rs 4.9 crore in previous year, with healthy topline and operating performance. Other income during the same period doubled to Rs 57.1 crore, up from Rs 28.9 crore.

Revenue from operations during the year ended March 2025 increased by 22.5 percent to Rs 1,902.5 crore, compared to Rs 1,553.4 crore in the previous fiscal year.

On the operating front, EBITDA (earnings before interest, tax, depreciation and amortisation) for the year stood at Rs 278.9 crore, growing 51.7 percent YoY from Rs 183.8 crore, with margin expanding sharply to 14.65 percent from 11.83 percent in the same period.

The quarterly performance of the company was also better with profit soaring to Rs 267.6 crore on revenue of Rs 485.3 crore in the quarter ended June 2025 despite exceptional gains of Rs 236.2 crore.

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Integris Medtech that claims second largest coronary stent manufacturer in India filed preliminary papers with the SEBI for fund raising via initial public offering (IPO).

It has proposed to raise Rs 925 crore via fresh issue of shares, while promoters Evercure Holdings, Gurmit Singh Chugh, and Punita Sharma will be selling 2.16 crore equity shares via offer-for-sale.

Promoters - Evercure Holdings, Medicore Holdings, Gurmit Singh Chugh and Punita Sharma - own 84.04 percent shareholding in the medical technology platform, while public shareholders including RT Heptagon Holdings SG, Mukul Agrawal, and India SME Investments Fund hold 15.96 percent stake in the company.

ECP III has 92.86 percent and 89.09 percent stake in Evercure Holdings and Medicore Holdings, respectively. Private equity investor Everstone Capital Asia serves as the investment manager of ECP III and both directly do not hold any equity shares in Integris Medtech.

The company may consider raising up to Rs 185 crore in pre-IPO round, i.e. before the filing of RHP with the Registrar of Companies for its IPO, which is a part of fresh issue component.

Integris Medtech, which provides medical devices and laboratory solutions in more than 65 countries through its manufacturing facilities in India, Germany, and Netherlands will utilise Rs 696.4 crore of fresh issue proceeds for repayment of certain outstanding borrowings availed by its subsidiaries. And the remainder funds will be kept for general corporate purposes.

As of August 2025, "we had total borrowings of Rs 827.8 crore on a consolidated basis," the company said in its DRHP. This indicates that the debt burden on its books is expected to reduce significantly.

The book running lead managers appointed to manage the Integris Medtech IPO are ICICI Securities, Axis Capital, Citigroup Global Markets India, and IIFL Capital Services.