Mumbai: Main stent producer Sahajanand Medical Technologies (SMT) is making ready for a major market entry, initiating discussions with funding bankers for a possible public subject of as much as ₹2,000 crore, based on sources.
Backed by Morgan Stanley PE Asia and Samara Capital, SMT’s IPO will probably embody a proposal on the market and a contemporary subject, with the brand new shares geared toward elevating funds to gas world progress.
Morgan Stanley PE Asia and Samara Capital collectively maintain a 49% stake, whereas Kotak Pre-IPO Alternatives Fund holds 6%, and the Kotadia household owns the remaining 45%. Morgan Stanley is anticipated to totally exit the funding as a part of its lifecycle, with Samara Capital and Kotak Fund probably making partial exits, sources added.
In response to an ET inquiry, SMT MD Bhargav Kotadia famous that the IPO will strengthen SMT’s progress trajectory and ship higher worth to shareholders.
“The corporate’s choice follows months of consideration, throughout which SMT attracted curiosity from main non-public equities and pharmaceutical gamers. Nonetheless, SMT believes the IPO is probably the most viable path to unlocking its full potential,” he stated.
Based in 2001, SMT has grown to command a management place in India’s drug-eluting stent market. In FY24, it reported a topline of over ₹900 crore and an EBITDA of roughly ₹125 crore, with constructive money movement and low debt.
