Startup funding in India’s medtech pipeline is recalibrating: Integris Medtech, the diversified medical technology platform backed by Everstone Capital, has cut the fresh-issue component of its proposed IPO to ₹600 crore from ₹925 crore planned earlier, according to an addendum to its draft papers.
Smaller issue, co-founders stay in
The company has also halved the offer-for-sale (OFS) component to 1.08 crore shares from 2.16 crore shares proposed earlier. Promoters and co-founders Gurmit Singh Chugh and Punita Sharma withdrew their proposed share sales and will retain their existing shareholdings; promoter Evercure Holdings Pte Ltd will participate in the OFS.
A key use of the revised proceeds: around ₹509.85 crore — nearly 85% of the gross fresh-issue proceeds — will go toward repaying or prepaying borrowings across wholly owned and step-down subsidiaries, including Translumina Therapeutics, Transhealth, CPC Diagnostics, Chemopharm and Research Instruments, strengthening the consolidated balance sheet.
Integris Medtech develops, manufactures and sells medical devices spanning cardiovascular devices, clinical diagnostics and laboratory solutions, with manufacturing facilities across India, Germany and the Netherlands, selling in more than 68 international markets and serving over 9,500 laboratories and 2,000 hospitals globally.
The company is expected to file its RHP next week, with the IPO targeted for late October or early November — following Sahajanand Medical Technologies’ ₹475-crore issue, which was subscribed 14.2 times.
Why it matters for founders
A smaller, cleaner IPO — founders keeping their shares, proceeds aimed at deleveraging — reads better with public-market investors than a big exit disguised as a listing. If you are IPO-bound, show where the money goes.