Cardiac stent maker Sahajanand Medical Technologies has filed preliminary papers with markets regulator Sebi to raise Rs 1,500 crore through an initial share sale.
The Initial Public Offering (IPO) comprises fresh issuance of equity shares worth Rs 410.33 crore and an Offer for Sale (OFS) of equity shares to the tune of Rs 1,089.67 crore by selling shareholders, according to the Draft Red Herring Prospectus (DRHP).
As part of the OFS, Samara Capital Markets Holding will sell shares worth Rs 635.56 crore and Nhpea Sparkle Holdings B.V will offload shares valued at Rs 320.36 crore, among others.
At present, Samara Capital holds 36.59 per cent stake and NHPEA Sparkle Holding BV owns 18.44 per cent holding in the firm.
The company may consider a pre-IPO placement of equity shares aggregating up to Rs 185 crore. If such placement is undertaken, the fresh issue size will be reduced.
Proceeds from the fresh issue will be utilised to pay the debt, to fund the working capital requirements of the company's indirect foreign subsidiary, Vascular Innovations Co. Ltd, and for general corporate purposes.
The company is a leading medical devices player that researches, designs, develops, manufactures and markets vascular devices globally.
Currently, the company offers products that are used in interventional cardiology.
It operates three research and development facilities in Surat, Galway, Ireland, and Nonthaburi, Thailand. Also, the company is in the process of setting up a new research, development and manufacturing campus in Hyderabad.
BofA Securities India, Edelweiss Financial Services, UBS Securities India, and Axis Capital are the book running lead managers to the issue.
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