New Delhi-based Integris Medtech, India’s second largest coronary stent manufacturer and a rapidly expanding global medical technology and laboratory solutions company, has filed Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
Integris Medtech IPO comprises a fresh issue of INR 925 crore and an offer for sale (OFS) of up to 21,674,531 equity shares by existing shareholders, including promoters Evercure Holdings, Gurmit Singh Chugh, and Punita Sharma.
Integris Medtech IPO will be managed by ICICI Securities, Axis Capital, Citigroup Global Markets India, and IIFL Capital, with KFin Technologies as the registrar of the issue.
Beyond its numbers, this IPO signals a major step forward for India’s MedTech sector — a segment that has long been underrepresented on Dalal Street despite its pivotal role in healthcare modernization.
🧬 From Stents to Scientific Labs
The company today stands as a diversified MedTech platform with capabilities spanning cardiovascular devices, clinical diagnostics, and scientific laboratory solutions.
According to Frost & Sullivan, Integris is India’s second-largest manufacturer of coronary stents, with an estimated 22% market share in drug-eluting stents (DES) — the life-saving implants used in coronary angioplasty.
Simultaneously, it has built one of Southeast Asia’s largest scientific and clinical laboratory distribution networks, representing over 200 global brands such as Bio-Rad, bioMérieux, Euroimmun, and MGI.
Its portfolio now exceeds 22,000 SKUs, catering to 9,500 laboratories, 2,000 hospitals, and a footprint extending to over 65 international markets — from India and Southeast Asia to Europe and Latin America.
This dual-engine model — Cardiovascular Devices and Lab Solutions — gives Integris a rare balance of high-margin manufacturing and recurring revenue from reagent and instrument sales.
Business Structure: Two Complementary Growth Engines
1️⃣ Cardiovascular Devices: The Clinical Core
Integris operates one of the broadest cardiovascular portfolios among Indian peers, covering the entire interventional cardiology pathway — from access and imaging to therapy and treatment.
Key products include:
- Drug-eluting stents (DES) — VIVO ISAR™, Yukon Choice, and EluNIR™ PERL (US FDA approved).
- Drug-coated balloons (DCB) — Protégé™ and Blue Medical’s EU-MDR-certified range.
- Intravascular imaging & diagnostic systems — including IVUS and FFR technologies.
- High-pressure and non-compliant balloons, catheters, and vascular accessories.
Notably, VIVO ISAR™ is the world’s first polymer-free, dual-drug stent, with 10-year clinical data published in the Journal of the American College of Cardiology.
This segment contributed around INR 661.2 crore (34.7%) to FY25 revenue, backed by global acceptance of its advanced, regulatory-cleared devices.
2️⃣ Laboratory Solutions: The Scale Business
The lab solutions arm anchors Integris’ recurring cash flow. It distributes and services diagnostic and research equipment, reagent kits, consumables, and calibration programs under the BioCal™ brand.
- FY25 revenue from lab solutions: INR 1,241.2 crore (65% of total).
- Partners: Bio-Rad, bioMérieux, Euroimmun, MGI.
- Clients: Dr. Lal PathLabs, Metropolis Healthcare, Neuberg Labs, and government institutions across India and Southeast Asia.
Integris’ strong after-sales service infrastructure — 470 sales professionals, 152 engineers, and 109 application specialists — enhances stickiness with labs and hospitals, ensuring long-term reagent supply revenue.
This dual-segment synergy — manufacturing for high-end cardiology and distribution-led diagnostics — provides diversification and resilience, insulating the company from volatility in any single segment.
🌍 Expanding Global Footprint and Acquisition-Led Growth
Over 60% of Integris’ revenue now originates outside India.
- Asia (ex-India): 53%
- Europe: 8%
- Rest of world: 4%
In FY25, global operations generated INR 1,234.98 crore, compared to INR 793.82 crore in FY23 — a near 56% jump in just two years.
This scale-up has been achieved through a disciplined “Build–Partner–Acquire” strategy, under which the company has completed 17 acquisitions to date.
Key strategic deals include:
- Blue Medical Devices B.V. (Netherlands): Gave access to proprietary EU-MDR approved drug-coated balloon technology.
- Research Instruments (Singapore): Expanded Integris’ reach in life sciences and lab automation across Southeast Asia.
- Analisa Resources and Scientific Resources: Strengthened distribution in Malaysia and Thailand.
- HaleMed Medical: Added vascular access and hospital consumables in India.
Each acquisition has been structured to add new technology, market access, or category diversification, helping Integris transition from a stent maker to a global MedTech platform.
💹 Financial Performance: From Turnaround to Traction
| Period | Revenue | PAT | EBITDA Margin | PAT Margin |
|---|---|---|---|---|
| FY23 | 1,348.1 | (40.5) | 12.5% | -3.0% |
| FY24 | 1,553.4 | (4.88) | 12.3% | -0.3% |
| FY25 | 1,902.5 | 70.68 | 16.3% | 3.7% |
| Q1 FY26 | 485.3 | 30.12 | 16.2% | 5.0% |
💰 Use of IPO Proceeds
The INR 925 crore fresh issue will primarily fund:
- Repayment/prepayment of borrowings across subsidiaries (INR 696.39 crore), including Translumina Therapeutics and CPC Diagnostics.
- General corporate purposes.
Reducing leverage will improve free cash flows and prepare the company for the next phase of expansion — including its upcoming Visakhapatnam facility, which aims to accelerate technology transfer and local manufacturing for new cardiovascular and diagnostic products.
Mukul Agrawal’s Backing
A major confidence booster for the IPO is the presence of ace investor Mukul Agrawal, who holds around 2.03% stake (22.2 lakh shares) in Integris Medtech.
Agrawal — known for early bets on Nazara Technologies, Sula Vineyards, and Param Capital — is widely followed by institutional and retail investors alike. His participation signals strong conviction in Integris’ long-term potential and adds credibility and visibility ahead of its market debut.
Alongside Everstone Capital’s sponsorship through Evercure Holdings, Agrawal’s presence provides a blend of private equity discipline and marquee investor trust — a powerful combination in the IPO market.
Integrated Manufacturing & R&D Strength
Integris operates four manufacturing facilities — Dehradun and Chennai (India), Hechingen (Germany), and Helmond (Netherlands) — all certified under ISO 13485 and compliant with EU-MDR and US FDA standards.
Its R&D team of 18 engineers spans India and Europe, focusing on next-generation coronary devices and structural heart solutions. Products like VIVO ISAR™ and EluNIR™ PERL are supported by 15,000+ patients across 100 clinical trial sites globally, establishing Integris among the few Indian MedTech companies with multi-geography, multi-year clinical validation.
📈 Market Context: Riding India’s MedTech Wave
India’s MedTech market, estimated at INR 80,000 crore in FY25, is projected to grow at a CAGR of 15%+ over the next five years (Source: F&S Report).
Government initiatives like Make in India for medical devices, rising healthcare expenditure, and import substitution policies are driving domestic manufacturing and R&D investments.
Integris is well positioned within this context — as both a manufacturer (of Class III implantable cardiovascular devices) and a global distributor (of diagnostic technologies). This dual structure offers both margin expansion and recurring revenues, a combination rare among Indian listed healthcare firms.
Integris Medtech IPO Snapshot
| Particulars | Details |
|---|---|
| Issuer | Integris Medtech |
| Industry | Medical Devices & Diagnostics |
| Fresh Issue | INR 925 crore |
| Offer for Sale (OFS) | 2,16,74,531 shares |
| Retail Quota | 10% |
| Promoters | Evercure Holdings, Medicore Holdings, Gurmit Singh Chugh, Punita Sharma |
| Book Running Lead Managers | ICICI Securities, Axis Capital, Citigroup, IIFL Capital |
| Registrar | KFin Technologies |
🩸 The Bottom Line
Integris Medtech exemplifies the transformation of Indian healthcare manufacturing — from importing stents to exporting innovation. With its global footprint, robust clinical credibility, and clear growth roadmap, Integris Medtech IPO could mark the emergence of India’s first truly global listed MedTech platform.
If executed well, Integris Medtech’s listing may do for Indian MedTech what Dr. Lal PathLabs did for diagnostics — creating an investable, scalable, and globally relevant healthcare technology story.
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