Skanray Technologies Limited files DRHP with SEBI

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Skanray Technologies Limited files DRHP with SEBI. Skanray Technologies Limited, a key player amongst companies engaged in designing, development, manufacturing and marketing of medical devices (Source: CRISIL Report) has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).

The Company offers diverse portfolio of products, including patient monitoring systems, cardiology devices, respiratory management systems and radiology/ imaging systems, to hospitals, OEMs and for personal medical use / retail sale globally.  The Company’s products are designed and developed in-house based on intellectual property that it owns. As on December 31, 2020, the company has been granted 27 patents, 49 trademarks, and 11 design registrations. In Fiscal 2020, the company sold its product and services to over 1,830 customers in 20 countries.

Through the initial public offering, the company aims to raise Rs. 4,000 million through fresh issue of equity share capital; the IPO also comprises an offer for sale of up to 14,106,347 equity shares of face value Rs. 10 each by the selling shareholders.

The offer for sale includes (i) up to 400,000 equity shares by Vishwaprasad  Alva and up to 1,000,000 equity shares by Chayadeep Properties Private Limited  (“Collectively, The Promoter Selling Shareholders”); (ii) up to 8,000,000 equity shares by Ascent Capital (“Investor Selling Shareholders”) and (iii) up to 4,706,347 shares by other selling shareholders (Collectively, The Selling Shareholders”).

The Company proposes to utilize net proceeds from the issue towards the following objects (i) Funding inorganic growth (up to Rs. 1,300 million); (ii) Funding working capital requirements of its company up to Rs. 700 million; (iii) Investment in its subsidiaries up to Rs. 700 million; (iv) Funding capital expenditure up to Rs. 419.16 million, and general corporate purposes.

The key objectives that company intends to achieve through inorganic growth includes (i) To enhance its technological capabilities and expand the modalities that it operates in; (ii) To gain new clients and expand its service offerings and enhancing its geographical reach. In addition to inorganic growth, the company also plans to expand its existing manufacturing capacity using the proceeds from the IPO. Along with its expansion, it plans utilize part of proceed towards funding expansion and working capital requirement of subsidiary company. 

Motilal Oswal Investment Advisors Limited, Nomura Financial Advisory and Securities (India) Private Limited and ICICI Securities Limited are the book running lead managers of the issue.

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