Sahajanand Medical Technologies Limited, a leading medical devices company that researches, designs, develops, manufactures and markets vascular devices globally has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).
The company plans to raise Rs 1,500 crore via Initial Public Offering (IPO) through fresh issue aggregating up to Rs. 410.33 crore (The “Fresh Issue”) and an “Offer for Sale (OFS)” aggregating up to Rs. 1,089.67 crore by Selling Shareholders.
Sahajanand Medical Technologies Ltd is amongst the top five companies in terms of market share (by sales volume of drug eluting stent or DES) in each of Germany, Netherlands, Italy and Poland, as of March 31, 2021 (Frost & Sullivan). The Company has a leading market share of 21%, 25% and 31% in Fiscals 2019, 2020 and 2021, respectively, of the total drug eluting stent sales volume in India.
The OFS comprises equity shares aggregating to Rs. 100 crores by Dhirajkumar S. Vasoya; equity shares aggregating up to Rs. 33.75 crores by Shree Hari Trust (Acting Through its Trustee); equity shares aggregating up to Rs. 635.56 crores by Samara Capital Markets Holding Limited and equity shares aggregating up Rs. 320.36 crores by NHPEA Sparkle Holding BV (Collectively, The “Selling Shareholders”)
The company proposes to utilise net proceeds from the issue towards funding (i) Repayment/pre-payment, of certain indebtedness availed by Company and its Subsidiaries up to an estimate amount of Rs. 255 crore; (ii) Funding working capital requirement of its indirect foreign subsidiaries, Vascular Innovations up to an estimate amount of Rs. 40.3 crore and the balance amount for general corporate purpose.
The Book Running Lead Managers to the offer are Axis Capital Limited, BofA Securities India Limited, Edelweiss Financial Services Limited and UBS Securities India Private Limited
IndusLaw are the Legal Counsel for the Company; Trilegal are the Legal Counsel to the Book Running Lead Managers as to the Indian law; and Allen & Overy (Asia) Pte Ltd are the International Legal Counsel to the Managers.
The equity shares are proposed to be listed on BSE and NSE.
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