Medical devices manufacturer Skanray Technologies has filed its draft red herring prospectus (DRHP) with market regulator Sebi for its initial public offering (IPO). The issue comprises of Rs 400 crore fresh issue and an offer for sale of 14,106,347 equity shares.

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The IPO will include a secondary share sale, wherein its promoters and existing private equity investor Ascent Capital are expected to sell a part of their stake, newspaper Mint reported.

The company may consider a pre-IPO placement of shares worth Rs 350 crore, including a fresh issue of share of Rs 150 crore and a share sale by existing shareholders of up to Rs 200 crore, the report added.

The company is in the business of manufacturing medical equipment, including patient monitoring systems, high-frequency X-ray devices, ventilators and critical care devices.

The company operates two US Food and Drug Administration-approved manufacturing facilities in Mysuru, and one in Bologna, Italy.

Skanray’s revenue in 5M FY21 was at Rs 88.8 crore (provisional figures), registering a growth of 138.3 percent YoY, led by healthy demand across products.

First Published:Jun 28, 2021 12:13 PM IST