The company plans to raise Rs1,500cr via Initial Public Offering (IPO) through fresh issues aggregating up to Rs410.33cr (The “Fresh Issue”) and an “Offer for Sale (OFS)” aggregating up to Rs1,089.67cr 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 Rs100cr by Dhirajkumar S. Vasoya; equity shares aggregating up to Rs33.75cr by Shree Hari Trust (Acting Through its Trustee); equity shares aggregating up to Rs635.56cr by Samara Capital Markets Holding Limited and equity shares aggregating up Rs320.36cr 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 Rs255cr; (ii) Funding working capital requirement of its indirect foreign subsidiaries, Vascular Innovations up to an estimate amount of Rs40.3cr 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.