Integris Medtech IPO
Integris Medtech Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. SEBI issued its observations on 13 February 2026, so the company can open the IPO any time up to 13 February 2027. The draft, as revised by an addendum in October 2026, proposes a fresh issue of up to ₹600 crore and an offer for sale of up to 1,08,37,266 shares by promoter Evercure Holdings. In FY25 the company made a profit of ₹70.68 crore on revenue of ₹1,902.47 crore, after losses in FY23 and FY24. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued13 Feb 2026
- SEBI received draft
- 10 Oct 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- ICICI Securities Limited
- Must open by
- 13 Feb 202712 months from observations
- Price band and dates
- Not announced
Where it stands
Integris Medtech IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI10 Oct 2025
- SEBI reviewDone
- SEBI observations13 Feb 2026
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
Integris Medtech DRHP at a glance
Draft red herring prospectus, 9 Oct 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 260 to 261) and Risk Factors (p. 34 to 36)Integris Medtech is a medical products and laboratory solutions company. It develops, makes and sells a broad range of medical devices, and is the largest scientific laboratory solutions company in Southeast Asia and among the leading clinical diagnostics companies, according to the industry report in the DRHP.
It has plants in India, Germany and the Netherlands and sold in more than 65 markets outside India as of 30 June 2025; markets outside India gave 64.91% of FY25 revenue. It has grown largely through acquisitions. It was incorporated in 2008; the registered office is in New Delhi and the corporate office in Noida.
The offer
DRHP cover page and The Offer (p. 80); addendum dated 26 Oct 2026, The Offer| Fresh issue | Up to ₹600 croreCut from ₹925 crore by the addendum; money goes to the company |
| Offer for sale | Up to 1,08,37,266 sharesBy promoter Evercure Holdings Pte. Ltd. |
| Shares before the IPO | 10,83,38,049Face value ₹1. The offer for sale is about 10.0% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(2), as it does not meet Regulation 6(1)(a) |
| Lead managers | ICICI Securities Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited and IIFL Capital Services Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Evercure Holdings Pte. Ltd., Medicore Holdings Pte. Ltd., Gurmit Singh Chugh and Punita Sharma |
What the company plans to do with the money
Addendum dated 26 Oct 2026, Objects of the Offer| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Repaying or prepaying borrowings of the company and its step-down subsidiaries | 509.85 | 85.0% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹600 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling promoter, not the company.
Financials
DRHP, Summary of Restated Consolidated Financial Information (p. 83 to 85) and Basis for Offer Price, KPIs (p. 160 to 166), ₹ crore| ₹ crore | FY23 | FY24 | FY25 | Q1 FY26 |
|---|---|---|---|---|
| Revenue from operations | 1,348.10 | 1,553.38 | 1,902.47 | 485.25 |
| EBITDA | 168.82 | 190.45 | 309.40 | 78.73 |
| EBITDA margin | 12.52% | 12.26% | 16.26% | 16.22% |
| Profit after tax | -40.54 | -4.88 | 70.68 | 267.57 |
| Diluted EPS (₹) | -5.99 | -1.38 | 5.73 | 27.61 |
| Total equity | 1,460.10 | 1,572.14 | 1,321.32 | 2,399.78 |
| Cash from operations | 19.44 | 97.26 | 155.54 | 51.92 |
| Return on equity | -2.77% | -0.31% | 5.35% | 11.15% |
| Net debt to EBITDA | 2.01 | 3.03 | 3.12 | 3.33 |
Restated consolidated figures. Q1 FY26 is April to June 2025 and is not annualised; its profit is mostly a one-off gain. The DRHP also gives pro forma figures for recent acquisitions, not shown here. Revenue grew about 18.8% a year from FY23 to FY25 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 161 to 163). Peer prices as of 8 Oct 2025 on NSE.The DRHP says no listed company has a similar size and business; it compares with two medical device makers. The P/E for Integris is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Integris Medtech (FY25) | 5.73 | Set with the price band | 1.84% |
| Poly Medicure | 34.11 | 56.02x | 12.26% |
| Laxmi Dental | 6.05 | 53.95x | 16.09% |
Risks the draft lists first
DRHP, Risk Factors (p. 34 to 38)- Past lossesIt lost money in FY23 and FY24, and its Q1 FY26 profit came mainly from a one-off gain. (Risk factor 1, p. 34)
- Overseas marketsMarkets outside India gave 64.91% of FY25 revenue. (Risk factor 2, p. 35)
- AcquisitionsIts growth has relied on acquisitions, which bring integration risks. (Risk factor 3, p. 36)
- ApprovalsIt needs many permits and certifications in India and abroad. (Risk factor 4, p. 37)
- Product recallsQuality problems, recalls or safety alerts could disrupt sales and harm its name. (Risk factor 5, p. 38)
- Pro forma figuresThe pro forma figures for recent acquisitions may not show future performance. (Risk factor 6, p. 38)
Documents
Integris Medtech DRHP and documents
SEBI filings- Draft red herring prospectus, dated 9 Oct 2025, on SEBI since 15 Oct 2025
- Draft red herring prospectus, dated 9 Oct 2025, on SEBI since 23 Oct 2025
- Addendum to the DRHP, on SEBI since 26 Oct 2026
The DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Integris Medtech IPO FAQs
When will the Integris Medtech IPO open?
The date is not announced. SEBI issued observations on 13 February 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 13 February 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Integris Medtech IPO?
Yes. SEBI issued its final observations on 13 February 2026 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Integris Medtech IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Integris Medtech IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Integris Medtech IPO?
ICICI Securities Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Integris Medtech do with the IPO money?
According to the DRHP, the fresh issue money goes to repaying or prepaying borrowings of the company and its step-down subsidiaries (₹509.85 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Integris Medtech do?
Integris Medtech is a medical products and laboratory solutions company. It develops, makes and sells a broad range of medical devices, and is the largest scientific laboratory solutions company in Southeast Asia and among the leading clinical diagnostics companies, according to the industry report in the DRHP.
Where can I read the Integris Medtech DRHP?
On SEBI's website, where the draft red herring prospectus was published on 15 October 2025. The draft is dated 9 October 2025 and runs to 635 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 9 October 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.