Medical equipment maker Skanray Technologies has filed preliminary papers with markets regulator Sebi to raise funds through an initial share-sale.

The initial public offer (IPO) comprises fresh issue of equity shares, aggregating up to Rs 400 crore and Offer-for-Sale (OFS) of up to 14,106,347 equity shares by promoters and existing shareholders, according to the draft red herring prospectus.

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

Proceeds from the fresh issue will be utilised towards funding inorganic growth, working capital requirements, investment in subsidiaries and capital expenditure requirements.

Skanray Technologies, leading medical device player, is engaged in designing, development, manufacturing and marketing of medical devices.

It is a multi-product company offering a diversified 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.

Motilal Oswal Investment Advisors Limited, Nomura Financial Advisory and Securities (India) Private Limited and ICICI Securities Limited have been appointed as merchant bankers to advise the company on the IPO.

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Free Press Journal