Mumbai: Leading stent manufacturer Sahajanand Medical Technologies (SMT) is preparing for a public debut, with discussions underway with investment bankers for an IPO valued at up to ?2,000 crore, according to sources. The IPO will include both an offer for sale and a fresh issue of shares, with the proceeds aimed at driving global expansion.
SMT, backed by Morgan Stanley PE Asia and Samara Capital, has a unique ownership structure: Morgan Stanley PE Asia and Samara Capital jointly hold a 49% stake, Kotak Pre-IPO Opportunities Fund holds 6%, and the Kotadia family retains the remaining 45%. As part of its investment lifecycle, Morgan Stanley is expected to fully exit, while Samara Capital and the Kotak Fund may make partial exits, sources revealed.
In response to an inquiry from ET, SMT's Managing Director Bhargav Kotadia highlighted that the IPO aligns with SMT's growth strategy and will enhance shareholder value. “The decision follows months of deliberation, during which SMT garnered significant interest from private equity firms and pharmaceutical firms. However, SMT believes an IPO is the most viable route to unlocking its full potential,” Kotadia stated.
Founded in 2001, SMT has become a leader in India's drug-eluting stent market. For the financial year 2024, the company reported revenue exceeding ?900 crore with an EBITDA of approximately ?125 crore, showcasing positive cash flow and minimal debt.
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