Sahajanand Medical Technologies To Launch Rs 475 Cr IPO on October 15

New Delhi: Sahajanand Medical Technologies Ltd, a manufacturer of cardiac stents, on Monday fixed a price band of Rs 327-344 per share for its upcoming Rs 475 crore Initial Public Offering (IPO).

At the upper end, the company is valued at Rs 3,497 crore.

The issue will open for public subscription on October 15 and conclude on October 19. The bidding for anchor investors will open for a day on October 14, according to a public announcement by the company.

The IPO will be entirely an Offer For Sale (OFS) of up to 1.38 crore equity shares by existing shareholders, with no fresh issue component. Since the IPO is entirely an OFS, the company will not receive any proceeds from the share sale.

At the upper end of the price band, the issue size will be Rs 475 crore.

Under the offer structure, qualified institutional buyers (QIBs) will be allocated 50 per cent of the issue, while non-institutional investors (NIIs) will get 15 per cent and retail individual investors 35 per cent.

The company’s shares are proposed to be listed on the BSE and NSE on October 23.

Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities and Nuvama Wealth Management are the book-running lead managers to the issue, while MUFG Intime India is the registrar.

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