Medical devices company Sahajanand Medical Technologies, which researches, designs, develops, manufactures and markets vascular devices globally, has filed its Draft Red Herring Prospectus (DRHP) with market regulator the Securities and Exchange Board of India (SEBI).

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Fresh Issue: Sahajanand Medical Technologies plans to raise Rs 1,500 crore via Initial Public Offering (IPO) through fresh issue aggregating up to Rs 410.33 crore.

Offer for Sale: Sahajanand Medical Technologies plans an Offer for Sale (OFS) aggregating up to Rs 1,089.67 crore by selling shareholders.

Market Share: Sahajanand Medical Technologies 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, as per Frost & Sullivan report. The company has a leading market share of 21 per cent, 25 per cent and 31 per cent in fiscals 2019, 2020 and 2021, respectively, of the total drug eluting stent sales volume in India.

Equity Shares: The OFS comprises equity shares aggregating to Rs 100 crore by Dhirajkumar S. Vasoya; equity shares aggregating up to Rs 33.75 crore by Shree Hari Trust (Acting Through its Trustee); equity shares aggregating up to Rs 635.56 crore by Samara Capital Markets Holding and equity shares aggregating up Rs 320.36 crore by NHPEA Sparkle Holding.

The company proposes to utilise net proceeds from the issue towards funding (i) Repayment/pre-payment of certain indebtedness availed by the company and its subsidiaries up to an estimate amount of Rs 255 crore; (ii) Funding working capital requirement of its indirect foreign subsidiaries, Vascular Innovations up to an estimate amount of Rs 40.3 crore and the balance amount for general corporate purpose.

Lead Managers: The Book Running Lead Managers to the offer are Axis Capital Limited, BofA Securities India, Edelweiss Financial Services, and UBS Securities India.

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) are the International Legal Counsel to the Managers.

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The equity shares are proposed to be listed on BSE and NSE.