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Healthium Medtech to raise fresh capital of Rs. 390 crore for capex
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Yash Ved, Mumbai
October 26 , 2021
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Healthium Medtech Limited, a global medtech company focused on products used in surgical, post-surgical and chronic care, is planning to raise Rs. 390 crore of fresh capital and is proposing an initial public offering of upto Rs. 2,000 crore.
The company has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).
The company proposes to utilise net proceed from the issue towards funding repayment and/or pre-payment, in full or part, of certain borrowings availed by our company at Rs. 50.09 crore; investment into our subsidiaries, Sironix Medical Technologies B.V., Clinisupplies Limited and Quality Needles Private Limited at Rs. 179.46 crore; acquisitions and other strategic initiatives at Rs. 58 crore; and general corporate purposes.
The company is promoted by Anish Bafna, with a vision to provide access to precision medtech for every patient, globally.
The company aims to increase market share by expanding hospitals access and product portfolio. It also plans to expand sales force to increase hospital coverage over the next few years.
The Indian medical devices market was valued at US$ 7.3 billion in 2020 and is expected to grow at a CAGR of 9.2% reaching US$11.25bn by 2025, according to Frost & Sullivan Report.
The company operates across three key markets, namely, India, UK and rest of the world and four focus areas, namely, advanced surgery, urology, arthroscopy and wound care and it is also the largest non-captive surgical needles manufacturer, with a 22.30% share in overall volume sales globally, and 45.41% share of the non-captive market.
The company has created extensive market access in India covering over 40,000 surgeons across 18,000 hospitals and is present across 80 countries such as US, UK, Germany and France and developing markets such as South America, Asia and Africa.
The company stated that it has 15 products which are under development and has sold 30 new products including a patented portfolio of arthroscopy products.
As on July 31, 2021, the company had a total of 21 patents in India and 11 patents in United States, and a further 22 and 6 patent applications pending approval in India and US, respectively.
The company stated that it has reported 12% revenue growth at Rs.7134mn in FY2021 despite 15% YoY decline in surgical procedures globally due to Covid.
The company has announced the acquisition of the AbGel gelatin sponge business from Mumbai-based SGK Labs, adding to its product portfolio focused on surgical and post-surgical care. Earlier this financial year, the company had acquired VitalCare Group in UK to grow its urology portfolio and expand its market in Europe and the US.
Healthium Medtech Limited is the second-largest company overall, in the surgical consumables market in India with a 7.91% share based on value in fiscal 2021. It is one of the largest independent medical device companies and the third-largest company overall in the urology collection devices market in the UK, with a 13.96% market share.
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