Mumbai-headquartered cardiovascular medical device manufacturer Sahajanand Medical Technologies (SMT), backed by Samara Capital, Morgan Stanley, and Kotak Investment Advisors, will launch its maiden initial public offering (IPO) for subscription on October 15.
The IPO comprises an offer for sale (OFS) of 1.38 crore equity shares, with no fresh issue component. The company has reserved 2.5 lakh shares for its employees.
As the IPO is entirely an OFS, the proceeds will go to the selling shareholders, and the company will not receive any funds from the public issue. The objectives of the offer are to facilitate the OFS and enable the company to realise the benefits of listing its equity shares on the stock exchanges.
Samara Capital Markets Holding, Kotak Pre-IPO Opportunities Fund, and NHPEA Sparkle Holding BV, along with the promoters, will be among the selling shareholders in the OFS.
The company will announce the IPO price band separately on October 12.