Indian Medical Devices Maker Skanray Weighs 2021 IPO As Demand Soars
Mysuru-based Skanray, founded by Vishwaprasad Alwa in 2007, manufactures and sells medical equipment ranging from patient monitoring systems, high-frequency X-ray devices, ICU ventilators and critical care devices. It operates two US FDA-approved manufacturing facilities in Mysuru and one in Bologna in Italy.
“They have appointed Motilal Oswal and Nomura to prepare for the IPO. The plan is to raise money to fund working capital and growth capital needs, as well as to provide an exit to private equity investor Ascent Capital and other early backers. They could raise ₹500-600 crore,” said one of the two people cited above, both of whom spoke on condition of anonymity.
Emails sent to Skanray, Ascent Capital and Motilal Oswal remained unanswered. Nomura declined to comment.
“The pandemic has been a shot in the arm for the firm. It signed a big deal with Bharat Electronics for ventilators. The current health crisis is expected to boost its business across the portfolio,” the second person added.
ICRA Ltd recently upgraded Skanray’s ratings by two notches from BB- to BB+, and revised its outlook to positive from stable.
“The upgrade in rating considers the improvement in Skanray’s liquidity position and margins in 5M FY21 (Apr-Aug). This was on healthy demand across product segments and a one-time licensing income of ₹165 crore ( ₹110.3 crore in Apr-Aug) from Bharat Electronics Ltd for manufacturing 30,000 ventilators as a part of a government initiative,” the ICRA report dated 1 October said.
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