Stent maker SMT to file draft for ₹2,000 crore IPO in July

This would mark the company's second attempt to go public after it shelved a 2021 IPO plan

- Priyamvada C & Ranjani Raghavan

Sahajanand Medical Technologies (SMT), a leading domestic manufacturer of cardiac stents, is set to file its draft papers with the market regulator next month for a ₹1,500-2,000 crore initial public offering (IPO), two people aware of the development told Mint.

The IPO is being led by Motilal Oswal, Avendus, Nuvama and HSBC, and will see existing investors such as Samara Capital, Kotak and Morgan Stanley offloading their stakes, one of the people cited above said.

"The issue will have only an offer-for-sale component and the draft papers are expected to be filed in July with a potential listing by the end of this year," the second person said.

This means that the IPO will not raise any fresh capital for SMT and all proceeds from the share sale will go only to the selling shareholders.

While Avendus, HSBC and SMT declined to comment, others did not immediately respond to Mint's requests.