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Medical devices maker Skanray files draft papers for Rs.400-Cr IPO

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Medical devices manufacturer Skanray Technologies Ltd has filed its draft prospectus with the markets regulator for its initial public offering (IPO). The company is looking to raise INR 400 crore in fresh capital, as well as a secondary share sale, wherein its promoters and existing private equity investor Ascent Capital are expected to sell a part of their stakes. Investment banks Motilal Oswal, Nomura and ICICI Securities are advising the company on the IPO. The Mysuru-based firm manufactures medical equipment, including patient monitoring systems, high-frequency X-ray devices, ventilators and critical care devices. It posted operating income of INR 120.4 crore in FY20 and loss of INR 23.2 crore.