Skanray Technologies Ltd. is planning to raise ₹400 crore of fresh capital through an IPO.
Of this, ₹130 crore will be used to fund inorganic growth; ₹70 crore each to fund working capital requirements and finance investment in subsidiaries; ₹41.9 crore to fund capital expenditure requirements of the company; and the rest for general corporate purposes.
The company, which is into medical devices, eeks to enhance its technological capabilities and expand its operations through acquisitions.
It is looking for acquisition targets that have expertise in ultrasound, in-vitrio diagnostic (IVD), technologies used in operating theatres, home-health technologies, amongst others.
“These acquisitions will enable us to provide customers a suite of products that will fully equip their healthcare- service organisations,” said Vishwaprasad Alva, Founder and MD, Skanray Technologies Ltd.
“These acquisitions will also allow us to enhance the usability of existing products, provide advanced remote connectivity for monitoring remote patients and enable cross-pollination of modules between existing and acquired products,” he added.
Since its inception 14 years ago, the company has acquired fully or picked up majority stake in 5 businesses which have been integrated with itself.
One of it’s product-driven acquisitions is the buyout of the medical equipment business of Larsen and Toubro Ltd to grow its PMS and ESU product portfolio.
The company is also planning to increase its customer base and revenue in geographies such as the United States, Europe and other emerging markets, Mr. Alva said.
