Uttar Pradesh-based surgical products manufacturer G Surgiwear has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to ₹740 crore through an initial public offering (IPO), according to regulatory filings made this week.
The proposed IPO will comprise a fresh issue of equity shares worth up to ₹370 crore and an offer for sale (OFS) of shares worth ₹370 crore by promoter Ghanshyam Das Agarwal. In addition, the company may undertake a pre-IPO placement of up to ₹74 crore, which will be part of the fresh issue component. If completed, the size of the fresh issue will be reduced accordingly.
Founded in 1990, G Surgiwear has expanded its product portfolio beyond disposable surgical drapes, dressings and hydrocephalus shunt systems to include a wide range of surgical and medical implantable devices, such as bone grafting products, lumbar external drainage systems and cerebral catheter reservoirs.
The company operates a manufacturing facility in Shahjahanpur, Uttar Pradesh, which has received international quality accreditations, including a certificate of compliance with World Health Organization – Good Manufacturing Practices (WHO-GMP). G Surgiwear also manufactures products that fall under the Class C and Class D regulatory categories of the Central Drugs Standard Control Organization (CDSCO), which are subject to stricter regulatory oversight.
Proceeds from the fresh issue will be used primarily for capital expenditure and balance sheet strengthening. The company plans to allocate ₹167.2 crore towards the purchase of machinery, ₹93.6 crore for repayment or prepayment of borrowings, and the remaining amount for general corporate purposes. As of November 2025, G Surgiwear’s total outstanding borrowings stood at ₹140.1 crore.
On the financial front, the company reported a profit of ₹58 crore for the financial year ended March 2025, registering a sharp 157.6% year-on-year growth from ₹22.5 crore in the previous year. Revenue during the same period increased 32.7% to ₹224 crore, compared with ₹168.7 crore in FY24.
For the three-month period ended June 2025, G Surgiwear posted a profit of ₹5.6 crore on revenue of ₹44.6 crore, as per the draft papers.
G Surgiwear operates in a competitive medical devices market and counts Poly Medicure, among others, as a listed peer.
Motilal Oswal Investment Advisors and Nuvama Wealth Management have been appointed as the book-running lead managers for the issue.
Key Highlights
- IPO Size: Up to ₹740 crore
- Fresh Issue: ₹370 crore
- Offer for Sale (OFS): ₹370 crore by promoter Ghanshyam Das Agarwal
- Pre-IPO Placement: Up to ₹74 crore (part of fresh issue)
- Use of Proceeds:
- ₹167.2 crore – purchase of machinery
- ₹93.6 crore – debt repayment
- Balance – general corporate purposes
- Outstanding Borrowings (Nov 2025): ₹140.1 crore
- FY25 Performance:
- Revenue: ₹224 crore (+32.7% YoY)
- Profit: ₹58 crore (+157.6% YoY)
- Q1 FY26:
- Revenue: ₹44.6 crore
- Profit: ₹5.6 crore
- Manufacturing Facility: Shahjahanpur, UP (WHOGMP certified)
- Peers: Poly Medicure
- Lead Managers: Motilal Oswal Investment Advisors, Nuvama Wealth Management
