Skanray Technologies has received SEBI nod for their public issue which comprises a fresh issue of equity shares, aggregating up to Rs 400 crore, and an Offer for Sale of up to 14,106,347 equity shares by promoters and existing shareholders.

The issue aims to fund inorganic growth; fund working capital requirements; finance investment in subsidiaries; fund capital expenditure requirements of the Company; and general corporate purposes.

Of the Rs. 400 crore of fresh capital, Rs. 130 crore will be used to fund inorganic growth; Rs. 70 crore each to fund working capital requirements; and financial investment in subsidiaries; Rs. 41.9 crore to fund capital expenditure requirements of the company; and the rest for general corporate purposes.

Skanray’s inorganic growth strategy seeks to enhance its technological capabilities and expand the modalities that it operates in --- to stay relevant not only with emerging technologies but also complementary technologies. Skanray intends to identify acquisition targets with expertise in areas such as ultrasound, in-Vitro diagnostic (IVD), technologies used in operating theatres, home-health technologies, amongst others. These acquisition targets will enable it to provide customers with a suite of products that will fully equip their healthcare service organizations. It intends to provide the much-required synergies such as technical expertise, global regulatory compliance capabilities, supply chain capabilities and global distribution network to such acquisitions to equip them with the right tools to quickly ramp up their operations. These acquisitions will also allow Skanray 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.

Since its inception, 14 years ago, Skanray has acquired a fully or majority stake in and successfully integrated 5 businesses with its own.

Skanray has been successful in selectively identifying, completing and integrating strategic acquisitions in the past. Post its acquisitions, Skanray has been able to develop synergies, integrate and upgrade the technologies of the companies that it acquired. It has leveraged these existing businesses and their brand equity to enter into new business segments, geographies and expand product offerings.

Skanray’s past acquisitions have also complemented its in-house product design and development capabilities, by bringing in strong IP–backed expertise in the areas of digital imaging, X-Ray tubes, public access products amongst others.

Among its various acquisitions were the medical equipment business of Larsen & Tubro Ltd, Pricol Engineering’s MedTech business, CEI-Italy an Italian X-ray tube manufacturer and Cardia International A/S, manufacturer of AED.

Skanray is among the key Indian medical device players engaged in designing, developing, manufacturing and marketing medical devices, according to CRISIL. In FY20, Skanray sold products and services to over 1,830 customers in 20 countries. It has an extensive in-house research and development team that has been granted 27 patents, 49 trademarks, and 11 design registrations as of December 31, 2020.