Skanray Technologies Limited IPO Detail Information

Skanray Technologies IPO

Skanray Technologies IPO: Skanray Technologies was founded on February 14th of 2007 and has increased its operations with the aim of entering various markets with localized regulations and distribution specifics. Skanray Technologies have since evolved into a multi-product business due to internal R&D capabilities as well as the capability to successfully incorporate new businesses and platforms that have been acquired to implement speedy time-to-market plans in terms of market expansion and products.

Skanray Technologies is among the most important Indian medical device manufacturers that are involved in the design, development manufacturing, and marketing of medical devices. They are a multi-product business that offers a wide range of products that include cardiovascular devices respiratory management systems and radiology/imaging systems for OEMs, hospitals as well as for personal medical use or retail sales across the world. Skanray Technologies products are designed and developed in-house using the intellectual property they have. In the fiscal year 2020, Skanray Technologies sold products and services to more than 1,830 clients across 20 countries. Skanray Technologies have an extensive internal R&D (“R&D”) group which has been granted 27 trademarks, 49 patents, and 11 registrations for design on December 31st, 2020. Skanray Technologies R&D activities are focused on the development of platforms for modular technology that can be utilized across different product lines in the portfolio. Skanray Technologies’ growth has been enhanced by strategic acquisitions that are designed to enhance its capability to profit from potential growth opportunities in the medical device sector.


Names of Promoters:

  • Vishwaprasad Alva
  • Agnus Capital LLP
  • Chayadeep Properties Private Limited
  • Skanray Healthcare Partners LLP

Skanray Technologies Company Financials:

The following table will provide a Summary of consolidated financial information.

Particulars As of and for the Fiscal ended (in ₹ million)
December 31, 2020March 31, 2020 March 31, 2019March 31, 2018
Total Assets 3,485.50 2,755.41 2,866.01 2,675.55
Total liabilities1,585.09 2,176.462,343.581,873.77
Total Revenue 3,505.19 1,531.02 1,531.02 1,419.90
Profit After Tax 1,327.30 37.61- 294.19 - 233.23
Total Borrowings (as per balance sheet)664.881,304.441,539.931,164.07

Skanray Technologies IPO Information:

IPO Opening Date NA
IPO Closing Date NA
Issue Size NA
Fresh Issue aggregating up to ₹400.00 Cr
Offer for Sale NA
Issue Type Book Built Issue IPO
Face Value ₹10 per equity share
Price Band ₹. to ₹. per equity share
Market Lot NA
Min. Order Quantity NA
Listing at Exchanges BSE & NSE

Objects of the Issue:

  • Funding inorganic growth
  • Funding working capital requirements of our Company
  • Investment in our subsidiaries
  • Funding capital expenditure requirements of our Company
  • General corporate purpose

Skanray Technologies IPO Time Table:

IPO Open Date NA
IPO Close Date NA
Basis of Allotment Date NA
Initiation of Refunds NA
Credit of Shares to Demat Account NA
IPO Listing Date NA

Skanray Technologies IPO Lot Size:

The market lot size is _ shares. A retail-individual investor can apply for up to _ lots (_ shares or ₹_).

 Lots SharesAmount (Cut-off)
Maximum NANANA

Skanray Technologies IPO Subscription status:

CategoryShares OfferedPercentage (%)Subscription (times)
Qualified Institutional Buyers (QIB)
Non Institutional Investors (NII)
Retail Individual Investors (RII)
Employee --NA
Total --NA

Skanray Technologies Busiess:

  • Skanray Technologies is one of the major Indian medical device companies that are involved in developing, designing manufacturing, and marketing products for medical use (Source: CRISIL Report). The company has a variety of products. enterprise with a broad range of products that include cardiac monitoring systems, patient monitoring devices respiratory management systems, and radiology/imaging equipment that are sold to OEMs, hospitals, and also for personal usage or sale to retail stores worldwide.
  • Company’s products are developed and created in-house using the intellectual property they have. In Fiscal 2020, Skanray Technologies sold items and products to more than 1 830 customers from 20 countries. Skanray Technologies have a large internal Research and Development (“R&D”) group that was granted 27 trademarks, 47 patents, and 11 registrations for design at the end of December 31st in 2020. The company’s R&D activities focus on the development of modular technology platforms that can be applied to various products the company offers. The growth company has experienced has been aided through strategic acquisitions that aim to increase the Company’s capacity to profit from opportunities for growth in the field of medical devices.
  • Skanray Technologies became incorporated on February 14, 2007, 2007, and has since grown Company’s company with the aim of entering into various markets with specific regulatory requirements as well as distribution particularities. The company has since grown into a multi-product business due to its own in-house R&D capabilities and its capacity to seamlessly integrate different platforms and businesses that the company has acquired to quick-track time-to-market strategies in terms of market expansion and product development.
  • The company’s acquisitions driven by product include the purchase of the medical equipment division that is part of Larsen and Toubro Limited to expand the scope of their PMS as well as ESU product line as part of the company’s critical-care segment. Skanray Technologies also make use of the pan-India distribution network for Larsen and Toubro’s company. Skanray Technologies also acquired Pricol Engineering Industries Ltd’s Medtech division in 2013 to access their RMS product range. Market-driven acquisitions the company has made include the purchase of CEI-Italy (Compagnia Elettronica Italy) (CEI-Italy), an Italian manufacturer of X-ray tubes to establish a presence on the European market and to connect the company’s radiology product line, for which X-ray tubes are an essential component.
  • Acquisition of Cardia International A/S, manufacturer of AED is also a way to access an international distribution network across Europe. These acquisitions enabled the company to increase its presence in India as well as around the world and further strengthened the company’s capabilities in the key areas of care, i.e. critical care. The company has then leveraged the capabilities acquired to expand its operations. For example, through the acquisition of CEI Italy, the company was able to integrate vertically their radiology products and sell their radiology equipment via those same channels of distribution that the company has in Europe.
  • Skanray Technologies’ portfolio is well-diversified of products which can be divided into three categories: medical devices for radiology, as well as respiratory control systems. The company’s critical care products comprise the monitoring of patients, cardiology devices, syringe-pumps as well as electro-surgical devices. Skanray Technologies radiology solutions include mobile and fixed X-ray equipment as well as surgical C-arms and dental x-ray systems. The company’s respiratory management equipment includes anesthesia delivery systems as well as ICU ventilators. The company’s products have earned several certifications such as US FDA, CE and certain of their methods can be ISO certified.
  • Skanray Technologies R&D activities focus on continuous growth of their product range and the improvement of quality of their products and improving their processes to improve the effectiveness of the company’s processes. Skanray Technologies conduct R&D processes using an approach that is based on platforms to maximize the value of their products, by developing high-tech platforms which can be used across all their products and based on which many products can be created in-house.
  • Skanray Technologies have benefited from the platform-based model recently through an agreement to license Bharat Electronics Limited to produce 3000 ventilators (model CV-200) in the early weeks of COVID-19’s epidemic in India. These ventilators were then distributed to several government hospitals in India. Skanray Technologies is actively promoting and protecting the benefits of its R&D efforts by timely applications to protect intellectual property rights. This results in the ownership of intellectual property rights in the company’s most important products and modular platforms.
  • At the time of the 31st of December, 2020 Skanray Technologies manufacturing facility was comprised of three, out of which two are located in India and one located in Italy which had an installed capacity of 49,000 units annually. By acquiring SHGPL Skanray Technologies purchased two additional factories that are located situated in Italy and one located in the Netherlands with an installed capacity of 5,200 units annually at the time of December 31, 2020. Each of their facilities is regularly subject to audits by third parties and also manufactures US FDA and CE certified equipment. The company’s manufacturing capabilities in-house allow the company to manage costs.
  • Ensure quality and reduce the risk of supply chain-related risks that surround the key products Skanray Technologies sell. With manufacturing facilities in India, Skanray Technologies have the capability to serve customers in the expanding markets of South East Asia at competitive costs. Additionally, thanks to factories located in Europe Skanray Technologies can produce “Made in Europe devices that receive the preference of certain markets in Europe and give the company an advantage over other manufacturers in Europe.


  • The best position to benefit from the growing market, and is an important participant of the Indian medical sector
  • A well-balanced and globally-certified collection of products
  • Proven capabilities for research and development
  • Strong infrastructure and manufacturing capabilities
  • A strategic approach to go-to-market with a vast distribution network and long-lasting customer relationships
  • The professional and experienced leadership team

Risks Related to Business:

  • If a company is unable to secure, maintain and protect intellectual property rights for their solutions and technology or if the company’s intellectual property protection is not sufficient, others could be able to create and commercialize solutions and technologies which are substantially like the company’s and company ability to commercialize their solutions and technology could be impaired.
  • Skanray Technologies is subject to wide and constantly changing medical device regulations, which can hinder or hinder the sale or approval of their products. Also in certain instances, this could lead to the inability to get approval for certain products or result in the recall or confiscation from previously approved items.
  • Skanray Technologies is facing intense competition, and the company may have a hard time keeping up with the rapid technological advancements in the field of medical devices.
  • Skanray Technologies’ growth in the future is contingent on the creation of new products as well as the enhancement of existing ones, and failing to efficiently create and market new products would significantly and adversely impact their business, financial situation as well as their results of operations and company’s prospects.
  • Skanray Technologies rely on distributors to facilitate the distribution of Skanray Technologies goods. If the company does not establish and keep relationships with distributors could be detrimental to company’s company’s business and financial position and the results of their operations.
  • Skanray Technologies rely on their executive management team. death of one of the top executives or employees, or the inability to retain and attract highly skilled workers could hurt the company’s business.
  • Skanray Technologies’ business relies on a select group of customers. the loss or significant decrease in purchases made by these customers can adversely impact their financial position, business performance, results of operations, and future outlook.
  • Skanray Technologies anticipates that the COVID-19 virus to remain a significant influence on the company’s financial performance over the coming times and could be detrimental to the company’s operating results or financial condition.
  • Skanray Technologies rely on state and federal authorities and their related agencies for a large portion of the company’s revenue, which is mostly awarded through competitive bidding. It is not certain of future contract awards being granted to the company by the customers. This could have an adverse impact on the company’s business’s growth, financial performance, and performance.
  • Skanray Technologies have suffered a loss in the fiscal years 2018 as well as 2019. If a company is to incur net losses in the near future the financial and business situation may be negatively affected
  • A significant proportion of Skanray Technologies sales in the world come out of Israel and any negative developments in this sector could negatively impact their business
  • Skanray Technologies may suffer damages or liabilities, including medical liability claims, which could cause the company to be liable for significant costs and needing company to pay substantial damages that are not insured by an insurance
  • The Legal Auditor is announcing certain issues that are of particular importance within the Restated Consolidated Financial Information.
  • If Skanray Technologies do not effectively and cost-effectively build brand recognition and sustain the company’s brand’s reputation or do not achieve and maintain an acceptance in the market for the company’s products the business may suffer
  • Economic, political, or other elements that are beyond the company’s control could have negative consequences for their business and the results of their operations
  • The occurrence of man-made or natural catastrophes or the emergence of pandemics that are global, like the COVID-19 virus, can negatively impact a company’s results from operations, cash flow, and financial health. Conflicts, terrorist attacks civil unrest, and other forms of violence can adversely impact the financial markets as well as the company’s business.
  • A rating downgrade of India can influence the trading price of these Equity Shares.
  • Instabilities in the financial markets of other nations can increase volatility in the Indian market for financial services.
  • If there’s a change in the laws or regulations, such as tax laws, and their interpretations, these changes could have a significant impact on the company’s financial statements.
  • If the rate of inflation was to increase in India and Skanray Technologies were to see it rise, the company may not be able to increase the price of the company’s services in a proportional manner so that company can pass the cost onto the company’s customers, thereby cutting company’s margins
  • The rights of investors under Indian law may be more limited than those under the laws of other jurisdictions.
  • A third party may be denied control over the company following this Offer, due to the anti-takeover provisions of Indian law


  • Profit from the new opportunities in the industry to increase the company’s market share in India as well as internationally
  • Continue to grow the company’s products
  • Continue to build and develop relations with OEMs and hospitals.
  • Continue to search for strategic acquisitions

Skanray Technologies IPO Prospectus:

Skanray Technologies IPO Registrar:

Link Intime India Private Ltd

Phone: +91-22-4918 6270

Skanray Technologies IPO Lead Managers:

  • ICICI Securities Limited
  • Motilal Oswal Investment Advisors Pvt Ltd
  • Nomura Financial Advisory And Securities (India) Pvt Ltd

Registered and Corporate Office:

Plot No 15-17 Hebbal Industrial Area, Mysore – 570 016, Karnataka, India; Tel: +91 821 241 5559
Contact Person: Bhagya M G, Company Secretary, and Compliance Officer;