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Grapevine: Skanray mulls IPO; Hinduja Global Solutions to hive off healthcare unit
Photo Credit: VCCircle

Mysuru-based medical equipment maker Skanray Technologies Pvt. Ltd is looking to raise up to Rs 600 crore ($81 million) through an initial public offering (IPO) in 2021 amid soaring demand for critical care equipment, a Mint report said citing two people aware of the development.

“They have appointed Motilal Oswal and Nomura to prepare for the IPO to provide an exit to private equity investor Ascent Capital and other early backers. The proceeds will be used to fund working capital and growth capital needs,” said one of the two people cited above.

Also, Hinduja Global Solutions, the business processing outsourcing (BPO) arm of the diversified conglomerate Hinduja Group, is planning to hive off its cash-rich healthcare vertical, Moneycontrol said citing people in the know.

The group is also keen on a fresh infusion worth Rs 800 crore ($108 million) by private equity funds into this new vertical, the persons said.

Investment bank Barclays has been mandated for the proposed transaction, one of the persons said.

In 2015, Apax Partners invested in Hinduja Global Solutions.

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