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Opto Circuits unit to raise upto $212 mn via IPO

Opto Circuits unit to raise upto $212 mn via IPO
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First Published: Tue, Sep 13 2011. 06 01 PM IST
Updated: Tue, Sep 13 2011. 06 01 PM IST
Mumbai: Healthcare equipment maker Opto Circuits (India) said on Tuesday its fully owned unit plans to raise up to Rs 1000 crore ($211.77 million) through an initial public offering (IPO).
The listing of Opto Eurocor Healthcare would happen in ‘a few months´ depending on the market situation, V. Bhaskar, director finance, told Reuters over the telephone.
“Once we get the right valuations, we will go ahead with it,” he said, adding that the parent firm would see 25% of its stake dilution in the unit through the IPO.
The company is planning to set up manufacturing units in India and Malaysia and the proceeds of the share sale would be used to finance this expansion, he said.
“In India, it (plant) will be at Vizag and ultimately we will set up something in Mysore or Hassan.”
The Bangalore-based company has already acquired land to set up a unit in Malaysia, he said.
The unit makes medical stents used in various cardiovascular surgeries.
The company also plans to spend the funds on clinical trials and further research, he said.
Shares of Opto Circuits, valued at $1 billion by market, closed at Rs 247.70 on Tuesday, down 1.3% in a weak Mumbai market.
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First Published: Tue, Sep 13 2011. 06 01 PM IST