G. Surgiwear IPO

About G Surgiwear IPO

The IPO of G Surgiwear comprises a fresh issue and an offer for sale. The fresh issue and the offer for sale aggregate up to ₹370 crores each, with the total offer size pegged at ₹740 crores. It’s a 100% book-built issue. The price band is [TBA].

G Surgiwear IPO opens on [TBA] and closes on [TBA]. The allotment of shares will take place on [TBA]. The credit of shares to the Demat account will take place on [TBA]. The initiation of refunds will take place on [TBA].

The listing of shares will take place on [TBA]. The lot size of shares in the IPO is [TBA]. The minimum investment amount required by a retail investor is ₹ [TBA] based on the upper price. The minimum lot for retail investors in this IPO is [TBA].

G Surgiwear is engaged in the design, development and manufacture of a wide range of surgical products including disposable drapes and dressings as well as medical implantable devices including hydrocephalus shunts and orthopaedic implants, among others.

Objectives of G Surgiwear IPO

The company proposes to utilise the IPO proceeds for:

• Financing the capital expenditure requirements of the company through purchase of machinery for its manufacturing facility
• Pre-payment/ re-payment, in part or full, of certain outstanding borrowings availed by the company
• General corporate purposes

Industry Outlook

The global healthcare market has grown from US$ 12.2T in CY24 and expected to be US$ 17.3T by CY29P, at a CAGR of 7.2% from CY24-29P, supported by the rising burden of chronic diseases, an ageing population, increasing healthcare expenditure, and greater adoption of advanced medical technologies. Healthcare market growth is supported by trends in hospital infrastructure expansion, increase in government spending, growing demand for medical services, expansion in pharmaceuticals sector, rising insurance penetration, and technology-enabled healthcare

Indian healthcare market valued at US$ 0.6T in FY25 and is projected to grow US$ 1.1T by FY30P, led by rising hospital demand, growth in pharmaceuticals, and increasing demand for medical services India’s healthcare market is projected to increase from US$ 0.6T in FY25 and expected to be US$ 1.1T by FY30P, at a CAGR of 12.9% during FY25-30P, supported by rising healthcare demand, broader insurance coverage, and adoption of advanced medical technologies.

G Surgiwear Company Information

G Surgiwear is engaged in the design, development and manufacture of a wide range of surgical products including disposable drapes and dressings as well as medical implantable devices including hydrocephalus shunts and orthopaedic implants, among others.

The company started its operations with the manufacturing of disposable surgical drapes and hydrocephalus shunt systems. Over the years, it has expanded its operations and diversified its product portfolio beyond disposable surgical drapes and dressings and hydrocephalus shunt systems to include other surgical and medical implantable devices and products such as bone grafting products, lumbar external drainage systems and cerebral catheter reservoirs.

Strengths of G Surgiwear

• Over three decades of experience in the surgical products business, supported by a broad and diversified product portfolio
• Well-equipped, strategically located manufacturing facility with advanced process capabilities that drive operational efficiency
• Established domestic and international distribution network enabling broad market access and wide geographic reach
• Well-positioned to capture opportunities in the growing addressable market for healthcare and surgical products
• Experienced promoters supported by a qualified management team
• Track record of strong operational and financial performance

Risks of G Surgiwear

• Failure to comply with quality or regulatory standards may have an adverse effect on demand as well as on reputation
• Any disruption to Shahjahanpur facility or any adverse development affecting operations in this region could adversely affect business
• Rapid increases in raw material prices could have an adverse effect on business
• Inability to effectively manage existing distribution network in the domestic market or overseas market may have an adverse effect on business
• Reduction in demand for product offerings in top three product categories could have an adverse impact on business
• Pricing pressure from distributors, super-stockists and end-users, including hospitals, could adversely affect gross margins and profitability
• Reliance on third-party raw material suppliers, including concentration among a few suppliers, exposes the company to certain risks
• Breakdown or shutdown of manufacturing facility could have an adverse effect on business
• Operations are subject to environmental, health and safety laws and operational hazards
• The company is subject to extensive domestic regulations and certain foreign regulatory requirements applicable to the manufacture and sale of surgical and medical implantable devices

Anchor Investor Bidding Date

TBA

IPO Registrar and Book Running Lead Managers

• IPO Registrar: Bigshare Services
• Book Running Lead Managers: Motilal Oswal Investment Advisors and Nuvama Wealth Management

G Surgiwear Business Model

G Surgiwear designs, develops and manufactures a wide range of surgical products including disposable drapes and dressings as well as medical implantable devices including hydrocephalus shunts and orthopaedic implants. Established domestic and an international distribution network and a diversified product portfolio have helped the company grow over the years.

G Surgiwear Growth Trajectory

The revenue from operations of G Surgiwear grew from ₹150.948 crores in FY 23 to ₹223.976 crores in FY 25. The company’s EBITDA margin increased from 26.52% in FY 23 to 44.19% in FY 25, while PAT margin increased from 8.95% in FY 23 to 25.77% in FY 25. Established domestic and an international distribution network and a diversified product portfolio have helped the company grow over the years.

G Surgiwear Market Position

G Surgiwear has established a diversified sales and distribution network across India, strategically designed to ensure seamless delivery and accessibility of its products. Its distribution framework in India includes a network of super-stockists and distributors facilitating supply chain management and customer services.

As of September 30, 2025, the company’s distribution network in India comprised 36 super-stockists and 554 distributors across 23 states and union territories, ensuring comprehensive coverage across the country. The company has built long term relationships with its network of third-party super-stockists and distributors.

How to Apply for the G Surgiwear IPO?

To apply for this IPO:

• Log in to your Kotak Neo Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Specify IPO details: Enter the number of lots and the price you wish to apply for.
• Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange.
• Mandate Notification: Your UPI app will receive a mandate notification to block funds.
• Approve Request: Your funds will be blocked once you approve the mandate request on your UPI.