Q1. What is the business of Surgiwear Limited?

It manufactures surgical products and medical implantable devices, including shunts, orthopaedic implants, dressings and surgical drapes.

Q2. Why is the company raising funds via IPO?

Surgiwear is raising funds via IPO to primarily finance new manufacturing machinery, repay borrowings and support general corporate purposes, strengthening capacity and balance sheet.

Q3. What is the size of the issue and where will it list?

The issue size of the proposed IPO is ₹ 740 Crore which includes ₹ 370 Crore Fresh Issue and ₹ 370 Crore as OFS. It will be listed on NSE and BSE platform.

Q4. What are the key risks to an investor?

Key risks include intense competition, regulatory requirements, raw-material volatility, dependence on domestic markets and execution risks during capacity expansion.

Q5. What are the potential upsides?

Key risks include intense competition, regulatory requirements, raw-material volatility, dependence on domestic markets and execution risks during capacity expansion.

Q5. What are the potential upsides?

Upsides of investing in the IPO include diversified 1,600+ SKU portfolio, exports to 30+ countries, niche medical-device capabilities and use of proceeds for capacity expansion offering an attractive long-term growth potential.

Q6. How to apply for the IPO?

Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.

Surgiwear Limited

Upcoming

Surgiwear Limited

Market Cap

—

IPO Issue Size

740 Cr

Expected Price by IPOCorner

—

IPO Score

*Score varies on actual price

G. Surgiwear Limited manufactures medical devices and surgical products, including orthopaedic implants, hydrocephalus shunts, cranial fixation systems, surgical drapes and dressings. The company operates an integrated manufacturing facility in Shahjahanpur, Uttar Pradesh, and exports its products to more than 30 countries.

Surgiwear Limited was incorporated in 1990 & currently Dr. Ghanshyam Das Agrawal serves as the Chairman & Managing Director of the company.

Surgiwear Limited filed its DRHP with SEBI on December 30, 2025. The IPO features a fresh issue of ₹ 370 crore and an Offer for Sale (OFS) of ₹ 370 crore.

It manufactures sterile & non-sterile medical disposables, silicone implantable devices, orthopaedic/implant products, bone-grafting products, combat medical products, surgical drapes and dressings.It reaches customers through 400+ channel partners and sales & marketing offices in Delhi, Mumbai, Lucknow and Ahmedabad.It serves both domestic and international markets, exporting to 30 countries.

Subscription date to apply for Surgiwear Limited is yet to be announced. Price band for the IPO is yet to be declared.

Year	2025
Networth	₹ 191.3 Cr
Revenue	₹ 224 Cr
EBITDA	₹ 98.98 Cr
PAT	₹ 57.95 Cr
EBITDA Margin	44.20%
PAT Margin	25.77%
Face Value	Rs.10 per Equity Share

IPO Important Dates

#	Date
Open Date	TBA
Close Date	TBA
Anchor Investor Bidding	TBA
Allotment Date	TBA
Refunds& Demat Credit	TBA
Tentative Listing Date	TBA

Use Of Proceeds

Purpose	Amount
Repayment/Prepayment of Borrowing	₹ 93.63 Cr
-	-
-	-
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	₹ 150.9	₹ 168.7	₹ 224.0
PAT (₹ Cr)	₹ 13.5	₹ 22.5	₹ 58.0
Asset (₹ Cr)	₹ 211.2	₹ 270.9	₹ 324.6
Net Worth (₹ Cr)	₹ 110.9	₹ 133.1	₹ 191.2

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
23-Aug	₹ –	₹ –	₹ –
22-Aug	₹ –	₹ –	₹ –
21-Aug	₹ –	₹ –	₹ –
20-Aug	₹ –	₹ –	₹ –
19-Aug	₹ –	₹ –	₹ –

Pros

Strong growth: FY25 revenue rose ~32.7% and PAT increased by ~157%, indicating strong recent financial momentum.
Strong niche position: The company had 21.87% market share in India’s hydrocephalus-shunt segment in FY25.
Diversified product portfolio: 1,600+ SKUs across surgical disposables, implants, dressings and other medical products reduce dependence on one product.
Expansion opportunity: IPO proceeds include about ₹167.2 Crore to be utilized for new machinery, supporting capacity expansion and higher-value implants.
Export potential: Presence across international markets provides an opportunity to increase exports and diversify beyond India.

Cons

High domestic dependence: About 96.76% of FY25 revenue came from India, making the company vulnerable to domestic demand and pricing pressures.
Regulatory risk: Medical devices face stringent quality and regulatory requirements, and non-compliance could hurt sales and reputation.
Strong competition: It competes with established global players such as Stryker, Medtronic, DePuy Synthes and Zimmer Biomet.
Raw-material risk: Rising raw-material prices or supply disruptions could pressure margins and profitability.
IPO/listing risk: As there is no previous public trading history, the share price could be volatile.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Ghanshyam Das Agarwal	62.06%
Renu Agarwal	15.15%
Vinamra Agarwal	8.83%
Ghanshyam Das Agarwal HUF	4.26%
Rishu Agarwal	0.34%
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	–	1	–	₹ –
Retail (Max)	–	13	–	₹ –
HNI (Min)	–	14	–	₹ –
HNI (Max)	–	66	–	₹ –
Big HNI (Min)	–	67	–	₹ –

Key Performance Index (KPI)

ROE	30.30%
ROCE	29.66%
RoNW	30.30%

Lead / Book Running Lead Managers

Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited

Registrar (RTA)

Bigshare Services Private Limited

Q1. What is the business of Surgiwear Limited?
It manufactures surgical products and medical implantable devices, including shunts, orthopaedic implants, dressings and surgical drapes.
Q2. Why is the company raising funds via IPO?
Surgiwear is raising funds via IPO to primarily finance new manufacturing machinery, repay borrowings and support general corporate purposes, strengthening capacity and balance sheet.
Q3. What is the size of the issue and where will it list?
The issue size of the proposed IPO is ₹ 740 Crore which includes ₹ 370 Crore Fresh Issue and ₹ 370 Crore as OFS. It will be listed on NSE and BSE platform.
Q4. What are the key risks to an investor?
Key risks include intense competition, regulatory requirements, raw-material volatility, dependence on domestic markets and execution risks during capacity expansion.
Q5. What are the potential upsides?
Key risks include intense competition, regulatory requirements, raw-material volatility, dependence on domestic markets and execution risks during capacity expansion.
Q5. What are the potential upsides?
Upsides of investing in the IPO include diversified 1,600+ SKU portfolio, exports to 30+ countries, niche medical-device capabilities and use of proceeds for capacity expansion offering an attractive long-term growth potential.
Q6. How to apply for the IPO?
Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.