Singapore-based private equity firm Everstone Capital is evaluating various exit options for two healthcare companies in its portfolio, Translumina Therapeutics and Everlife Holdings, with an initial public offer as the most probable option. The IPO is likely to be in the range $300-350 million, sources said.

It is combining the two businesses with an estimated valuation in the range of $1-1.5 billion, according to sources.

The IPO (or the exit) will likely take place next year.

“We are currently assessing various exit strategies for Everlife and Translumina, as part of our standard evaluation process for all portfolio companies,” clarified Everstone. “Due to the ongoing nature of these discussions, we cannot provide any further comment on potential outcomes,” it said.

In a conversation with businessline last month, Everstone Capital’s Vice Chairman, Private Equity, Avnish Mehra, had said that they would be filing for an IPO for the two businesses as a combined entity. He had pointed out that exit strategies were based on the best outcomes for investors with a bias in favour of public markets.

New Delhi-based Translumina Therapeutics makes cardiac stents and Everstone had invested in it in 2019, picking up a minority stake. It now has a controlling stake in it.

Singapore-based Everlife Holdings is a buy-and-build healthcare platform that invests in manufacturers and distributors in Asia covering key strategic segments including in-vitro diagnostics, medical diagnostics, critical care equipment, implants, and consumables.

The combination of the two healthcare firms will create a large company in the Indian medical devices space, a segment that was valued at over $15 billion in 2023 and is seen reaching close to $21 billion by 2029. India’s share in the global medical devices market is minuscule and there is considerable opportunities for players in the sector, as the country relies a lot on imported devices and equipment for its requirements.

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