Micro Life may raise about $300 mn from Temasek, ADIA

Warbug Pincus-backed Micro Life Sciences Pvt. Ltd is in advanced talks with Singapore’s Temasek Holdings and the United Arab Emirates’ Abu Dhabi Investment Authority (ADIA) for a capital infusion ahead of a proposed public offering, Mint reported on Tuesday.

Talks are underway as the company prepares for a listing, expected within the next 12 to 18 months, people in the know told Mint.

The investment round may fetch the company $250–300 million, and bids are likely to be submitted in the coming months.

Only sovereign or state-linked investors might participate, given their access to lower-cost capital, another person familiar with the proposed deal told the business daily.

Warburg Pincus, which invested $210 million in Micro Life three years ago at a valuation of about $1.8 billion, could see a return of nearly four times its initial investment if the company’s current valuation target of Rs65,000 crore is met.

Micro Life was founded in 2006 by the Bilakhia family in Vapi, Gujarat. It operates through several subsidiaries, including Meril Life Sciences.

The parent Bilakhia group, led by Gafurbhai Bilakhia’s sons—Yunus, Jakir, and Anjum—has operations in healthcare, investments, and real estate.

The group has subsidiaries in more than 25 countries and product sales extending to more than 100 nations.

A breakdown of FY24 revenue shows about 40% income was from cardiac devices such as stents and heart valves, and another 40% from orthopedic implants, including knee and hip systems, and the remainder from diagnostic and surgical products.

The company’s gross margin rose to 72.80% in FY24 from 64.64% in FY23 due to improved product mix and pricing in certain areas.