SME company Hemant Surgical Industries (HSIL) made its stock market debut, nearly doubling its share price, up 99.5%, to Rs 179.55, compared with an issue price of Rs 90 a share on the BSE on Monday.

Shares of the medical equipment and supplies company locked in a 5% high at Rs 179.55 on the BSE at 12:22 pm. It opened at Rs 171, exchange data showed.

The equity of Hang Seng International has been listed and traded on the exchange in the “MT” group securities list. The BSE said that transactions in the stock would be subject to a minimum market lot size of 1,600 shares, subject to revision by the exchange from time to time with at least one month’s advance notice to the market.

BSE SME stocks listed under group ‘M’ are traded, cleared and settled on a net basis, while for stocks listed under group ‘MT’, this is done on a gross basis.

HSIL manufactures, imports, assembles and markets a comprehensive portfolio of medical devices and disposables. The company’s products cover various equipment and disposables needed in renal care, cardiovascular disease, respiratory disease, critical care and radiology, and surgical disposables. In addition, the company provides maintenance and operation services for dialysis centres.

HSIL has raised around Rs 25 crore in its initial public offering. The company intends to use the proceeds of the offering to fund capital expenditures for the installation of additional plant and machinery, to fund working capital requirements and general corporate purposes.

India’s medical device industry includes large multinational corporations and small and medium-sized companies. The industry has grown faster during the pandemic, presenting a huge opportunity for domestic players, especially engineering SMEs, to penetrate the global market further.

The government has initiated various initiatives to strengthen the medical device industry, focusing on research and development (R&D) and 100% foreign direct investment in medical devices to boost the market. India has significantly increased its capacity for various critical care supplies such as PPE kits, surgical gloves, sanitisers and N95 masks. It has become an essential destination for manufacturing healthcare products and services.

The Indian medical device market is expected to grow to $50 billion by 2025. India’s medical device market is estimated at $12 billion as of 2020.