India, April 29 -- Healthtech startup Portea Medical has raised $19.87 Mn (INR 165.8 Cr) through a rights issue, a year after it received an approval from the Securities and Exchange Board of India (SEBI) for initial public offering (IPO).

The board at Portea received a special resolution to issue 69.2 Mn Series D1 compulsory convertible preference shares (CCPS) at an issue price of INR 23.96 apiece, according to the company's regulatory filing with the Registrar of Companies (ROC).

The development was first reported by Entrackr.

Having filed its Draft Red Herring Prospectus (DRHP) in July 2022, the startup bids to raise INR 800 Cr ($95.9 Mn) via its IPO. The IPO comprises a fresh issue of equity shares worth INR 200 Cr and an offer fo...