Narayana Hrudayalaya has raised Rs 183.93 crore by allotting shares to anchor investors in a pre-initial public offering (IPO) placement. Fifteen anchor investors, including Government of Singapore, Morgan Stanley Sicav Mauritius, Nomura India Stock Mother Fund and SBI Pharma Fund were allotted shares in the anchor placement, official filing on stock exchanges showed. The atllotment was done at a price of Rs 250 apiece, which is the upper price band of the issue.
The three-day public offering will open on Thursday and the minimum bid lot is fixed at 60 equity shares per bid. Axis Capital, IDFC Securities and Jefferies India are the book running lead managers for the issue.
Based on the upper price band of the issue,the company plans to raise close to Rs 613 crore.
The company plans to use the IPO proceeds to set up 4 new hospitals at an estimated cost of around Rs 100 crore.
The company has fixed the price band between Rs 245 and Rs 250 for the initial public offer (IPO). The IPO, which would close on 21 December, includes an offer of sale of up to 2.45 crore equity shares representing 14.04% stake in the company by the promoters and other existing shareholders.
Those participating in the share sale include the company’s main promoter and founder Devi Prasad Shetty.
JP Morgan Mauritius, Ashoka Investment Holdings and Ambadevi Mauritius Holding are other investors who would be offering shares in the IPO. Post-IPO, promoters will hold 65% stake in the company.
Founded in 2000 by Dr Devi Prasad Shetty, the company is one of the leading private healthcare service providers in the country, operating a chain of multi-specialty, tertiary and primary healthcare facilities.
The company has a network of 23 hospitals (multi-specialty and super-specialty healthcare facilities which provide tertiary care), eight heart centres and 24 primary care facilities including clinics and information centres, across 31 cities, towns and villages in India.
In FY 2015, the facilities provided care to over 1.97 million patients.
As per Shetty, the company plans to set up 4 new hospitals at an estimated cost of around Rs 100 crore. The 241 bedded hospital at Vaishnodevi will be set up in public-private partnership (PPP) model and it will be ready in 12 months period.
“We are also setting up new hospital in Mumbai and 226 bedded facility in Lucknow. The company’s new facility at Bhubaneshwar is still under discussion stage,” he had said recently, adding that the company will also pursue
inorganic growth for future expansion.
Narayana Hrudayalaya is the third company from healthcare sector to launch an IPO this month. Diagnostic chain Dr Lal PathLabs and pharmaceutical firm Alkem Laboratories launched their IPO earlier this month.
During CY15, 20 companies have tapped primary markets to raise more than Rs 15,000 crore — the highest in four years. Alkem Laboratories and Dr Lal Pathlabs were the last two companies to hit the IPO markets. Together they raised close to Rs 2,000 crore.
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