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May 11, 2012, 06.12 PM IST | Source: Moneycontrol.com

Monarch Health Services Rs 12-cr IPO to open on May 12

Skin care and cosmetic clinics chain operator Monarch Health Services is coming out with a public issue of 30 lakh equity shares at a fixed issue price of Rs 40 a share on May 12, 2012.

Skin care and cosmetic clinics chain operator Monarch Health Services is coming out with a public issue of 30 lakh equity shares at a fixed issue price of Rs 40 a share on May 12, 2012.

Out of the proposed issue of 30 lakh shares, 12 lakh shares are reserved for subscription by the promoters (Out of which 1.25 lakh shares already allotted to promoters at IPO price) and 3 lakh shares are reserved for subscription by the market maker. The issue less the portion reserved for the promoters and the market maker i.e. issue of 15 lakh shares is referred to as the net issue.

Out of the net offer, not less than 50% shall be available to retail individual investors and the remaining to individual applicants other than retail investors. Other investors including corporate bodies or institutions irrespective of the number of shares applied for. If the retail individual investor category is entitled to more than 50% on proportionate basis, they shall be alloted that higher percentage.

Company has prototype clinics with a concept of one-stop-shop equipped and versed to cater both surgical and non surgical cosmetic and aesthetic treatments for head to toe transformations.

Monarch Health intends to use issue proceeds (of Rs 12 crore) for augmenting capital base and increasing operational scale by opening up 23 new clinics, and for meeting the working capital requirements.

Company proposes to come out with a chain of 100 skin care and cosmetic clinics across India in the next four years. It has already commenced operations in two clinics in Mumbai and proposes to commence operation in three more clinics - one each in Delhi in April 2012 and Goa in May, 2012 and also one more clinic in the year 2012-13 at Haridwar with the funds raised prior to the public issue.

The issue will close for subscription on May 16. Equity shares are proposed to be listed on BSE SME platform.

Network Stock Broking Limited is the lead manager to the issue.

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