The initial public offering (IPO) of Global Health Ltd, which operates and manages Medanta hospitals, will open for subscription on November 3, RHP filed on Kotak Mahindra Capital, one of the book runners for the issue, website said.
The IPO, which closes on November 7, consists of a fresh issue of Rs 500 crore and an offer for sale (OFS) of up to 50.76 million shares by shareholders and promoters—50.66 million by Anant Investments and one lakh shares by Sunil Sachdeva (jointly held with Suman Sachdeva).
Moneycontrol recently wrote that cardiologist Dr Naresh Trehan-promoted Global Health was gearing up for a post-Diwali Dalal Street IPO. “The UDRHP (updated draft red herring prospectus) of Global Health has been filed with Sebi and the plan is to launch the initial public offer post-Diwali, i.e October 24,” a source has told Moneycontrol.
While the anchor book will open on November 2, the shares will be credited to the accounts of successful bidders on November 15 and will begin trading the next day.
Trehan, who founded Medanta in 2004, holds a 35 percent stake in Global Health, the draft papers filed by the company show.
Global Health is among the largest private multi-specialty tertiary care providers in north and east India, with specialties of cardiology and cardiac science, neurosciences, oncology, digestive and hepatobiliary sciences, orthopaedics, liver transplant and urology, the DRHP said.
It provides healthcare services in over 30 medical specialties and engages over 1,300 doctors and its operational hospitals have 2,467 installed beds as of June 2022, the document said.
Private equity investors such as Carlyle Group, through affiliate Anant Investments, and Temasek Holdings, via affiliate Dunearn Investments Mauritius Pte Ltd, hold minority stakes—25.64 percent and 17 percent in Global Health.
Co-founder Sunil Sachdeva has a 13.41 percent in the company, RJ Corp Ltd 3.94 percent and Agio Image Ltd 1.97 percent.
Kotak Mahindra Capital Co Ltd, Credit Suisse Securities India Pvt Ltd, Jefferies India Pvt Ltd and JM Financial are the lead managers to the issue.
The firm intends to utilise Rs 375 crore from the proceeds to repay loans by its arm Global Health Patliputra Pvt Ltd and Medanta Holdings Pvt Ltd by investing via debt or equity infusion.
As of June 2022, Global Health had outstanding borrowings of Rs 842.28 crore.
For the June quarter, the firm reported revenue of Rs 617.21 crore against Rs 485.49 crore in the year-ago group. Net profit for the quarter stood at Rs 58.71 crore against Rs 41.76 crore in the year-ago period.
In 2019, TPG and Temasek-backed Manipal Hospitals were in talks to acquire Medanta Hospitals and its board had accepted an offer of Rs5,800 crore by Manipal Hospitals but the deal did not materialise.
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