Narayana Hrudayalaya's Rs 613-cr IPO to open on December 17

Moneycontrol Bureau

Bengaluru-based Narayana Hrudayalaya is set to open its initial public offer of 2.45 crore equity shares for subscription on December 17. The private healthcare service provider has fixed price band at Rs 245-250 per share for its offer for sale issue.

Through this public issue, investors like Ashoka Investment Holdings will sell upto 62,87,978 equity shares, Ambadevi Mauritius Holding upto 18,86,455 shares and JP Morgan Mauritius Holdings IV upto 1,22,61,648 shares. Promoters - Dr Devi Prasad Shetty and Shakuntala Shetty will offload upto 20,43,608 shares each.

Public Offer will constitute approximately 12 percent of the post-offer paid-up share capital. The company aims raise Rs 600.8-613 crore at lower and higher end of price band but will not get any IPO proceeds.

Bids can be made for minimum of 60 equity shares and in multiples of 60 shares thereafter. The issue will close on December 21 for all bidders.

Equity Shares are proposed to be listed on BSE and National Stock Exchange of India. Book running lead managers to the offer are Axis Capital, IDFC Securities and Jefferies India. As of December 8, it has a network of 23 hospitals, 8 heart centres and 24 primary care facilities across a total of 31 cities, towns and villages in India. Its hospitals have a capacity of 5,442 operational beds and have potential to reach a capacity of up to 6,602 beds.

As of September 2015, it had 11,163 employees, which included 344 doctors, 5,587 nurses, 1,996 paramedical staff and 3,236 administrative personnel. Further, it had 1,750 doctors on a consultancy basis (including visiting consultants) engaged in the system.