Nephrocare Health Services, the Asia’s largest dialysis service provider under the Nephroplus brand, has raised Rs 260.3 crore from 14 anchor investors on December 9. This fund raising was ahead of its IPO that will be opening for public subscription during December 10-12.
The company tapped capital markets to mobilise Rs 871 crore via initial public offering (IPO) which is a combination of fresh issuance of shares worth Rs 353.4 crore, and an offer-for-sale of 1.12 crore shares by existing shareholders including promoters Investcorp, Healthcare Parent, Edoras Investment Holdings, International Finance Corporation, and 360 ONE.
The price band for the offer is Rs 438-460 per share.
Nephrocare Health on Tuesday has finalised allocation of 56.57 lakh shares to anchor investors at the upper price band. "Out of the total allocation, 25.82 lakh shares were allocated to 5 domestic mutual funds - SBI Mutual Fund, ICICI Prudential AMC, DSP MF, Baroda BNP Paribas MF, and Bandhan MF," the company in its filing to exchanges said.
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Fidelity Funds, Prudential Assurance Company, Eastspring Investments, Polar Capital Funds, Manulife Global Fund, SBI Life Insurance Company, and HDFC Life Insurance Company also invested in the company via anchor book.
Nephrocare Health Services will utilise Rs 129.1 crore of fresh issue proceeds for opening 167 new dialysis clinics in India, Rs 136 crore for repayment of debt, and the remainder funds for general corporate purposes.
The company claims to be the only Indian dialysis services provider that has scaled internationally with a global network of 519 clinics.
ICICI Securities, Ambit, IIFL Capital Services, and Nomura Financial Advisory and Securities (India) are acting as the merchant bankers for the Nephroplus IPO.
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