Promoters including Vikram Vuppla, BVP Trust, Edoras and Investcorp have offloaded 2.44 percent equity stake worth over Rs 100 crore in Nephrocare Health Services, the Asia’s largest dialysis services provider, ahead of the IPO opening for public subscription.
The company approached capital markets to raise Rs 871 crore via initial public offering (IPO) comprising fresh issuance of shares worth Rs 353.4 crore, while Investcorp, Healthcare Parent, Edoras Investment Holdings, International Finance Corporation, and 360 ONE Special Opportunities Fund will be selling 1.12 crore shares worth Rs 517.6 crore via offer-for-sale.
The public issue of Nephroplus will open on December 10 and close on December 12, with price band of Rs 438-460 per share, while the one-day anchor book will be launched on December 9.
Ahead of the IPO opening, promoters have sold 22.64 lakh equity shares (equivalent to 2.44 percent of pre-offer paid-up equity) to multiple investors including TIMF Holdings, Axis Max Life Insurance, Malabar India Fund, and Akash Manek Bhanshali on December 4-5. This amounted to Rs 104.18 crore at the upper price band.
Vikram Vuppala, Bessemer Venture Partners Trust, Edoras Investment Holdings, Healthcare Parent, and Investcorp were the selling promoters in the Nephroplus IPO.
Click Here To Read All IPO News
TIMF Holdings, owned by the US-based investment firm Think Investments, was the largest buyer amongst them, acquiring 7.69 lakh shares (0.83 percent equity stake) worth Rs 35.37 crore, while Malabar India Fund, and Axis Max Life Insurance each picked up 4.3 lakh shares (0.46 percent equity) for around Rs 20 crore.
Investor Akash Manek Bhanshali bought 0.22 percent and 0.15 percent stake in the compnay, from Healthcare Parent, and Investcorp Private Equity Fund, respectively.
As a result, Vikram Vuppala reduced its shareholding in Nephroplus to 10.39 percent (against 11.14 percent earlier), Bessemer Venture Partners Trust to 9.18 percent (against 9.9 percent), Edoras Investment Holdings to 33.77 percent (against 34.28 percent), Healthcare Parent to 7.86 percent (against 8.08 percent), and Investcorp to 7.25 percent (against 7.4 percent).
"The sale shares do not form part of the equity shares proposed to be offered for sale by Edoras Investment Holdings, Healthcare Parent, and Investcorp in the offer-for-sale," Nephrocare Health Services said.
Dialysis services provider Nephrocare Health Services has a global network of 519 clinics (from diagnosis to treatment and wellness programs including haemodialysis, home and mobile dialysis, supported by pharmacy), with 51 clinics internationally across the Philippines, Uzbekistan and Nepal.
The company will spend Rs 129.1 crore of fresh issue proceeds for opening 167 new dialysis clinics in India, Rs 136 crore for repayment of certain borrowings, and the remainder funds for general corporate purposes, while the offer-for-sale funds will be received by selling shareholders.
ICICI Securities, Ambit, IIFL Capital Services, and Nomura Financial Advisory and Securities (India) are acting as the merchant bankers for the Nephroplus IPO.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
