Noida-based hospital chain Yatharth Hospital and Trauma Care Services has fixed a price band at Rs 285-300 per share for its initial public offering (IPO).
The total fundraising would be Rs 676.7 crore at a lower price band and Rs 686.55 crore at an upper price band via public issue. The issue comprises a fresh issuance of shares worth Rs 490 crore and an offer for sale (OFS) of 65.51 lakh equity shares by promoters Vimla Tyagi, Prem Narayan Tyagi and Neena Tyagi.
The actual fresh issue size was Rs 610 crore, which was later reduced to Rs 490 crore as the company raised Rs 120 crore via private placement (pre-IPO placement) of 40 lakh shares at a price of Rs 300 per share on July 6, before filing the red herring prospectus with the Registrar of Companies.
The offer will open for subscription on July 26 and the closing date would be July 28. Anchor book (part of QIB), if any by the company, will open for a day on July 25 i.e. a day before the issue opening.
The hospital chain operator has reserved half of the issue size for qualified institutional buyers (QIB), 15 percent for high-networth individuals (HNIs) and the remaining 35 percent for retail investors.
Investors can bid for a minimum of 50 equity shares and in multiples of 50 shares thereafter. Retail investors can invest a minimum of Rs 15,000 for a lot (50 shares X Rs 300) and the maximum investment by them would be Rs 1.95 lakh (13 lots).
Yatharth Hospital will utilise fresh issue proceeds for repaying debts, capital expenditure for hospitals, and funding inorganic growth initiatives, besides general corporate purposes.
Currently, the company operates three super-speciality hospitals located in Delhi-NCR and one multi-speciality hospital in Madhya Pradesh, having a total capacity of 1,405 beds as of now.
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Intensive Fiscal Services, Ambit and IIFL Securities are the merchant bankers on the issue.
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