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Medanta Operator Global Health raises Rs 662 Crore from anchor investors ahead of IPO


By PTI IST (Released)

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The Singapore government, Nomura, Axis Mutual Fund (MF), HDFC MF, Aditya Birla Sun Life MF, SBI MF, ICICI Prudential MF, Kotak MF, Max Life Insurance Company and SBI Life Insurance Company are among the major investors.

Global Health Ltd, which operates hospitals under the Medanta brand, said on Wednesday it had raised Rs 662 crore from anchor investors ahead of its initial public offering (IPO) which will open for public subscription on Thursday.

The company has decided to allocate 1.97 crore shares at Rs 336 apiece, aggregating the deal size to around Rs 662 crore, according to a circular uploaded on the BSE website.

The Singapore government, Nomura, Axis Mutual Fund (MF), HDFC MF, Aditya Birla Sun Life MF, SBI MF, ICICI Prudential MF, Kotak MF, Max Life Insurance Company and SBI Life Insurance Company are among the major investors.

The IPO consists of a new issue of equity shares totaling Rs 500 crore and an offer to sell (OFS) of up to 5.08 crore of equity shares.

As part of the SFO, Anant Investments, a subsidiary of large private equity group Carlyle, and Sunil Sachdeva (together with Suman Sachdeva) will divest of the shares.

The issue, with a price range of Rs 319-336, will be open for public subscription from November 3-7. At the upper end of the price range, the company is expected to fetch Rs 2,206 crore from the IPO. Proceeds from the new issue will be used to pay off debt and for general corporate purposes.

Founded by Dr. Naresh Trehan, a renowned Cardiovascular and Cardiothoracic Surgeon, Global Health is one of the leading private multi-specialty tertiary care providers in the northern and eastern regions of India.

Global Health, backed by private investors such as Carlyle Group and Temasek, operates a network of five hospitals under the “Medanta” brand in Gurugram, Indore, Ranchi, Lucknow and Patna. Additionally, a hospital is under construction in Noida.

While operating its Noida hospital in FY 2025, the total number of beds installed by the company is expected to exceed 3,500. As part of its growth strategies, the company also intends to capitalize on tourism medical.

Half of the issue size was reserved for qualified institutional investors, 35% for retail investors and the remaining 15% for non-institutional investors. Investors can bid for a minimum of 44 shares and multiples thereof.

The company generated total revenue of Rs 2,205.8 crore and profit of Rs 196.2 crore in FY22.

According to a Crisil report, India’s healthcare delivery sector is expected to see a CAGR of 13-15% between FY21-26, driven by pent-up demand, strong fundamentals, growing affordability and growing availability. Ayushman Bharat Yojana.

Additionally, the county’s bed density per 10,000 population is only 15 beds, which is below the global median of 29 beds.

Kotal Mahindra Capital Company, Credit Suisse Securities (India), Jefferies India and JM Financial lead the IPO.


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