The initial public offering (IPO) of Global Health, which operates hospitals under the Medanta brand — would open for public subscription next month. The initial share sale would commence on November 3 and conclude on November 7.
The IPO will consist of a fresh issue of equity shares aggregating to Rs 500 crore and an offer-for-sale (OFS) of up to 5.08 crore equity shares. As a part of the OFS, Anant Investments, an affiliate of private equity major Carlyle Group and Sunil Sachdeva (jointly with Suman Sachdeva) would offload equity shares.
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Here are some key points about the IPO:
- Currently, Anant Investments holds a 25.64 per cent stake in Global Health and Sachdeva owns a 13.41 per cent stake in the company.
- The IPO size could be around Rs 2,200 crore. “The size of the IPO looks bulky, and it is too soon to comment on it given the price band isn’t declared yet,” a market expert told Business Today.
- The company aims to use proceeds from the fresh issue to pay debt and general corporate purposes.
- Founded by cardiovascular and cardiothoracic surgeon Naresh Trehan, Global Health is a private multi-specialty care provider.
- Backed by private equity investors such as Carlyle Group and Temasek, it operates a network of five hospitals under the ‘Medanta’ brand in Gurugram, Indore, Ranchi, Lucknow and Patna. In addition, a hospital is under construction in Noida, Uttar Pradesh.
- After the completion of its Noida hospital in fiscal 2025, the company’s total installed beds are projected to exceed 3,500.
- On the financial front, the company reported a total income of Rs 2,205.8 crore and a profit of Rs 196.2 crore in FY22.
- Kotak Mahindra Capital Company, Credit Suisse Securities (India), Jefferies India and JM Financial are the book-running lead managers to the IPO.
(With inputs from PTI)
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