- Global Health Limited, which operates hospitals under the Medanta brand, allocated 19,692,584 equity shares at the upper price band of Rs 336 per share
- Non-anchor offer opened on Thursday, November 3, 2022 and will close on Monday, November7, 2022
- The Company intends to raise Rs 2,206 crore in the IPO, which is the largest IPO to hit the markets in the last five months.
NE BUSINESS BUREAU
AHMEDABAD, NOV 3
Global Health Limited has allotted 19,692,584 equity shares to 52 anchor investors and raised Rs 661.67 crore ahead of the Company’s proposed IPO at the upper price band of Rs 336 per share. The Company intends to raise Rs 2,206 crore in the IPO, which is the largest IPO to hit the markets in the last five months.
The anchor book saw participation from marquee sovereign funds such as Government of Singapore, the Monetary Authority of Singapore, and Norges Bank which together accounted for over 9% of the anchor book allocation. The anchor book also saw large FII names from across the world like – Stichting Depositary, Ontario Teachers’ Pension Plan Board, and Infinity Holdings (an affiliate of Novo Holdings, a Danish investment fund specializing in life sciences, which had also bought shares in the pre-IPO round). Other large long-only FII participants subscribing to the anchor investor portion were
The Prudential Assurance Company Limited (managed by M&G Investment Management), Allianz Global Investors, Nomura and Polar Capital.
Top domestic mutual fund houses like Axis AMC, Aditya Birla Sun Life AMC, SBI Mutual Fund and Nippon Mutual Fund also participated in the anchor book, amounting to 39% of the anchor investor portion.
The IPO consists 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. At the upper end of the price band, the company is expected to fetch Rs 2,206 crore through the IPO. Proceeds from the fresh issue will be used to pay debt and general corporate purposes. At the top end of the price band, the Company is valued at 18.5x EV/EBITDA multiple, while its peers trade at an average of 25x, as per disclosures in the RHP.
