NE BUSINESS BUREAU
CHENNAI, NOV 6
Global Health Limited — the operator of Medanta chain of hospitals, raised Rs 661.67 crore from 52 anchor investors at Rs 336 per equity share on November 2.
It opened its initial public offering on Thursday, November 3, 2022 and will close on Monday, November 7, 2022 to raise up to Rs 2,206 crore. The initial share sale is a combination of fresh issuance worth up to Rs 500 crore and an offer for sale worth up to Rs 1,706 crore by existing shareholders.
The Price Band of the offer has been fixed at Rs 319 to Rs 336 per Equity Share of face value Rs 2 each. Bids can be made for a minimum of 44 Equity Shares and in multiples of 44 equity shares thereafter.
- Price Band fixed at Rs 319 to Rs 336 per equity share of face value of Rs 2 each of Global Health Limited
- Bid /Offer Opened on Thursday, November 03, 2022 and will close on Monday, November 07, 2022
- The Company intends to use the proceeds of the fresh issue for Investment in two of its subsidiaries, GHPPL and MHPL, in the form of debt or equity for repayment/prepayment of borrowings, in full or part, of such subsidiaries, of Rs 3,750.00 million
The shares will be credited to the accounts of successful bidders on November 15 and will begin trading the next day.
The initial public offering comprises a Fresh Issue aggregating up to ₹5,000.00 million and an Offer for Sale of up to 50,761,000 Equity Shares by the Selling Shareholders comprising up to 50,661,000 Equity Shares by Anant Investments, an affiliate of The Carlyle Group, and up to 100,000 Equity Shares by Sunil Sachdeva (jointly with Suman Sachdeva).
The Company intends to use the proceeds of the fresh issue for Investment in two of its subsidiaries, GHPPL and MHPL, in the form of debt or equity for repayment/prepayment of borrowings, in full or part, of such subsidiaries, of Rs 3,750.00 million. The balance amount of the net issue proceeds will be used for general corporate purposes.
Cardiologist Dr Naresh Trehan, Founder and CMD of Medanta, said, “Global Health is among the largest private multi-specialty tertiary care providers in north and east India, with specialties of cardiology and cardiac science, neurosciences, oncology, digestive and hepatobiliary sciences, orthopaedics, liver transplant and urology. We are the only hospital helping the patients to go home within 2 or three days of surgery, treatment to bring down the medical bill with world-class healthcare. The term ‘Medanta’ stands for ‘end of medical issues’.”
As a part of the OFS, Anant Investments, an affiliate of private equity major Carlyle Group and Sunil Sachdeva (jointly with Suman Sachdeva) will offload equity shares.
At present, Anant Investments holds 25.64 percent stake in Global Health and Sachdeva owns 13.41 percent stake in the company.
Proceeds from the fresh issue will be used to pay debt and general corporate purposes.
Founded by Naresh Trehan, a renowned cardiovascular and cardiothoracic surgeon, Global Health is a leading private multi-speciality tertiary care provider in the North and East regions of India.
Global Health, backed by private equity investors such as Carlyle Group and Temasek, operates a network of five hospitals under the ‘Medanta’ brand in Gurugram, Indore, Ranchi, Lucknow and Patna. In addition, one hospital is under construction in Noida.
Upon operation of its Noida hospital in fiscal 2025, the company’s total installed beds are expected to exceed 3,500. As part of its growth strategies, the company also intends to capitalise on medical tourism.
The company reported a total income of Rs 2,205.8 crore and a profit of Rs 196.2 crore in FY22.
The Indian healthcare delivery industry is estimated to post a 13-15 per cent CAGR between FY21 and FY26, driven by pent-up demand, strong fundamentals, increasing affordability and Ayushman Bharat Yojana, according to a Crisil report.
The Equity Shares offered through Red Herring Prospectus are proposed to be listed on BSE and NSE.
Kotak Mahindra Capital Company Limited, Credit Suisse Securities (India) Private Limited, Jefferies India Private Limited and JM Financial Limited are the Book Running Lead Managers.
