Medanta Hospitals brand owner, Global Health Limited filed preliminary papers with markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial share sale. The draft herring prospectus states the initial public offering (IPO) consists of a fresh issue of equity shares totalling Rs 500 crore and an offer sale of up to 4.84 crore equity shares.
The red herring prospectus stated that the fresh issue would be used for paying debt and general corporate purposes.
North American private equity firm Carlyle Group's affiliate will sell up to 4.33 crore equity shares and Global Health co-founder Sunil Sachdeva (jointly with Suman Sachdeva) will offload up to 51 lakh equity shares as part of the OFS (Offer for Sale).
Currently, Anant Investments hold 25.67 per cent in the company while Sachdeva owns a 13.42 per cent stake.
Kotak Mahindra Capital Company, Credit Suisse Securities (India), Jefferies India and JM Financial are the book running lead managers to the IPO.
Global Health is a leading private multi-speciality hospital with presence in the northern and eastern regions of the country. It was founded by renowned cardiovascular and cardiothoracic surgeon Naresh Trehan. At present, it is backed by Carlyle Group and Temasek.
It operates a network of 4 hospitals under the Medanta brand in Gurugram, Indore, Ranchi and Lucknow.
The Indian healthcare delivery industry is estimated to post a healthy 15-17 per cent CAGR between FY21 and FY25 driven by pent up demand, strong fundamentals, increasing affordability and Ayushman Bharat Yojana.
(With inputs from PTI)