The initial public offering of Global Health Ltd, which operates hospitals under the Medanta brand, will open for subscription today. The issue, which came out with a price band of ₹319-336, consists of a fresh issue of equity shares aggregating to ₹500 crore, and an offer-for-sale (OFS) of up to 5.08 crore equity shares. Investors can bid for a minimum of 44 shares through the IPO.
As 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 the upper end of the price band, the IPO is expected to fetch ₹2,206 crore.
Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
On Wednesday, the company mobilised ₹662 crore from anchor investors ahead of its IPO, which closes on November 7.
The company will allot 1.97 crore equity shares at ₹336 a share to anchor investors, including the Government of Singapore, 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.
Proceeds from the fresh issue will be used to pay debt and for general corporate purposes.
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.
Kotal Mahindra Capital Company, Credit Suisse Securities (India), Jefferies India and JM Financial are the book-running lead managers to the IPO.