Manipal Health fixes price band for ₹9,275cr IPO
What's the story
Manipal Health Enterprises, the owner of the Manipal Hospitals chain, will launch its maiden public issue on July 29. The initial public offering (IPO) has been priced in the range of ₹560-590 per share. The company hopes to raise ₹9,275 crore through this IPO. The issue consists of a fresh issue worth ₹8,000 crore and an offer-for-sale (OFS) of 2.16 crore equity shares worth ₹1,275.2 crore.
Share sale
Shareholders to offload their stakes
The OFS will see shareholders Imperius Healthcare Investments and Manipal Education and Medical Group India offload their shares.
Other investors selling shares through this route include TPG SG Magazine, Seventy Second Investment Company, Ammar Sdn Bhd, Novo Holdings Invest Asia, and Phoenix Bear Investments.
The anchor book for the IPO will open for a day on July 28, ahead of the public issue which will remain open till July 31.
Important dates
Employee quota shares offered at a discount
The allotment of shares for the IPO is likely to be finalized by August 3.
Manipal Health Enterprises will make its stock market debut on August 5.
The company has reserved shares worth ₹15 crore for its employees, who will get these shares at a discount of ₹56 per share from the final offer price.
Company profile
Proceeds will go toward repayment of loans
Manipal Hospitals is touted as India's largest multispecialty hospital network by bed capacity and the second largest by number of hospitals.
The network runs 49 hospitals with over 12,600 beds across more than 24 cities.
Of the net proceeds from the fresh issue, ₹5,378 crore will be used to repay loans while another ₹574 crore has been earmarked for acquiring a minority stake in Sahyadri Hospitals.