Latest News | Medanta Operator Global Health IPO to Open on November 3

New Delhi, Nov 1 (PTI) Global Health, which operates and manages hospitals under Medanta brand, will open its Rs 2,206-crore initial public offering (IPO) on November 3 with plans to utilise the capital on next phase of growth across markets.

Speaking to reporters here, Chairman and Managing Director Naresh Trehan said the IPO would help the company to become more agile in its ability to explore different possibilities in terms of business opportunities.

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"It (IPO) gives you the freedom, the opportunity to provide services and robust systems that can be replicated in various regions," Trehan said.

The initial share-sale will open for public subscription during November 3-7. The bidding for anchor investors will open on Wednesday.

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Global Health has set a price band of Rs 319-336 a share for the IPO.

Trehan said the healthcare provider aims to offer affordable solutions to as many people as possible even at Tier II and Tier III cities.

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.

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 present, Anant Investments holds 25.64 per cent stake in Global Health and Sachdeva owns 13.41 per cent stake in the company.

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.

Founded by 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 '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.

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.

Investors can bid for a minimum of 44 shares and in multiples thereof.

The company registered a total income of Rs 2,205.8 crore and a profit of Rs 196.2 crore in FY22.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)