The initial public offering (IPO) of Global Health Ltd, which operates and manages Medanta hospitals, will open for subscription on November 3, RHP filed on Kotak Mahindra Capital, one of the book runners for the issue, website said. The initial share sale consists of a fresh issue of equity shares aggregating to Rs While the anchor book will open on November 2, the shares will be credited to the accounts of successful bidders on November 15 and will begin trading the next day.
Dr Naresh Trehan, who founded Medanta in 2004, holds a 35 per cent stake in Global Health, the draft papers filed by the company show.
The public issue will open for public subscription next week on Thursday, November 3, 2022, and the issue will conclude on Monday, November 7, 2022.
The firm intends to utilize funds from the proceeds to repay loans by its arm Global Health Patliputra Pvt. Ltd and Medanta Holdings Pvt. Ltd by investing via debt or equity infusion.
Cardiovascular and cardiothoracic surgeon Dr Naresh Trehan founded Medanta in 2004. Global Health is a leading private multi-speciality tertiary care providers 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. The company had filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in October last year.
It provides healthcare services in over 30 medical specialties and engages over 1,300 doctors and its operational hospitals have 2,467 installed beds as of June 2022, the document said.
Private equity investors such as Carlyle Group, through affiliate Anant Investments, and Temasek Holdings, via affiliate Dunearn Investments Mauritius Pte Ltd, hold minority stakes—25.64 per cent and 17 per cent in Global Health.
Co-founder Sunil Sachdeva has a 13.41 per cent in the company, RJ Corp Ltd 3.94 percent and Agio Image Ltd 1.97 per cent.
Kotak Mahindra Capital Co Ltd, Credit Suisse Securities India Pvt Ltd, Jefferies India Pvt Ltd and JM Financial are the lead managers to the issue.
The firm intends to utilise Rs 375 crore from the proceeds to repay loans by its arm Global Health Patliputra Pvt Ltd and Medanta Holdings Pvt Ltd by investing via debt or equity infusion.
As of June 2022, Global Health had outstanding borrowings of Rs 842.28 crore.
For the June quarter, the firm reported revenue of Rs 617.21 crore against Rs 485.49 crore in the year-ago group. Net profit for the quarter stood at Rs 58.71 crore against Rs 41.76 crore in the year-ago period.
In 2019, TPG and Temasek-backed Manipal Hospitals were in talks to acquire Medanta Hospitals and its board had accepted an offer of Rs5,800 crore by Manipal Hospitals but the deal did not materialise.
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