Mumbai: Temasek-backed Manipal Health Enterprises will open bids for its Initial Public Offering of around 960 million shares to raise Rs 9,275 crore through a mix of offer for sale (OFS) and fresh issue.
The public offering comprises a fresh issue of Rs 8,000 crore, while the remaining portion will be raised through an offer-for-sale (OFS) of up to 2.1 million equity shares, valued at up to Rs 1,275 crore.
The offering will provide an exit to existing investors, including Temasek’s Imperius Healthcare Investments and TPG Capital.
Of the fresh issue proceeds, around Rs 5,500 crore is said to be used for deleveraging the balance sheet as the hospital chain seeks to become debt-free and another Rs 574 crore will be deployed for acquiring a minority stake in step-down subsidiary, Sahyadri Hospitals.
The IPO will open on July 29, anchor investors can bid for shares by July 28, while the public subscription window will be active from July 29 to July 31.
Share allotment is projected to be finalised by August 3, and the company is scheduled to list on the stock exchanges on August 5.
Manipal said this marks one of the largest healthcare public offerings to take place in India. At the present IPO market capitalisation, it expects to rank among the top 150 listed companies in the country.
3000 Beds Expansion on the horizon
Speaking at a press conference ahead of the IPO in Mumbai, Dilip Jose, MD & CEO, Manipal Health Enterprises Limited said the firm plans to add an additional 2,426 beds to its existing tally of 13,037 bed in over 14 states in the country by FY30.
The expansion includes a 603 bed greenfield hospital in Juhu, Mumbai, as well as the brand’s entry into Central India with a 360 bed greenfield hospital in Raipur.
Manipal will also be adding beds to its existing hospitals in Nashik, Pune, Ahilya Nagar and Bengaluru and also holds two land banks in Rajarhat and Asansol in West Bengal.
Beyond, the current pipeline, the healthcare brand also looks forward to opportunities in Kerala, Hyderabad and further intensifying its presence in Delhi-NCR region, Jose added.
