Healthcare firm Global Gealth Limited, which operates Medanta hospital chain, will open its initial public offering (IPO) for subscription next Thursday i.e November 3. The subscription will be open for application till November 7, Hindustan Times’ business website Livemint reported.
According to the report, the initial share sale comprises fresh equity shares worth ₹500 crore. Up to 5.08 crore equity shares are offered for sale by the company’s shareholders and promoters.
From the proceeds of the IPO, Medanta’s parent firm is seeking to repay loans by its arm Global Health Patliputra Pvt Ltd and Medanta Holdings Pvt Ltd. The hospital chain was founded in 2004 by cardiovascular and cardiothoracic surgeon Dr Naresh Trehan. Backed by private equity investors like Carlyle Group and Temasek, Global Health manages five Medanta hospitals in Gurugram, Lucknow, Patna, Ranchi and Indore. One hospital is currently under-construction in Noida.
Global Health had filed a draft red herring prospectus with the market regulator Securities and Exchange Board of India (Sebi) in October last year.
Dr Trehan has a 35 per cent stake in Global Health, while co-founder Sunil Sachdeva owns 13.43 per cent. RJ Corp Ltd has a 3.95 per cent stake while Agio Image Ltd has 1.97 per cent stake. Carlyle Group through its affiliate Anant Investments has minority stake of 25.67 per cent while Temasek Holdings through its affiliate Dunearn Investments Mauritius Pvt Ltd owns 17 per cent.
According to reports, Global Health expects its installed beds to exceed 3,500. The company is also looking at capitalising on medical tourism.