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India’s Global Health files early papers for IPO

11:00, 30 September 2021

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A doctor with a stethoscope
India’s Global Health aims to raise INR5bn through a share issue – Photo: Shutterstock

Indian hospital group Global Health, which operates hospitals under the Medanta brand, has filed papers to raise funds through a new share issue.

The company intends to raise INR5bn ($67.3m) through the issue, while existing investors in the company will tender another 48.44 million shares through an offer for sale (OFS). 

Carlyle Group

Anant Investments, an affiliate of private equity major Carlyle Group, which holds a 25.7% stake in the company, intends to offload 43.3m shares through the OFS, the company said in its draft red herring prospectus.

Backed by private equity investors such as Carlyle Group and Temasek, Global Health is a private tertiary care provider operating in the north and east regions of India.

The company would use about INR3.75bn of the net proceeds to repay debt and for general business purposes.

1,100 doctors

Medanta was founded by renowned cardiovascular and cardiothoracic surgeon Dr Naresh Trehan, who has been awarded the Padma Bhushan and the Padma Shri, the third and fourth-highest civilian awards in India, in recognition of his contribution to medicine.

According to the filing, Medanta provides healthcare services in more than 30 medical specialties, including cardiology, neurosciences, oncology, orthopaedics and urology, and employs more than 1,100 doctors.

With a combined area of 3.7 million square feet, its four operational hospitals have a total of 2,176 installed beds, with one more hospital under construction and another at the planning stage.

The company posted a net profit of INR288.05m for the financial year ended 31 March 2021, down from INR363.27m recorded during the comparable year-ago period.

Kotak Mahindra Capital, Credit Suisse Securities, Jefferies India and JM Financial are managers to the issue.

Read More: India’s Veeda files initial papers to launch $112m IPO

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