Rs 500 Crore Worth Medanta IPO Launching On This Date: Check Full Details Of Medanta IPO

The initial public offering (IPO) of Global Health Ltd will be open for subscription on November 3. 

Notably, it is the Global Health Ltd that manages Medanta hospitals.

Global Health IPO

The IPO, which closes on November 7, consists of a fresh issue of Rs 500 crore and an offer for sale (OFS) of up to 50.76 million shares by shareholders and promoters—50.66 million by Anant Investments and one lakh shares by Sunil Sachdeva (jointly held with Suman Sachdeva).

As per a source “The UDRHP (updated draft red herring prospectus) of Global Health has been filed with Sebi and the plan is to launch the initial public offer post-Diwali, i.e October 24”.

Though 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.

The draft papers filed by the company show that Trehan, who founded Medanta in 2004, holds a 35 percent stake in Global Health.

The DRHP said that the Global Health is among the largest private multi-specialty tertiary care providers in north and east India, with specialties of cardiology and cardiac science, neurosciences, oncology, digestive and hepatobiliary sciences, orthopaedics, liver transplant and urology.

The document revealed that 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.

Private equity investors such as Carlyle Group & Temasek Holdings hold minority stakes 25.64 percent and 17 percent in Global Health.

Carlyle Group holds through affiliate Anant Investments whereas emasek Holdings through affiliate Dunearn Investments Mauritius Pte Ltd.

Co-founder Sunil Sachdeva has a 13.41 percent in the company, RJ Corp Ltd 3.94 percent and Agio Image Ltd 1.97 percent.

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 Rs 375 crore from the proceeds are to be used by the firm to repay loans by its arm Global Health Patliputra Pvt Ltd and Medanta Holdings Pvt Ltd by investing via debt or equity infusion.

Firm’s Financial Position

Global Health had an outstanding borrowings of Rs 842.28 crore, as of June 2022.

Against the June quarter of last year, which reported a revenue of Rs 485.49 crore, this year quarter reported Rs 617.21 crore. 

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 Rs 5,800 crore by Manipal Hospitals but the deal did not materialise.

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