Bengaluru-based cancer care services provider HealthCare Global (HCG) is set to tap the Indian bourses with its initial public offering (IPO) which will begin on March 16 and end on March 18.
Bengaluru-based cancer care services provider HealthCare Global (HCG) is set to tap the Indian bourses with its initial public offering (IPO) which will begin on March 16 and end on March 18. The IPO consists of a fresh issue of up to 11.6 million shares by the company and an offer for sale (OFS) of up to 18.2 million shares by existing shareholders. The shares are to be listed on both BSE and NSE.
At the upper end of the price band, the issue can fetch the company close to Rs 649 crore from investors and Rs 292 crore from anchor investors. Anchor investors will bid for the issue on March 15, a day prior to the public offer. The price band for the issue is set between `205 and `218 per equity share with a face value of `10 each.
The fresh proceeds of the IPO are to be used for clearing of an existing bank debt of nearly `170 crore, purchase of medical equipment, investment in IT software, services and hardware and general corporate purposes.
Kotak Mahindra Capital, Edelweiss Financial Services, Goldman Sachs (India) Securities, IDFC Securities, IIFL Holdings and Yes Bank are the Book Running Lead Managers for the issue. The offer would constitute up to 35.03% of the Company’s post-offer paid-up equity share capital. The equity shares are proposed to be listed on the BSE and the NSE.
The company is also looking at expansion of its Milann fertility centres. Currently four such centres operate out of Bengaluru. HCG operates one of the largest cancer care networks in the country and has 14 comprehensive cancer centres.