Metropolis plans to raise up to Rs 1,204 crore via IPO

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Updated: March 29, 2019 3:13:39 AM

The IPO consists of an offer for sale of 1.36 crore equity shares. It includes an offer for sale of up to 62.72 lakh equity shares by Sushil Kanubhai Shah (promoter selling shareholder) and up to 74.12 lakh equity shares by CA Lotus Investments (investor selling shareholder).

Metropolis Healthcare, initial public offering, CA Lotus Investments, Goldman Sachs, HDFC Bank, JM Financial, Metropolis LabsThe diagnostics company proposes to open its IPO of equity shares on April 3 and close on April 5.

Metropolis Healthcare plans to raise up to Rs 1,204 crore through its initial public offering (IPO). The diagnostics company proposes to open its IPO of equity shares on April 3 and close on April 5. The price band has been fixed in the range of Rs 877-880 per share. Bids can be made for a minimum lot of 17 equity shares and in multiples of 17 equity shares thereafter. The company will not receive any proceeds from the issue.

The IPO consists of an offer for sale of 1.36 crore equity shares. It includes an offer for sale of up to 62.72 lakh equity shares by Sushil Kanubhai Shah (promoter selling shareholder) and up to 74.12 lakh equity shares by CA Lotus Investments (investor selling shareholder).

Also read: TCS could have listed during 2001 IT boom but Ratan Tata said ‘no’; a must-read for all shareholders

The offer also includes a reservation of up to 3 lakh equity shares for subscription by eligible employees. JM Financial, Credit Suisse Securities (India), Goldman Sachs (India) Securities, HDFC Bank and Kotak Mahindra Capital are the book running lead managers to the offer.

Metropolis Labs is a chain of diagnostic companies, with its central laboratory in Mumbai. Metropolis Healthcare has a chain of 106 clinical laboratories and 1,130 collection centres across 7 countries, including India. The healthcare company was founded in 1980 as a single laboratory with a revenue of about $1.5 million and 40 employees. Metropolis Labs also offers analytical and support services to clinical research organisations for clinical research projects.

During the nine-month period ended December 31, 2018, MHL conducted approximately 12.3 million tests from approximately 6.6 million patient visits compared to approximately 16.0 million tests from approximately 7.7 million patient visits in FY18.

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