Temasek-backed Manipal Health Enterprises Ltd is gearing up for a potential $1 billion Initial Public Offering (IPO), according to a report by Livemint. The hospital chain will meet bankers in February to seek their proposals for the IPO, which could be one of the largest healthcare sector listings in India.
The company is said to be planning a mix of a secondary offer-for-sale and a major primary capital raise. While the OFS will be a reduction of stakes by the existing shareholders, the primary raise will bring in fresh capital to the company.
While Manipal Health was promoted by the Pai family, its largest shareholder now is Singapore’s sovereign wealth fund Temasek, followed by the Pai family and TPG. Temasek recently acquired a 41% stake in April this year for over $2 billion, valuing the company at around Rs 40,000 crore.
Manipal Hospitals was founded by Ranjan Pai in 2010 and sees 7 million patients annually through its 37 hospitals in 19 cities including Bengaluru, Mangalore, Mysore, Vijayawada, and Kolkata. The group operates in 14 states and is one of India’s largest health care providers.
This might also turn out to be a landmark movement for the entire Indian healthcare space, with maximum investor interest shown, in case Manipal Health decides to go for an IPO.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
