Temasek–backed Manipal Health Enterprises is targeting a valuation of up to $8 billion for its initial public offering that will open for subscription on July 29, a newspaper advertisement showed on Friday.
The company, one of India‘s largest hospital chain operators, has set a price band of 560-590 rupees per share, for its 92.75 billion rupees ($960.42 million) IPO.
The Bengaluru-based chain operates 48 hospitals with 12,367 beds across the country and competes with the likes of Apollo Hospitals Enterprise, Max Healthcare, and Fortis Healthcare.
The IPO will be India‘s second-largest primary market offering this year, coming after SBI Funds Management’s $1.03 billion issue earlier this month.
Manipal Health had filed for the IPO in March and received regulatory approval in early July. The company plans to issue new shares worth 80 billion rupees. Existing investors including Temasek Holdings’ Imperius Healthcare Investments, TPG Capital, and others will offload shares worth 12.10 billion rupees in the share sale. The company plans to use the IPO proceeds to repay borrowings and invest in a step-down subsidiary.
Anchor investors can bid by July 28. Public subscription will be open from July 29 to July 31.
Reuters
