Narayana Hrudayalaya, Sandhar Technologies file draft IPO papers
Narayana Hrudayalaya looks to raise around Rs.700 crore through its IPO; Sandhar Technologies plans to raise Rs.300 crore
Mumbai: Devi Shetty’s healthcare firm Narayana Hrudayalaya Ltd and Delhi-based auto components manufacturer Sandhar Technologies Ltd on Tuesday filed their draft initial public offering (IPO) papers with the markets regulator.
Including these firms, 33 firms have filed for an IPO so far this year.
According to the draft filing of Narayana Hrudayalaya, the healthcare firm is looking to raise around Rs.700 crore through its IPO, all of which will go to existing investors and promoters who will sell shares as part of the issue.
JP Morgan and Pinebridge Investments, which hold 10.91% and 11.2% respectively in Narayana Hrudayalaya, are looking to dilute 4% each of their holding. UK’s development finance institution CDC is also an investor in Narayana Hrudayalaya and holds 5.88% stake.
Narayana Hrudayalaya has hired Axis Capital Ltd, IDFC Securities and Jefferies to manage its sale.
In 2014-15, Narayana Hrudayalaya reported consolidated revenue of Rs.1,371.5 crore compared with Rs.1,117.5 in the previous year. The company reported a loss of Rs.10.8 crore in 2014-15 compared with a profit of Rs.31.7 crore an year ago.
In a separate filing, Sandhar Technologies said that it will raise Rs.300 crore through its IPO.
Sandhar plans to use the proceeds for establishment of a new factory at Hosur, Tamil Nadu, and to pare debt. GTI Capital, which holds 17.47% stake in Sandhar, will sell 10% stake in the IPO.
ICICI Securities Ltd, IDFC Securities Ltd, IIFL Holdings Ltd and Jefferies India Pvt. Ltd are managing Sandhar’s IPO.
Sandhar reported standalone revenue of Rs.1,262.4 crore in 2014-15 compared with Rs.1,043.8 crore. It reported a profit of Rs.34.8 crore in 2014-15 compared with a profit of Rs.33.7 crore in the previous year.
So far this year, 15 firms have raised about Rs.6,348 crore through IPOs in 2015, according to data from Prime Database, a capital markets tracker.
This is already more than the entire sum raised in the last two years. In 2014, five firms raised Rs.1,201 crore through IPOs, data from Prime Database shows. In 2013, three firms had raised Rs.1,284 crore.