The IPO will consist of a fresh issue of ₹400 crore and an offer for sale of up to 8.53 million shares by its existing promoters and shareholders.
The OFS comprises sale of 1.6 million shares by PHI Capital Trust-PHI Capital Growth Fund-I; up to 3.34 million shares by Kitara PIIN 1104; up to 3.56 million shares by Somerset Indus Healthcare Fund I Ltd, and up to 21,380 shares by Lotus Management Solutions.
JM Financial Ltd, DAM Capital Advisors Ltd, Enquires Capital Pvt. Ltd and IIFL Securities are the book running managers to the issue.
The proceeds from the issue of ₹150.81 crore will be used to finance the cost of establishing diagnostics centres in Punjab, Karnataka, Himachal Pradesh, and Maharashtra.
The firm will use ₹125.70 crore for repayment of certain borrowings availed by it. As of June 2021, the total indebtedness under the various financing arrangements of the company aggregated to ₹141.73 crore.
For FY21, total income of the company stood at ₹661.48 crore versus ₹271.38 crore a year ago. Net profit for the period stood at ₹184.93 crore against a net loss of ₹111.95 crore last year.
The firm is a large and differentiated diagnostic service provider. It provides a range of technology-enabled diagnostic services such as imaging (including radiology), pathology/clinical laboratory and tele-radiology services to public and private hospitals, medical colleges and community health centres pan-India.
The company focuses on the public private partnership (PPP) diagnostics segment and has the largest presence in the diagnostic PPP segment. As of December 2020, the company has deployed 1,781 diagnostic centres pursuant to PPP agreements with public health agencies.
As of June, the firm has deployed 1,797 diagnostic centres pursuant to PPP agreements with public health agencies. In addition to the PPP segment, it has been growing its collaboration with private healthcare providers to operate diagnostic centres within their facilities, and has expanded from operating 14 diagnostic centres as of March 2019, to 20 diagnostic centres as of March 2021, while it operated 26 such diagnostic centres as of June 2021.
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