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Portea files draft papers with Sebi

The net proceeds from the IPO will mainly be utilized for funding the working capital requirements of its subsidiary--Medybiz Pharma Pvt Ltd, re-payment/ pre-payment of certain indebtedness availed by the company along with purchase of medical equipment.  (Photo: Shutterstock)Premium
The net proceeds from the IPO will mainly be utilized for funding the working capital requirements of its subsidiary--Medybiz Pharma Pvt Ltd, re-payment/ pre-payment of certain indebtedness availed by the company along with purchase of medical equipment.  (Photo: Shutterstock)

The Portea IPO comprises a fresh issue of 200 crores and an offer for sale of 56.25 million shares by selling shareholders, the company said

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MUMBAI : Healthvista India Ltd, (Portea), India’s largest home healthcare provider, on Thursday filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India(Sebi) for its initial public offering(IPO).

Mint had first reported on 11 April that the company was planning to go public.

The IPO comprises a fresh issue of 200 crores and an offer for sale of 56.25 million shares by selling shareholders, the company said.

The selling shareholders include Accel Growth III Holdings (Mauritius) Ltd ,Accel India III (Mauritius) Ltd, Ventureast Life Fund III LLC Ltd , MEMG CDC Ventures, Qualcomm Asia Pacific Pte Ltd, Accel India V (Mauritius) Limited and Sabre Partners Trust

The net proceeds from the IPO will mainly be utilized for funding the working capital requirements of its subsidiary--Medybiz Pharma Pvt Ltd, re-payment/ pre-payment of certain indebtedness availed by the company along with purchase of medical equipment. It will also include marketing and brand building activities, inorganic growth initiatives and general corporate purposes, the healthcare firm said.

The Bengaluru-based company offers services, including mother and child care, nutrition and diet consultation, physiotherapy, nursing, lab tests, counselling, elder care for parents and critical care, according to its website.

The company has a presence in cities such as Mumbai, Delhi, Ghaziabad, Bengaluru, Ludhiana, Jaipur, Guwahati, Ahmedabad, Vijayawada, Bhubaneshwar and Kochi.

At present, Portea manages more than 120,000 patient visits each month and works with more than 50 hospital partners, 15 pharma companies, and leading insurance companies in India.

The company also provides a collection of lab samples and offers medical equipment for sale or on hire, as well as patient assistance programmes for chronic disease management.

“Portea has built its own technology platform to help its providers adhere to standard operating procedures, access diagnostic tools, share information, and manage records for each patient,“ its website showed.

SBI Capital Markets Limited, IIFL Securities Limited and JM Financial Limited are the book running lead managers (“BRLMs) to the issue.

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