Manipal Health Enterprises Ltd, the largest healthcare sector IPO, will open today at a price band of Rs 560-590. The company’s Rs 9,275-crore public issue will conclude on July 31. The Bengaluru-based company’s proposed IPO comprises a fresh issue of equity shares worth up to Rs 8,000 crore and an offer for sale (OFS) of up to 2.16 crore equity shares by existing shareholders. Investors can bid for a minimum of 25 equity shares and in multiples thereof.
The company has reserved up to 75 per cent for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs), and up to 10 per cent for retail investors. Besides, equity shares worth up to Rs 15 crore have been reserved for eligible employees, who will receive a discount of Rs 56 a share.
Promoters -- Imperius Healthcare Investments Pte. Ltd. and Manipal Education and Medical Group India Pvt. Ltd. -- along with shareholders TPG SG Magazine Pte. Ltd., Seventy Second Investment Company LLC, Ammar Sdn Bhd, Novo Holdings Invest Asia and Phoenix Bear Investments, LLC, will pare their stakes through the OFS.
As part of the IPO, Manipal Health Enterprises, which runs the Manipal Hospitals network, raised Rs 4,167 crore from anchor investors on Tuesday. According to the company, the anchor book attracted several global and domestic institutional investors, including Abu Dhabi Investment Authority (ADIA), Allianz Global Investors Fund, Morgan Stanley Asia, Natixis International Fund, Societe Generale, Goldman Sachs Bank Europe, ICICI Prudential Mutual Fund (MF), Kotak MF, Aditya Birla Sun Life MF, UTI MF and HSBC MF. According to the circular, the company allotted over 7.06 crore equity shares to anchor investors at Rs 590 per share, the upper end of the IPO price band.
