Global Health IPO - 7 things to know
Global Health Ltd, is part of the Medanta group, floated by the star heart specialist Naresh Trehan. Global Health Ltd operates and manages hospitals on behalf of the Medanta group. It had filed papers to raise IPO in the second half of 2021 and has already received SEBI approval towards the end of December 2021.
However, the company is yet to announce the dates of Global Health IPO and may be waiting for an appropriate time to launch the IPO, considering the tumult and uncertainty in the market at this point of time.
7 important things to know about Global Health IPO
1) The initial public offering (IPO) will comprise of a fresh issue of equity shares aggregating to Rs.500 crore and simultaneously it will also comprise of an offer for sale of up to 4.84 crore equity shares, as per the draft red herring prospectus (DRHP) that was filed with SEBI. Hence, the total size of the IPO will only be known once the price band for the IPO is fixed.
However, considering that the LIC IPO is hitting the market is the second week of March, Global Health Ltd may choose to put off the issue, possibly to next fiscal year.
2) Global Health Ltd was founded by Dr. Naresh Trehan, a renowned cardiovascular and cardiothoracic surgeon, with many records to his credit and highly respected in India and abroad.
Global Health Ltd is a leading private multi-speciality tertiary care providers in the north and east regions of India. Global Health essentially provides hospital management and administration services for the Medanta group.
3) As a part of the offer for sale, Anant Investments which is an affiliate of Carlyle Group, will sell up to 4.33 crore equity shares in Global Health. Carlyle is one of the world’s largest PE investors and one of the early investors in Global Health.
In addition, the Global Health co-founder Sunil Sachdeva (jointly with Suman Sachdeva) will also look to offload up to 5.1 million equity shares as part of the IPO.
Currently, Anant Investments holds 25.67% stake in Global Health Ltd while Sunil Sachdeva family owns 13.43% stake in the company. Proceeds from the fresh portion of the new issue will be used to pay debt and for other general corporate purposes.
4) Currently, Global Health Ltd is backed by leading PE Firm Carlyle Group, through Anand Investments, and by the Singapore based sovereign investor, Temasek. Both have been early supporters of the company.
Global Health Ltd currently operates a network of 4 hospitals under the brand name of Medanta, the group owned by Naresh Trehan.
Global Health manages the Medanta hospitals at Gurugram, Indore, Ranchi and in Lucknow. In addition, there is one hospital which is under construction in Patna and one hospital that is at a conceptual stage in the Noida region. Both these hospitals will also come under the Global Health banner.
5) Global Health Ltd falls under the managed healthcare delivery services segment. Under this model, the management and administration of hospitals are handed over to seasoned professionals like Global Health, while the healthcare names like Medanta focus on the quality of healthcare, getting the best doctors and in the quality of service delivery to patients. All the back end and administrations are handled by these managed healthcare names.
6) The overall healthcare industry provides a huge opportunity in India. According to recent estimates put out by an expert group, the Indian healthcare delivery industry is estimated to grow at a healthy clip of 15-17% CAGR over the next 4 years between FY21 and FY25.
This frenetic growth is likely to be driven by pent up demand, sound fundamentals, greater degree of affordability as well as the Ayushman Bharat Yojana. It must also be noted that India’s bed density per 10,000 population is just 15 beds; which is nearly half the global median and much lower than the developed market median.
7) The IPO of Global Health Ltd will be lead managed by Kotak Mahindra Capital Company, Credit Suisse Securities (India), Jefferies India and JM Financial. They will act as the book running lead managers or BRLMs to the issue.
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