Medanta Hospital Chain Operator Seeks SEBI Nod For IPO

Global Health Ltd., the operator of hospitals under the brand ‘Medanta’, has sought the market regulator’s approval for an initial public offering.

The Carlyle-backed hospital chain’s IPO comprises a fresh issue worth Rs 500 crore and an offer-for-sale of up to 4.84 crore shares, according to its draft red herring prospectus filed with the Securities and Exchange Board of India.

Existing shareholder Anant Investments, a unit of global investment firm Carlyle Group that owns 25.7% in the hospital operator, plans to sell 4.34 crore shares in the IPO. Another shareholder Sunil Sachdeva, who owns a 13.4% stake, will sell up to 50.1 lakh shares.

Founder Naresh Trehan currently owns a 35% stake in the company, while Temasek subsidiary Dunearn Investments owns about 17%.

Kotak Mahindra Capital, Credit Suisse Securities India, Jefferies India and JM Financial are the book-running lead managers to the IPO.

Medanta’s business has primary focus in north and east India. Apart from the four operational hospitals, the company has one new unit under construction in Patna, and another planned for development in Noida.