Global Health IPO consists of a fresh issue of equity shares aggregating to ₹500 crore and an offer for sale (OFS) of up to 5.08 crore equity shares by the company's shareholders and the promoters.
As per market observers, Global Health shares are available at a premium (GMP) of ₹19 in the grey market today. The company's shares are expected to list on leading stock exchanges BSE and NSE on Wednesday, November 16, 2022.
The firm intends to utilize funds from the proceeds to repay loans by its arm Global Health Patliputra Pvt. Ltd and Medanta Holdings Pvt. Ltd by investing via debt or equity infusion.
“Global Health is a key private hospital player in North and East India. Global health had a better performance in FY22 than it had in the preceding years. The average occupancy level of beds was 60.50%, while the EBITDA margins were close to 22% in FY22. At the upper price band of the issue, the market cap is almost four times the company's FY22 revenue, whereas the asking p/e is close to 46x (post-fresh issue). The issue appears to be priced in line with its listed counterparts. We might observe a divide in investors' participation as a result of the conflicting IPOs," said Abhay Doshi, co-founder of UnlistedArena.
Cardiovascular and cardiothoracic surgeon Dr Naresh Trehan founded Medanta in 2004. Global Health is a leading private multi-speciality tertiary care providers in the North and East regions of India. Global Health, backed by private equity investors such as Carlyle Group and Temasek, operates a network of five hospitals under the 'Medanta' brand in Gurugram, Indore, Ranchi, Lucknow and Patna.
Kotal Mahindra Capital Company, Credit Suisse Securities (India), Jefferies India and JM Financial are the book running lead managers to the IPO. KFin Technologies Limited is the registrar of the public issue.
