
The initial public offering (IPO) of Yatharth Hospital and Trauma Care Services will open for subscription Wednesday, July 26, 2023. The company will be selling its shares in the range of Rs 285-300 apiece. The primary issue will close for subscription on Friday, July 28.
The company is looking to Rs 687 crore from its initial stake sale, which includes a fresh equity sale of up to Rs 490 crore and an offer-for-sale (OFS) of up to 65,51,690 equity shares from its promoters including Vimla Tyagi, Prem Narayan Tyagi and Neena Tyagi. Incorporated in 2008, Yatharth Hospital and Trauma Care Services is a multi-care hospital chain, ranked among the top 10 largest private hospitals in the National Capital Region of Delhi. It currently operates three super specialty hospitals situated in Noida, Greater Noida, and Noida Extension, Uttar Pradesh. Investors can make a bid of a minimum of 50 equity shares and its multiples thereof with each lot costing Rs 15,000 at the upper price band of the issue. Retail investors can bid for a maximum of 13 lots, amounting to Rs 1.95 lakh. The anchor book for the issue will close on Tuesday, July 25. The net proceeds from the issue will be utilized towards repayment or prepayment of borrowings availed by the company and/or its subsidiaries, namely, AKS Medical & Research Centre and Ramraja Multispecialty Hospital & Trauma Centre, funding capital expenditure, funding inorganic growth initiatives and general corporate purposes. For the financial year ended on March 31, 2023, Yatharth Hospital reported a net profit at Rs 65.77 crore with a total revenue of Rs 523.10 crore. The company's net profit came in at Rs 44.16 crore with a total revenue at Rs 402.59 crore in the financial year 2021-22. To extend its operations and services, the company acquired a 305-bedded multi-specialty hospital in Orchha, Madhya Pradesh. This too is among the largest hospitals in the locality. A team of 370 doctors is engaged with the company. They offer healthcare services across numerous specialties and super specialties. The company has reserved 50 per cent of allocation for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get the remaining 15 per cent of equity shares. Retail bidders will get the remaining 35 per cent of the allotment of the issue. Intensive Fiscal Services, Ambit and IIFL Securities are the book running lead managers to the issue, while Link Intime India has been appointed as the registrar to the issue. Shares of the company will be listed at both BSE and NSE, with August 7, 2023 as the tentative date of listing.Also read: Hot stocks on July 20, 2023: Infosys, Mazagon Dock, Reliance Industries, ITC and more