Healthcare firm Narayana Hrudayalaya Ltd on Wednesday raised nearly $27 million (Rs.184 crore) through anchor investors ahead of its initial public offering (IPO) on Thursday.
The anchor book is that portion of the IPO which bankers allot to institutional investors on a discretionary basis. Anchor book subscription opens one day ahead of the IPO and is an indicator of institutional investor interest in a public issue.
Narayana Hrudayalaya raised Rs.184 crore by selling shares to institutional investors at Rs.250 per share, the upper end of its IPO price band of Rs.240-250 per share.
The firm is looking to raise Rs.613 crore through its IPO. The offer closes on 21 December. The IPO is an offer for sale from existing investors and the firm will not be raising any money to invest in its business.
JP Morgan and Pinebridge Investments, which hold 10.91% and 11.2%, respectively, in Narayana Hrudayalaya, are looking to dilute 4% each of their holding. UK’s development finance institution CDC is also an investor in Narayana Hrudayalaya and holds 5.88% stake.
In 2014-15, Narayana Hrudayalaya reported consolidated revenue of Rs.1,371.5 crore compared with Rs.1,117.5 in the previous year. The company reported a loss of Rs.10.8 crore in 2014-15 compared with a profit of Rs.31.7 crore an year ago.
Last week two healthcare firms—Dr Lal Pathlabs and Alkem Laboratories Ltd—raised Rs.632 crore and Rs.1,350 crore, respectively, from their IPOs. So far this year 20 firms have raised almost Rs.13,000 crore through the IPO route.