Narayana Hrudayalaya raises $27m from Singapore’s GIC, other anchor investors ahead of IPO

Visual from Narayana Health website

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.

Foreign institutional investors, including Fidelity, Government of Singapore’s GIC and Harvard Management Co., bought the firms share.

Domestic institutions which subscribed to the anchor book include mutual funds from asset managers such as Birla Sunlife, SBI, ICICI Prudential, Reliance Capital and HDFC Mutual Fund.

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.

Axis Capital Ltd, IDFC Securities and Jefferies are managing the IPO.

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.

Also Read: India: Alkem Labs, Dr Lal Pathlabs IPOs fully subscribed on Day 2

India: Dr Lal PathLabs, Alkem Labs IPOs launch on higher side of price band

India: Healthcare IPOs get a thumbs up as investors lap up shares

This article was first published on Livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.