India: PE-backed KIMS files draft red herring prospectus with Sebi for IPO

Photo: Mint

Krishna Institute of Medical Sciences Ltd (KIMS) on Monday has filed a draft red herring prospectus with Securities and Exchange Board of India (Sebi) to raise funds through initial public offering (IPO).

The offer comprises a fresh issue of up to Rs200 crore and an offer for sale of up to 21.34 million shares by its promoters and investors. General Atlantic Singapore KH PTE Ltd will sell 13.98 million shares; 0.77 million shares are being sold by promoter Bhaskara Rao Bollineni, and 1.16 million shares by promoter Rajyasri Bollineni.

The proceeds from the issue will be used to repay Rs150 crore debt by the company and its arms KHKPL, SIMSPL and KHEPL.

As of December 2020, its short-term borrowings and long-term borrowings (including current maturity of long-term debt) amounted to Rs261.83 crore on a consolidated basis. The company also said that it has issued corporate guarantees to HDFC Bank and the Federal Bank for term loan of Rs104.75 million for loans taken by its Subsidiaries.

As of December 2020, KHKPL, SIMSPL and KHEPL had total secured borrowings (current and non-current, including current maturities) of Rs45.15 crore, Rs54.14 crore and Rs16.56 crore, respectively and KHKPL and SIMSPL had total unsecured borrowings (long term and short term) of Rs11.44 crore and Rs9 crore, respectively.

In the nine months ended December 2020, the company posted a revenue of Rs71.40 crore against Rs856.38 crore a year ago. Net profit for the period stood at Rs145.71 crore versus Rs86.38 crore a year ago.

KIMS is one of the largest corporate healthcare groups in AP and Telangana in terms of number of patients treated and treatments offered. It operates nine multi-specialty hospitals under the “KIMS Hospitals” brand, with an aggregate bed capacity of 3,064, including over 2,500 operational beds as of December 2020, which is 2.2 times more beds than the second largest provider in AP and Telangana.

Kotak Investment Banking, Axis Capital, Credit Suisse, IIFL Securities are the book running lead managers to the issue.

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.