India: Private equity-backed Metropolis, Inventia get Sebi nod to launch IPO

Private equity-backed Inventia Healthcare and Metropolis Healthcare have received approval from markets regulator Securities and Exchange Board of India’s (Sebi) to launch initial public offerings (IPOs).

Both the companies had obtained final observations from the markets regulator on November 22, according to Sebi’s website.

US private equity firm Carlyle Group-backed Metropolis had in October filed the draft red herring prospectus with Sebi for the IPO that will comprise an offer for sale of 15.26 million shares by its promoter Sushil K Shah and Carlyle. The public issue will see Shah sell up to 5.01 million shares in the company while Carlyle will sell up to 10.25 million shares.

VCCircle had earlier reported that Carlyle is expected to a shed a portion of its shareholding in Metropolis Healthcare Ltd, an operator of medical diagnostic centers, ahead of the latter’s IPO. Carlyle had acquired about a 37 per cent stake owned by G.S.K. Velu, former promoter in Metropolis, in 2015.

Meanwhile, private equity fund Jacob Ballas-backed Inventia had filed draft documents for the IPO with Sebi in September. As per a September Mint report, Inventia’s IPO size is expected to be about Rs450 crore.

The company plans to raise fresh capital of Rs125 crore through the IPO, which will be used to pay off outstanding debt and for general corporate purposes, the draft documents said. The issue will also comprise sale of up to 3.16 million shares by Inventia’s promoters Janak Shah and Maya Shah, as well as Jacob Ballas.

Metropolis will be the third diagnostics chain after Dr Lal PathLabs and Thyrocare Technologies to list on the stock exchanges within three years. It claims to have a presence across 18 states with a strong position in the western and southern regions of India. As of March 31, 2018, the company’s network consisted of 106 clinical laboratories and 1,130 patient touch points.

Inventia focuses on developing oral solid dosage formations (OSDFs) from research and development to manufacturing and packaging, and sells its products using partners’ brand names. For the financial year 2017-18, the company reported a revenue of Rs310.8 crore as against Rs280.4 crore in the previous year. The net profit in 2017-18 stood at Rs15.7 crore, as compared to Rs14.1 crore a year ago.

JM Financial, Credit Suisse Securities (India) Pvt. Ltd, Goldman Sachs (India) Securities Pvt. Ltd, HDFC Bank Ltd and Kotak Mahindra Capital Co Ltd are managing the public issue for Metropolis.

Investment banks ICICI Securities and Centrum Capital are managing the Inventia share sale.

Also Read:

India: Carlyle may part exit Metropolis Healthcare ahead of its IPO

Bharti Airtel appoints eight bankers for Africa operations planned IPO

 

 

 

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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.