New Delhi, October 20: Paras Healthcare Ltd, which operates hospitals under the Paras Health brand, has raised Rs 652.5 crore from anchor investors ahead of its Rs 1,450-crore initial public offering (IPO).
The Gurugram-based healthcare company attracted strong participation from domestic and international institutional investors.
Anchor Investors Get 94.15 Lakh Shares
According to stock exchange circulars, Paras Healthcare allotted 94,15,584 equity shares to 39 funds at Rs 693 per share, the upper end of its price band.
The total anchor allocation stood at Rs 652.5 crore.
Major investors included SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund and WhiteOak Capital Mutual Fund.
Global investors such as BlackRock, Abu Dhabi Investment Authority and Eastspring Investments also participated.
IPO Opens October 21
The Paras Healthcare IPO will open for public subscription on October 21 and close on October 23.
The company has fixed the price band at Rs 660 to Rs 693 per equity share.
The Rs 1,450-crore public offering includes a fresh issue worth Rs 500 crore and an offer for sale (OFS) worth Rs 950 crore.
The company had earlier planned to raise Rs 1,800 crore but subsequently reduced the issue size.
Promoters To Sell Shares
Under the OFS portion, promoter Dharminder Kumar Nagar and investor Commelina Ltd will sell part of their holdings.
The company plans to use proceeds from the fresh issue primarily for debt repayment.
However, money raised through the OFS will go to the selling shareholders rather than the company.
Paras Health Operates Eight Hospitals
Paras Healthcare operates eight hospitals across five states and one Union Territory.
Its hospital network includes facilities in Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi and Srinagar.
Also read: NSE IPO Opens September 17, ₹22,567 Crore Issue Falls Short Of Hyundai’s Record
The company provides healthcare services across several medical specialties.
Listing Expected October 28
Paras Healthcare shares are expected to list on the stock exchanges on October 28.
JM Financial, BofA Securities India and Nuvama Wealth Management are managing the public issue.
MUFG Intime India is the registrar.
Investors will closely monitor subscription demand during the three-day offering.
