Narayana Hrudayalaya IPO to open on December 17

Hospital chain fixes price band at Rs 245-250 per share

Buoyed by the success of two healthcare offerings (Alkem and Dr Path Labs), hospital chain Narayana Hrudayalaya has decided to launch its initial public offering (IPO) on December 17. The company, founded by well-known philanthropist and a cardiac surgeon Devi Shetty, has fixed the IPO price band in the range between Rs 245 and Rs 250 per share.

Narayana Hrudayalaya is planning to mop up Rs 613 crore through the IPO. Nearly a fourth of the issue is an offer for sale from existing promoters including Shetty and institutional shareholders Ashoka Investment and Ambadevi Mauritius. The IPO, which closes on December 21, is being managed by Axis Capital, IDFC Securities and Jefferies India.

Bangalore-based Narayana Hrudayalaya operates a chain of multispecialty, tertiary and primary healthcare facilities. It has a network of 23 hospitals, 8 heart centres and 24 primary care facilities.