Narayana Hrudayalaya IPO subscribed 5%

Receives bids for 8.35 lakh shares

The initial public offer (IPO) of Narayana Hrudayalaya received bids for a total of 8.35 lakh shares on the first day of bidding for the IPO today, 17 December 2015, compared with 1.71 crore equity shares on offer, as per data from the National Stock Exchange (NSE) website at 16:00 IST. The IPO was subscribed 0.05 times. The bidding for the IPO concludes on Monday, 21 December 2015.

Promoters and some existing shareholders in Narayana Hrudayalaya are selling a portion of their stake through the IPO and there is no fresh issue of equity shares from the company. The promoters are selling a total of 40.87 lakh shares via the IPO. Among existing investors, J P Morgan Mauritius Holdings IV is offloading 1.22 crore shares, Ashoka Investment Holdings is selling 62.87 lakh shares and Ambadevi Mauritius Holding is selling 18.86 lakh shares. The price band for the IPO has been fixed at Rs 245-250 per share.

Narayana Hrudayalaya has raised Rs 183.90 crore by selling 73.56 lakh shares to a total of 15 anchor investors. The shares will be allotted to the anchor investors at Rs 250 per share, the top end of the Rs 245 to Rs 250 per share price band for the IPO.

Headquartered in Bengaluru, Narayana Hrudayalaya operates a chain of 23 hospitals, 8 heart centres and 24 primary care facilities across India. The hospitals provide advanced levels of care in over 30 specialties, including cardiology, cardiac surgery, cancer care, neurology, neurosurgery, orthopaedics, nephrology, urology and gastroenterology. The company is currently in the process of commissioning a dedicated paediatric hospital in Mumbai and a multispecialty hospital at Lucknow in Uttar Pradesh.

Based on the consolidated financial performance, Narayana Hrudayalaya reported net profit of Rs 12.48 crore on revenue from operations of Rs 783.36 crore for six months ended September 2015. The company registered a net loss of Rs 10.86 crore on revenue from operations of Rs 1363.85 crore for the year ended 31 March 2015.

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