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KIMS files draft red herring prospectus with SEBI for Rs 700 cr IPO

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KIMS files draft red herring prospectus with SEBI for Rs 700 cr IPO

KIMS files draft red herring prospectus with SEBI for Rs 700 cr IPO
Krishna Institute of Medical Sciences Ltd (KIMS) has filed a draft red herring prospectus with capital markets regulator Securities and Exchange Board of India (SEBI) for a Rs 700 crore initial public offering. The IPO consists of a fresh issue of shares for Rs 200 crore and the rest will be a sale of shares by some of the present shareholders.
As a part of the offer, an overall 1,39,77,991 equity shares would be offered by General Atlantic Singapore KH Pte Ltd for sale. Apart from this, up to 7,75,933 equity shares would be provided by Bhaskara Rao Bollineni.
Moreover, up to 11,63,899 equity shares would be offered by Rajyasri Bollineni and 3,87,966 equity shares by Bollineni Ramanaiah Memorial Hospitals Pvt Ltd. A part of the IPO would be reserved for eligible employees.
The earnings from the fresh issue will be utilised to repay Rs 150 crore of debt of the company and its subsidiaries. KIMS is one of the largest corporate healthcare groups in Andhra Pradesh and Telangana. The multidisciplinary integrated private healthcare services provider was established in 2004 by renowned cardiothoracic surgeon Dr Bhaskar Rao.
With an overall bed capacity of 3,064, it runs nine multi-specialty hospitals under the ‘KIMS Hospitals’ brand. As of December 31, 2020, this includes more than 2,500 operational beds, the DRHP said.
KIMS Hospitals provide a wide range of healthcare services across over 25 specialties and super specialties. This comprises orthopaedics, organ transplantation, renal sciences, cardiac sciences, oncology, neurosciences, gastric sciences, and mother and child care.
Axis Capital Ltd, Credit Suisse Securities (India) Pvt Ltd, Kotak Mahindra Capital Co Ltd and IIFL Securities Ltd have been appointed as book running lead managers to the issue. The equity shares are planned to be listed on the BSE and the NSE.
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