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Three hospital chains mulling IPO rollout, aim to raise Rs 6,300 crore: Report

Three hospital chains mulling IPO rollout, aim to raise Rs 6,300 crore: Report

By CNBCTV18.com Aug 30, 2021 11:00 AM IST (Updated)

Three leading hospital chains are planning to roll out their initial public offerings (IPOs). True North-backed Cloudnine Hospitals, Naresh Trehan’s Medanta and Gurgaon-based Park Group are planning to raise up to Rs 6,300 crore through public listings, according to an Economic Times report.

Three leading hospital chains are planning to roll out their initial public offerings (IPOs). True North-backed Cloudnine Hospitals, Naresh Trehan’s Medanta and Gurgaon-based Park Group are planning to raise up to Rs 6,300 crore through public listings, according to an Economic Times report.

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The hospital chains have already appointed funding bankers — including ICICI Securities, JM Financial, Kotak Mahindra Capital, SBI Capital, Jefferies and Credit Suisse — to handle their IPOs, added the report.
Aiming to mop up Rs 2,500-3,500 crore, Cloudnine is expected to roll out the largest IPO among the three, followed by Medanta (Rs 2,000 crore), and Park Group (Rs 800 crore). The present stakeholders of the three hospital chains may also sell their shares.
Backed by investors like True North, NewQuest and Sequoia India, Cloudnine is estimated to be valued at Rs 7,300 crore on this proposed IPO.
Meanwhile, Medanta is run by Global Health Private Limited and the hospital chain has four multi-super specialty hospitals in Gurugram, Ranchi, Lucknow, and Indore. It also has outpatient services in Patna and three clinics at Delhi Airport, South Delhi, and DLF Cyber City. In FY 20, Medanta posted a revenue of Rs 1,478 crore.
Similarly, the Park Group has more than a dozen hospitals across North India. The medical chain has emerged as a leader in areas like cardiac surgical procedure, interventional cardiology, most cancers care, obstetrics, and gynecology.
The proposed IPOs by hospital chains come in the wake of increased investor curiosity in healthcare amenities after the outbreak of the COVID-19 pandemic.
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