Olympus leads $65m round for India's DM Healthcare - report
Indian hospital chain Aster DM Healthcare is said to be raising $65 million from existing backers Olympus Capital Asia and India Value Fund Advisors (IVFA).
The investment represents the chain's third institutional round of funding. The business previously raised INR1.75 billion from IVFA in 2008 and this was followed by a INR5 billion investment by Olympus Capital in 2012. The latest round values Aster DM at INR72 billion.
According to The Economic Times, the deal will increase Olympus and IVFA's joint stake in the business from 37% to 42%.
Established in 1987, Aster DM runs clinics, pharmacies and hospitals across the United Arab Emirates, Saudi Arabia, Oman and Qatar and owns secondary and tertiary care hospitals in India. It has around 1,400 beds under operation and plans to commission 1,300 beds in the next three years, predominantly in India.
Aster DM has already started shortlisting investment bankers for its IPO expected later this year. While it had initially considered listing in London, Aster DM is now likely to go public on a domestic bourse and is looking to raise anywhere between $150-250 million.
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