ICICI Venture set to part-exit India's KIMS via IPO
India’s ICICI Venture Funds Management will exit part of its stake in Krishna Institute of Medical Sciences (KIMS) in a planned domestic IPO.
According to a filing, the GP will sell up to about 15 million shares in the company via two vehicles, the India Advantage Fund and the Emerging India Fund. The offering will also include up to INR500 million ($7.75 million) in new shares. Pricing details were not disclosed.
The exit corresponds to as much as a 21% stake. ICICI Venture acquired a 28% stake in the company in 2014 for $36.5 million in a deal that facilitated an exit for Quadria Capital.
KIMS operates a teaching hospital in Hyderabad, providing multi-specialty treatment facilities and health checkup services, as well as several postgraduate and postdoctoral programs. Constituent faculties include dental, physiotherapy, nursing, microbiology, biotechnology and pharmacy.
The company generated INR5.39 billion in revenue for the 12 months ended March 2017, up from INR4.89 billion the previous year. Net profit increased from INR242.9 million to INR325.4 million.
ICICI Venture claims to be one of the largest alternative asset managers in India with more than $2 billion in funds under management. It has invested over 500 companies to date. Recent activity in the healthcare space includes a $47 million commitment to Start Health & Alliance Insurance alongside Apis Partners.
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