IFC, Sabre anchor HealthCare Global's India IPO

According to a regulatory filing, the anchor group purchased 13.4 million shares at INR218 apiece. The company is looking to raise up to INR6.49 billion in total through the sale of 29.8 million shares. The general offering is priced at INR205-218 per share.

The offer includes 11.6 million new shares and 18.2 million shares held by existing investors, including Premji Invest, Temasek Holdings, and Milestone Private Equity Fund (MPEF).

Following the offering, Premji Invest's PI Opportunities Fund I will see its stake fall from 20.9% to 14%, while Temasek-owned V-Sciences Investments will go from 16% to 9.8%. MPEF's India Build-Out Fund I - now managed by Quadria Capital - will see its exposure reduced from 17.1% to 3.5%.

MPEF initially invested in HealthCare in 2010 with a INR312 million commitment. PIOF became a shareholder the following year, purchasing shares from Napean Trading and Investment. V-Sciences joined in 2013 by contributing INR600 million to a INR950 million subscription agreement that also included participation from MPEF and PIOF.

HealthCare claims to operate the largest cancer care network in India with 14 comprehensive treatment centers. The company employs specialist physicians to provide treatment planning and tele-radiology services to help with diagnosis and treatment. Net profit came to INR5.5 million in the 2015 financial year, compared to a INR355.5 million loss the previous year. Revenue rose 15% in 2015 to reach INR2.9 billion.

Sabre counts healthcare as one of its primary focus sectors and has invested $15 million in hospital operator Ravindranath GE Medical Associates.

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• Topics
• South Asia
• Healthcare
• IPO
• India
• Temasek Holdings
• Quadria Capital