Fortis Healthcare shares gain as after subsidiary files draft IPO papers

The proposed IPO shall be subject to regulatory approvals, as required under applicable law.

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Shares of Fortis Healthcare traded up 0.5 percent at Rs 341.85 in the early hours of October 3 after the company’s material subsidiary Agilus Diagnostics filed draft red-herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi).

The proposed IPO shall be subject to regulatory approvals, as required under applicable law.

The maiden public issue is entirely an offer-for-sale (OFS) of 1.42 crore equity shares by International Finance Corp, NYLIM Jacob Balls India Fund III LLC, and Resurgence PE Investments Ltd, according to the draft DRHP. Since the IPO is entirely an OFS, the entire proceeds will go to the existing shareholders.

Agilus Diagnostics, formerly known as SRL Ltd, is one of the largest diagnostics service providers in terms of the number of laboratories and the second largest in terms of revenue from operations in India, as of financial year ended March 31, according to a Crisil report.

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In September, the Fortis Healthcare board approved the proposal to acquire Kolkata-based Artistery Properties at an enterprise value of Rs 32 crore. The acquisition will be done through a 99.9 percent stake buy in the company through a share purchase agreement.

In August, the company signed definitive agreements with Medeor Hospital Limited (MHL) and VPS Health Care Private Limited for the acquisition of a multi-speciality hospital in Sector-5, IMTManesar in Gurgaon (Medeor Hospital Manesar).