Fortis Healthcare jumps 2% as diagnostic arm plans for IPO

Moneycontrol reported on February 15 that SRL Diagnostics has opened preliminary talks with investment bankers to rope in advisers as the firm looks to launch an IPO to raise around Rs 2,000 crore

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Shares of Fortis Healthcare Ltd gained more than 2 percent in the morning trade on February 16, a day after Moneycontrol reported that its subsidiary SRL Diagnostics was planning to raise funds through an initial public offering.

At 10.41 am, Fortis Healthcare Ltd was trading at Rs 275 on BSE, up 2.1 percent from its previous day’s close.

Moneycontrol reported that SRL Diagnostics has initiated preliminary discussions with investment bankers to rope in advisers as the firm is evaluating an IPO to raise around Rs 2,000 crore.

SRL Diagnostics is India’s largest chain of diagnostic laboratories by geographic presence and the only lab with a pan-India presence. It is the second-largest diagnostics chain in the country in terms of revenue after Dr Lal Pathlabs.

The key trigger for the proposed listing was to facilitate an exit for the private equity investors who are looking to clock returns.

The promoter group of SRL Diagnostics holds a 57.68 percent stake, while the bloc of private equity investors, which includes the likes of NY Jacob Ballas and the World Bank’s development finance arm IFC, holds 31.52 percent.