Two organizations in the healthcare sector, viz, Global Health and Veeda Clinical have got approval for launching IPOs (Initial Public Offerings) from SEBI (Securities and Exchange Board of India).
Global Health Ltd, operates and manages hospitals under the Medanta brand, while Veeda Clinical Research is a clinical research organisation.
These companies filed their preliminary IPO with SEBI in September. They got their observations on December 21.
The issuance of an observation letter indicates its approval for launching the IPO, according to SEBI.
As per DRHP (Draft Red Herring Prospectus) papers, Global Health’s IPO consists of a fresh issue of equity shares of Rs 500 crores, and an offer for sale of up to 4.84 crores equity shares.
Anant Investments, an affiliate of private equity major Carlyle Group, will sell up to 4.33 crores equity shares and Global Health co-founder Sunil Sachdeva (jointly with Suman Sachdeva) will offload up to 51 lakh equity shares as part of the offer-for-sale (OFS). The money raised from the IPO will be used to pay debt and general corporate requirements.
Global Health is a leading private multi-speciality tertiary care providers in the north and east regions of India which is co-founded by Naresh Trehan, a renowned cardiovascular and cardiothoracic surgeon.
Veeda Clinical Research’s Rs 831-crore IPO consists of an issuance of fresh equity shares of Rs 331.60 crore and an OFS of Rs 500 crore by promoters and existing shareholders.
Investors participating in OFS include CX Alternative Investment Fund for Rs 8.08 crore, Rs 90.19 crore by Arabelle Financial Services, Rs 259.77 crore by Bondway Investment Inc, Rs 0.04 crore by Stevey International Corporation and Rs 141.93 crore by Basil Private Ltd.
The company will use the capital for clearing the outstanding debts along with majorly funding capital expenditure, Bioneeds India (a subsidiary), working capital requirements besides general corporate purposes.