Medanta IPO: Co-founder Sunil Sachdeva and Carlyle to offload stake

The Global Health Ltd will issue Rs 500 crore worth of fresh equity shares as well as sell 4.84 crore of its existing equity shares in one of the most keenly-awaited initial public offerings (IPO) in the Indian healthcare sector.

The Draft Red Herring Prospectus, filed by Global Health on Thursday with the Securities and Exchange Board of India (SEBI), said that at least Rs 375 crore of the money raised from the fresh issue would be used for paying off debt, while co-founder Sunil Sachdeva will sell up to 51 lakh equity shares.

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Anant Investments, an affiliate of private equity major Carlyle Group, expects to offload around 4.33 crore equity shares in the offer for sale.

Anant Investments currently holds 25.67 per cent while the other shareholders will not participate in the offer-for-sale. Anant Investments holds 25.67 per cent and Sunil Sachdeva holds 13.43 per cent of the paid up equity of the company.

Global Health that owns and operates Medanta, ranked one of the best hospitals in the country, was founded in 2004 by Sachdeva and cardiovascular surgeon Dr Naresh Trehan. The hospital opened its doors to patients in 2009 and is now a multi-specialty chain with presence in Ranchi, Patna, Indore and Lucknow, apart from its head office in Gurugram.

The hospital chain has built a reputation for expertise in cardiac sciences, neurosciences, oncology, digestive and hepatobiliary sciences, orthopaedics, liver transplant and urology.

For the last financial year ending March 2021, Global Health topline came in at Rs 1,478.16 crore against Rs 1,544.27 crore for the same period in the previous year. Bottom line for the same year long period came in at Rs 28.81 crore versus Rs 36.33 crore last year.

Trehan has a 35 per cent stake as promoter while the company has a number of institutional investors, including Singapore government owned private equity major Temasek Holdings via its affiliate Dunearn Investments Mauritius Pte Ltd that holds 17 per cent, while RJ Corp Ltd holds 3.95 per cent and Agio Image Ltd 1.97 per cent.