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Global Health, operating hospitals under the Medanta brand, and Veeda Clinical Research, a clinical research organization, have received SEBI approval for their upcoming IPOs. This move could potentially generate significant interest from investors.
The Securities and Exchange Board of India (SEBI) has given the green light to the Initial Public Offerings (IPOs) of Global Health Limited, known for managing and operating hospitals under the 'Medanta' brand, and Veeda Clinical Research, a prominent Clinical Research Organization (CRO). Both companies are now poised to enter the primary market, offering investors an opportunity to invest in their growth stories.
Both companies had filed their draft papers with SEBI in September and received the observation letter on December 21st. A SEBI observation letter is mandatory for any company planning to launch an IPO.
Global Health IPO Details:
Global Health's IPO will consist of a fresh issue of shares worth ₹500 crore and an Offer For Sale (OFS) of 4.84 crore equity shares. Under the OFS, Anant Investments, an affiliate of private equity firm Carlyle Group, will offload 4.33 crore equity shares. Co-founder Sunil Sachdeva, along with Suman Sachdeva, will sell 51 lakh equity shares.
The funds raised from the fresh issue will be used to repay debt and for general corporate purposes. Global Health is a leading private multi-specialty care provider in North and East India, founded by renowned cardiovascular and cardiothoracic surgeon Naresh Trehan.
Veeda Clinical Research IPO Details:
Veeda Clinical Research's IPO involves a fresh issue of equity shares up to ₹331.60 crore and an OFS of shares worth ₹500 crore by promoters and existing shareholders.
Under the OFS, CX Alternative Investment Fund will sell shares worth ₹8.08 crore, Erabelle Financial Services ₹90.19 crore, Bondway Investment Inc ₹259.77 crore, Steve International Corporation ₹0.04 crore, and Basil Private Limited ₹141.93 crore.
The net proceeds from the fresh issue will be utilized for debt repayment, funding capital expenditure, financing the acquisition of a stake in subsidiary Bioneeds India, meeting working capital requirements, and for general corporate purposes.
Veeda Clinical Research has grown from a single facility in 2004 to four facilities and is now a leading full-service CRO in India. Prior to this IPO announcement, CX Partners had invested in Veeda, which also raised $1.6 crore from PE firm Sabre Partners, J.B. Chemicals' Pranab Modi, the Havells India Family Office, Sixth Sense Ventures' Nikhil Vora, and Jubilant Group's Arjun Bhartia.
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