Yatharth Hospital gets Sebi’s go ahead to launch IPO
Yatharth Hospital & Trauma Care Services Ltd has received capital markets regulator Sebi’s go ahead to float an initial public offering (IPO). The company operates three super specialty hospitals in Delhi-NCR. It recently expanded to Madhya Pradesh.
Yatharth Hospital’s IPO consists of a fresh issue of equity shares aggregating up to Rs 610 crore and an Offer For Sale (OFS) offer for sale of up to 65.51 lakh equity shares by the company’s promoters and promoter group entities, according to the draft red herring prospectus (DRHP). The company, which filed its preliminary IPO papers with the capital markets regulator in April, obtained its “observation” letter on August 2, an update with the Securities and Exchange Board of India (Sebi) showed.
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In Sebi’s parlance, issuing an observation letter implies its go-ahead to float an IPO. Going by the draft papers, the firm intends to utilise the net proceeds for payment of debt, funding capital expenditure expenses, funding inorganic growth initiatives through acquisition and other strategic initiatives, and for general corporate purposes. Intensive Fiscal Services Pvt Ltd, Ambit Pvt Ltd and IIFL Securities Ltd are the book-running lead managers for the IPO.
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