Press Trust of India | New Delhi Jul 29, 2015 01:48 PM IST
Healthcare Global Enterprises Ltd (HCG), a cancer care network operator, has filed draft papers with capital markets regulator Sebi to float an initial public offer (IPO).
With this, the total number of companies approaching Securities and Exchange Board of India (Sebi) since the beginning of 2015 has reached 24.
According to Draft Red Herring Prospectus (DRHP) filed with Sebi, HCG’s issue consists of a public offer of up to 3.11 crore equity shares — a fresh issue of up to 1.16 crore shares and an offer for sale of up to 1.95 crore scrips by existing stakeholders.
The offer constitutes 36.83 per cent of the company’s post offer paid-up equity share capital.
The proceeds of the issue would be used for purchase of medical equipment, investment in IT software, services and hardware, payment of debt and for general corporate purposes.
The Bengaluru-based firm operates one of the largest cancer care networks in the country under the brand name ‘HCG’.Currently, HCG has 15 comprehensive cancer centres.
After a quiet 2014, IPO market is humming again as 24 companies have filed draft documents with Sebi to launch IPOs this year, while some others including GVK Airport are in the process to file initial papers.
The companies that approached Sebi since January include Cafe Coffee Day, Matrix Cellular, IndiGo, RBL Bank, Paranjape Schemes (Construction) and Numero Uno Clothing.
The flurry of activities also come at a time when Sebi has announced a slew of fresh reforms in the IPO space, including halving the listing period to six days.
So far in 2015, eight companies have launched IPOs and have collectively raised nearly 4,000 crore, while the public offer of biotechnology major Biocon’s research arm Syngene International is currently underway.
In comparison, a total of six IPOs had hit the market in the entire 2014 and together garnered just Rs 1,528 crore.