Upcoming IPO: Veeda Clinical Research, a global health and clinical research organization that operates and manages hospitals, is going to come up with its IPO soon.
There is good news for IPO investors. Global Health Limited, which operates and manages hospitals under the Medanta brand, and Veeda Clinical Research, a clinical research organization, are about to come out with their IPO soon. Both the companies have got the approval of market regulator SEBI for this. These companies had filed their draft papers with SEBI in September. They have received the observation letter on December 21. It is necessary for any company to get an observation letter from SEBI before going for an IPO.
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Global Health IPO details
- According to the draft papers, under the IPO of Global Health, new shares worth Rs 500 crore will be issued. At the same time, 4.84 crore equity shares will be sold under the offer for sale (OFS).
- As part of the offer-for-sale, Anant Investments, a subsidiary of private equity major Carlyle Group, will sell 4.33 crore equity shares. Global Health co-founder Sunil Sachdeva (in association with Suman Sachdeva) will sell 51 lakh equity shares.
- Funds received from the fresh issue will be used for debt repayment and general corporate purposes. Global Health is a leading private multi specialty care provider in North and East India. It is founded by renowned cardiovascular and cardiothoracic surgeon Naresh Trehan.
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Vida Clinical Research IPO Details
- In the Rs 831 crore IPO of Vida Clinical Research, new equity shares of up to Rs 331.60 crore will be issued. Along with this, shares worth Rs 500 crore will be sold under OFS by the promoters and existing shareholders of the company.
- Under the offer for sale (OFS), CX Alternative Investment Fund will sell shares worth Rs 8.08 crore, Arabella Financial Services Rs 90.19 crore, Bondway Investment Inc Rs 259.77 crore, Steve International Corporation Rs 0.04 crore Basil Private Limited Rs 141.93 crore.
- The money raised through the new shares will be used to pay off the company’s debt, fund capital expenditure, buy part of the subsidiary Boyonids India, fund working capital requirements and for general corporate purposes.
- The company had only one facility in the year 2004, which has now increased to four. It is the leading full clinical research organization in the country.
- The CX Partners-invested company had announced raising $16 million from high net worth individuals such as PE firm Sabre Partners and Pranab Modi of JB Chemicals, Havells India Family Office, Nikhil Vora of Sixth Sense Ventures and Arjun Bhartiya of Jubilant Group.
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