Manipal Health gets Sebi nod for Rs 8,000-crore IPO

BENGALURU: India’s IPO pipeline is gathering momentum, with the National Stock Exchange (NSE) and Bengaluru-based Manipal Health Enterprises lining up two of the country’s biggest public issues even as smaller new-age companies prepare to tap the market. While NSE is targeting a Rs 30,000-crore IPO in Sept that could value the exchange at over Rs 5 lakh crore, Manipal Health has secured Sebi’s approval for its Rs 8,000-crore issue. On Monday, furniture and appliance rental platform Rentomojo also received the market regulator’s nod for its IPO which comprises a fresh issue of shares worth up to Rs 150 crore and an offer for sale (OFS) of up to 2.8 crore shares by existing shareholders. Manipal Health’s IPO comprises a fresh issue of shares worth up to Rs 8,000 crore and an offer for sale (OFS) of up to 4.3 crore equity shares by promoters and existing investors. Promoters selling shares include Imperius Healthcare Investments and Manipal Education and Medical Group India. Other selling shareholders are TPG SG Magazine, Seventy Second Investment Company, Ammar, Novo Holdings Invest Asia A/S and Phoenix Bear Investments. According to the draft red herring prospectus (DRHP), Rs 5,378 crore from the fresh issue will be used to repay or prepay borrowings and accrued interest of its material subsidiary, Manipal Hospitals. Another Rs 574 crore will be used to acquire the minority stake in its step-down subsidiary, Sahyadri Hospital.