HCG fixes IPO price band at Rs 205-218; issue to open on March 16

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Cancer care network operator HealthCare Global Enterprises Ltd (HCG), which will hit the capital market on March 16, has fixed the price band at Rs 205 218 for its initial public offer (IPO).
The IPO comprises of fresh issue of up to 1.16 crore equity shares and an offer for sale of up to 1.82 crore shares by its existing shareholders.
The offer, which closes on March 18, would constitute up to 35.03 per cent of the company’s post-offer paid-up equity share capital.

The shares are proposed to be listed on the BSE and the National Stock Exchange (NSE).
The company filed its Draft Red Herring Prospectus (DRHP) with Sebi in July last year and got the regulator’s nod in November.

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At the upper end of the price-band, the issue can fetch about Rs 650 crore.

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PIOF, an investment vehicle of Azim Premji’s PremjiInvest, plans to sell shares through offer for sale. PIOF holds 21 per cent stake in the company.
The proceeds of the fresh issue will be used towards purchase of medical equipments, investment in IT software, services and hardware, pre-payment of debt of around Rs 147 crore and other general corporate purposes, HCG Chairman BS Ajai Kumar told reporters here.

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“We plan to expand our HCG network by establishing new cancer centres across the country and by expanding the capacity and service offering of existing cancer centres.
“We believe the growing demand presents us with an opportunity to establish a network of speciality cancer centres in Africa. In the first phase of the development, we plan to establish comprehensive cancer centres in Kenya, Tanzania and Uganda,” he said.
The company is also looking at expansion of its ‘Milann’ fertility centres. Presently, it operates four Milann fertility centres in Bengaluru.
The Bengaluru-based firm operates one of the largest cancer care networks in the country under the brand name HCG.
Currently, HCG has 14 comprehensive cancer centres.
Kotak Mahindra Capital Company, Edelweiss Financial Services, Goldman Sachs (India) Securities, IDFC Securities, IIFL Holdings and Yes Bank are the book running lead managers to the issue while Karvy Computershare is the offer’s registrar.