The issue will only be a primary share sale of shares of Rs 6,250 crore. The company will use Rs 1,929 crore from the IPO proceeds to repay or prepay borrowings and Rs 1,259 crore to fund organic growth initiatives, besides allocating Rs 1,500 crore on inorganic growth opportunities through acquisitions and other strategic initiatives.
Additionally, the company, in consultation with the bankers to the issue, may consider a private placement aggregating up to Rs 1,250 crore. If such placement is completed, the fresh issue size will be reduced.
The Mumbai-headquartered company is an integrated, end-to-end business that aims to provide solutions for healthcare needs of consumers providing digital tools and information on illness and wellness, offering teleconsultation, offering diagnostics and radiology tests, and delivering treatment protocols including products and devices. It recently acquired a majority stake in Thyrocare Technologies.
According to a RedSeer Report, stated in its DRHP, API Holdings is India’s largest digital healthcare platform based on gross merchant value (GMV) of products and services sold for the year ended March 31, 2021.
Kotak Mahindra Capital Company, Morgan Stanley India Company, BofA Securities India, Citigroup Global Markets India and JM Financial are the book running lead managers to the issue.
Along With API Holdings, Sebi also gave nod to CMR Green Technologies and Wellness Forever Medicare to float their IPO.
