Three companies namely Healthvista India Ltd, Rashi Peripherals Ltd and Zaggle Prepaid Ocean Services Ltd have received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise funds via initial public offerings (IPOs).
Healthvista India Ltd
The IPO of Healthvista India Ltd, an out-of-hospital healthcare provider in India under the brand Portea (out-of-hospital healthcare services), has been approved by SEBI. The company had submitted papers to the market regulator in June last year.
The company intends to raise money by selling equity shares with a face value of one rupee each. The offer comprises of a fresh issue of shares worth up to ₹200 crore and an offer for sale by investor selling shareholders of up to 56,252,654 shares.
The book running lead managers (BRLM) to the IPO are SBI Capital Markets Ltd, IIFL Securities Ltd, and JM Financial Ltd.
According to F&S Report, Healthvista India had the largest market share of 21% of the organised out-of-hospital healthcare market in fiscal 2021 in terms of revenue and the number of cities it served as of December 31, 2021.
Primary care, geriatric (elderly) and palliative (end-of-life) care, intensive care unit (ICU) care, post-operative and post-hospitalisation care, chronic care, mother and baby care, and cancer care are all provided at home under the company's well-known brand Portea. The equity shares are proposed to be listed on BSE and NSE.
Rashi Peripherals Ltd
Rashi Peripherals Ltd has received SEBI's nod to raise ₹750 crore through an IPO. The company had filed preliminary IPO papers with the market regulator on January 18, 2023.
The public issue of equity shares with a face value of ₹5 each has no offer-for-sale component.
The company could consider a private placement of equity shares for a total cash consideration of up to ₹150 crore after consulting with the issue's lead bankers. If such a placement is successful, the size of the new issue will be reduced.
The company will use the proceeds from its fresh issue, totaling ₹400 crore, to prepay or schedule the repayment of all or a part of certain outstanding borrowings it has taken out, and ₹200 crore for general corporate purposes and working capital requirements.
JM Financial Ltd and ICICI Securities Ltd are the book running lead managers and Link Intime India Private Ltd is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.
Zaggle Prepaid Ocean Services Ltd
Zaggle Prepaid Ocean Services Ltd has received final observations from SEBI for its proposed IPO.
The company intends to raise money by selling equity shares with a face value of Re 1 each. The offer comprises of a fresh issue totaling up to ₹490 crore and an offer for sale of up to 10,526,316 equity shares.
Zaggle competes in the B2B2C market and is one of a select group of companies with a distinct competitive advantage who offer a wide range of finance technology goods and services. The business collaborates with merchants, banks, and NBFCs to provide offerings to users and customers that include workers, channel partners, and customers, while delivering a compelling value proposition to each stakeholder.
The book running lead managers to the issue are ICICI Securities Ltd, Equirus Capital Private Ltd, IIFL Securities Ltd and JM Financial Ltd. The equity shares are proposed to be listed on BSE and NSE.