KIMS files papers for Rs. 700-cr IPO

Hyderabad: KRISHNA Institute of Medical Sciences Ltd (KIMS) has filed preliminary papers with capital markets regulator Sebi to raise Rs 700 crore through an initial share-sale.

The initial public offering (IPO) comprises a fresh issue of shares aggregating up to Rs 200 crore and an offer for sale of up to 21,340,931 equity shares from promoters and existing shareholders, according to draft red herring prospectus filed with Sebi.

A total of 1,39,77,991 equity shares would be offered by General Atlantic Singapore KH Pte Ltd under the offer for sale, up to 7,75,933 equity shares by Bhaskara Rao Bollineni, up to 11,63,899 equity shares by Rajyasri Bollineni, up to 3,87,966 equity shares by Bollineni Ramanaiah Memorial Hospitals Pvt Ltd. The offer includes a reservation for subscription by eligible employees. According to merchant banking sources, the IPO is expected to fetch Rs 700 crore. The proceeds from the fresh issue will be used to repay debt of the company and its subsidiaries.

KIMS is one of the largest corporate healthcare groups in Andhra Pradesh and Telangana in terms of the number of patients treated and treatments offered. It operates nine multi-specialty hospitals under the 'KIMS Hospitals' brand, with an aggregate bed capacity of 3,064, including over 2,500 operational beds as of December 31, 2020.