HCG to hit capital markets tmrw, mop-up Rs 650 cr via IPO

Cancer care network operator HealthCare Global Enterprises (HCG) will hit the capital markets tomorrow to raise Rs 650 crore through an initial public offering.
This will be the fourth company to hit the Dalal Street in 2016.
Besides, three firms -- Quick Heal Technologies, TeamLease Services and Precision Camshafts -- have already raised funds through initial public offers (IPOs) so far this year.
Moreover, Bharat Wire Ropes will launch its initial share sale plan on March 18 while that of online shopping portal Infibeam Incorporation will open on March 21.
HCG's 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.

It has fixed the price band at Rs 205-218 for its IPO. At the upper end of the price-band, the issue will fetch about Rs 650 crore.

The offer, which concludes 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 BSE and 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.
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 and for other general corporate purposes.
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.