Fortis to launch IPO; files papers with Sebi

Ranbaxy group firm Fortis Healthcare plans to enter the capital market with an initial public offer (IPO) and has filed its draft red herring prospectus (DRHP) with market regulator Sebi. 

According to an official statement by the company issued today, it filed the DRHP on September 29 with Sebi for its IPO of over 5.66 crore equity shares of Rs 10 each. 

The shares would be issued at a premium to be decided through a 100% book building process and the company would be listed both on BSE and NSE.

Of the net offer to the public, at least 60% would be allocated to Qualified Institutional Buyers (QIBs) on a proportionate basis, 5% of which will be available for mutual funds. 

Non-institutional investors would be alloted up to 10% shares, while retail investors would be issued atleast 30%, it said. 

The company also proposes to allot 5 lakh equity shares to its eligible employees.