Birla Pacific Medspa To Raise Rs 65 Cr Via IPO
Birla Pacific Medspa, part of Yash Birla Group has filed DRHP with SEBI to raise Rs.65.17 Cr through IPO.
The funds raised will be utilised for capital expenditure towards establishing 55 outlets of Evolve Medspa across various cities, to meet expenses towards brand promotion and for working capital requirements for running the above centres.
Arihant Capital Markets is the sole book running lead manager to the issue.
Transaction Reference: SEBI
Birla Medspa under the brand name EVOLVE, runs wellness centers in three vertical of dermatology, dentistry and cosmetic surgery. It rund through centres in Mumbai at Walkeshwar, Bandra & Andheri and 2 centers on franchise basis at Thane and Chennai. These centres act as a single stop set up for beauty related medical procedures in India.
Birla Wellness & Healthcare Pvt Ltd holds 62.47% stake in the company. Pacific Healthcare (India) Pte. Ltd, Singapore, Pachealth Medical Services Pvt Ltd and Bennett, Coleman & Company Ltd (BCCL) hold 7.57%, 5.48% and 23.96% stake in the company, respectively.
BCCL invested through subscription of warrants in March’09. The warrants were converted into equity shares last month making the deal worth Rs.15 Cr that gave BCCL 23.96% stake at Rs.14 per share.
Originally, Yash Birla Group had entered into an equal JV with Pacific Healthcare Holdings (one of East Asia’s leading healthcare providers with facilities in Singapore, Hong Kong and China) and Dr. Desai, to form Birla Pacific Medspa.
It had proposed to enter into various healthcare services business besides manufacturing soaps and other related consumables though it never actually started the production of such products.
The idea was to leverage Pacific's experience and backing of Yash Birla groupto grow business in an area that is largely dominated by unorganised sector players.
However, the JV came unstuck early this year after Pacific' stake got diluted, but decided to support the company as a minority shareholder. Pacific Healthcare has also decided not to enter into any competitive business with Birla Pacific Medspa.
This year in May, it was planning to raise funds through PE or VC route for its expansion plans, but no development has been made till date.
Birla Pacific reported a loss of Rs.3.28 Cr for the period of six months ended on March 31, 2010 and had a total income of Rs.1.56 Cr.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 23/06/11 | Birla Pacific Medspa - IPO | IPO / Offerings | 14.51 | |
| 12/05/10 | Birla Pacific Medspa - Looking for PE | Private Equity | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 07/02/12 | Private Equity | IDFC Private Equity | Sahyadri Hospitals Limited | 61.17 | Planned |
| 06/02/12 | M&A | Nova Medical Centers Private Limited | Helios Hospitals Private Limited | - | Completed |
| 01/02/12 | M&A | Fortis Healthcare Limited | RadLink-Asia Pte Ltd | 63.51 | Completed |
| 01/02/12 | Private Equity | Looking For | Perfint Healthcare Private Limited | 20.34 | Planned |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Birla Pacific Medspa Limited | Yash Birla Group Pacific Healthcare Private Limited |
Dalamal House,1 St Floor, Nariman Point, Mumbai-400021. |
VLCC Health Care Limited Kaya Limited DM Healthcare Private Limited |
www.evolvemedspa.org |
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