Apollo Hospitals To Raise Rs 330 Cr Through QIP
Apollo Hospitals Enterprise Ltd is looking to raise Rs.330 Cr through QIP.
Company has opened the subscription for QIP and has fixed the floor price at Rs.491.29 per share, which is 0.73% discount to Thursday's closing price of Rs.494.95 on BSE. The QIP issue will result in an equity dilution of about 5.3%.
The funds will be used to add 2,400 beds by FY14. This will include 900 beds in the metros and 725 beds through Apollo Reach in small towns such as Nasik, Ayanambakkam (in suburban Chennai), Nellore and Trichy. Three large tertiary hospitals will come up in Mumbai.
Enam, Citigroup and Nomura are the bankers for QIP.
At the floor price, company's valuation pre-QIP would be Rs.6,127 Cr while post QIP, it could looking at a valuation of Rs.6,457 Cr.
Transaction Reference: Press Release
Chennai-based Apollo's current bed strength is 8,717 across 54 hospitals within and outside India.
Currently, PE firm Apax Partners holds 13.66% stake in the company.
Last year, Apollo Hospitals had planned to invest Rs.1,100 Cr to set up 1,800 new beds and has already spent Rs.280 Cr. For the rest of the funding the company was eyeing internal accruals, warrants to be issued to promoters, and additional debt.
It is looking to dilute 49% stake in its pharmacy chain Apollo Pharmacy to generate funds for expansion before hiving it off into a separate company.
As of June 2010, Apollo Pharmacy had 1,066 stores and it is looking to add further 370 stores over the next 24 months.
Apollo Hospitals Enterprise's net profit rose 61.3% to Rs.47.09 Cr on 28.7% increase in sales to Rs.621.40 Cr in Q4 FY2011 over Q4 FY2010.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 18/07/11 | Apollo Hospitals - QIP | IPO / Offerings | 73.93 | |
| 03/08/10 | Apollo Hospitals - Fund Raising | Private Equity | Looking For | 650.00 |
| 30/06/08 | Apollo Hospitals - Apax Partners | Private Equity | Apax Partners LLP | 13.90 |
| 30/08/07 | Apollo Hospitals - Apax Partners LLP | Private Equity | Apax Partners LLP | 103.50 |
| 05/03/07 | Apollo Hospitals - Temasek Holdings Pte. Exit | Private Equity | - | |
| 26/01/07 | Apollo Hospitals - One Equity Partners | Private Equity | One Equity Partners | 81.40 |
| 23/09/06 | Apollo Hospitals - JP Morgan | Private Equity | JP Morgan Partners | 90.00 |
| 02/08/05 | Apollo Hospitals - Khazanah Nasional Berhad | Private Equity | Khazanah Nasional Berhad | 44.23 |
| 14/07/05 | Apollo Hospitals - International Finance Corp. | Private Equity | International Finance Corporation | 20.00 |
| 01/09/04 | Apollo Hospitals - Temasek Holdings Pte. | Private Equity | Temasek Holdings Pte. Limited | 11.00 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 16/05/12 | M&A | Piramal Healthcare Limited | Decision Resources Group | 635.00 | Completed |
| 14/05/12 | Private Equity | India Value Fund Advisors Private Limited | Manipal Hospitals | 93.28 | Planned |
| 14/05/12 | Private Equity | Equity Partners Fund SPC India | Avesthagen Limited | 60.00 | Planned |
| 11/05/12 | Private Equity | Sequoia Capital India | Moolchand Healthcare Private Limited | 18.68 | Announced |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Apollo Hospitals Enterprise Limited | PCR Investments Limited Preetha Reddy & Group Upsana Kamineni |
19 Bishop Gardens, R A Puram, Chennai-600028. |
Fortis Healthcare Limited Manipal Health Systems Private Limited Vaatsalya Healthcare Solutions Private Limited Nova Medical Centers Private Limited Sahyadri Hospitals Limited Vikram Hospital Private Limited Quality Care India Limited Cumballa Hill Hospital & Heart Institute. Narayana Hrudayalaya Private Limited Artemis Health Institute |
www.apollohospitals.com |
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