Narayana Hrudayalaya Limited Offer opens on Dec.17

- Price Band fixed from Rs. 245 to Rs. 250 per Equity Share
 Bengaluru : Narayana Hrudayalaya Limited (the “Company” or “Issuer”) is proposing, subject to applicable approvals, to make an initial public offer and has filed a Red Herring Prospectus (“RHP”) dated December 08, 2015, with the Registrar of Companies, Bengaluru, Karnataka for an Initial Public Offer of up to 24,523,297 Equity Shares of Face Value of Rs. 10 Each ("Equity Shares") of the Company for cash at a Price Band from Rs. 245 to Rs. 250 per Equity Share including a share premium ("Offer") through an Offer For Sale of up to 6,287,978 Equity Shares by Ashoka Investment Holdings Limited, up to 1,886,455 Equity Shares by Ambadevi Mauritius Holding Limited, up to 12,261,648 Equity Shares by JP Morgan Mauritius Holdings IV Limited (the "Investor Selling Shareholders"), up to 2,043,608 Equity Shares by Dr. Devi Prasad Shetty and up to 2,043,608 Equity Shares by Shakuntala Shetty (the "Promoter Selling Shareholders") (together the "Selling Shareholders") ("Offer for Sale"). The Offer will constitute approximately 12% of the Post-Offer Paid-Up Share Capital. 

       The minimum Bid Lot is for 60 Equity Shares and in multiples of 60 Equity Shares thereafter. The Company and the Selling Shareholders may, in consultation with the BRLMs, consider participation by Anchor Investors. The Anchor Investor shall bid on the Anchor Investor Bidding Date i.e. one Working Day prior to the Bid/Offer Opening Date. The Bid/ Offer will close on December 21, 2015, for all Bidders. The Equity Shares offered through the Offer are proposed to be listed on BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”). The Book Running Lead Managers (“BRLMs”) to the Offer are Axis Capital Limited, IDFC Securities Limited and Jefferies India Private Limited. 

      The Offer is being made in accordance with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (the "SEBI ICDR Regulations"), through the Book Building Process wherein 50% of the Offer shall be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs"), provided that the Company and the Selling Shareholders may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis, out of which one-third shall be reserved for domestic Mutual Funds only, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Offer Price, in accordance with the SEBI ICDR Regulations. 5% of the QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. All potential investors, other than Anchor Investors, may participate in this Offer through an Application Supported by Blocked Amount ("ASBA") process providing details of their respective bank accounts which will be blocked by the Self Certified Syndicate Banks ("SCSBs"). QIBs (except Anchor Investors) and Non-Institutional Bidders are mandatorily required to utilise the ASBA process to participate in this Offer. 

      Founded in 2000 by Promoter, Dr. Devi Prasad Shetty, who has over 30 years of medical experience, including as a cardiac surgeon, the Company is one of the leading private healthcare service providers in India, operating a chain of multispecialty, tertiary and primary healthcare facilities. As of the date of the Red Herring Prospectus, it had a network of 23 hospitals (multispeciality and superspeciality healthcare facilities which provide tertiary care), 8 heart centres (superspeciality units which are set up in a third party hospital) and 24 primary care facilities (including clinics and information centres), across a total of 31 cities, towns and villages in India, with 5,442 operational beds and the potential to reach a capacity of up to 6,602 beds. In FY 2015, the facilities provided care to over 1.97 million patients. Headquartered in Bengaluru, it operates a national network of hospitals in India with a particularly strong presence in the southern state of Karnataka and eastern India, as well as an emerging presence in western and central India. As of September 30, 2015, it had 11,163 employees, which included 344 doctors, 5,587 nurses, 1,996 paramedical staff and 3,236 administrative personnel. Additionally, it had 487 students, which included 469 doctors, 14 paramedics and 4 administrative trainees. Further, it had 1,750 doctors on a consultancy basis (including visiting consultants) engaged in the system.