Vijaya Diagnostic Center’s Rs 1,895.04 crore initial public offering (IPO) will open tomorrow i.e. September 1. The Kedaara Capital-backed diagnostic chain’s IPO will entirely be an offer for sale of 35.69 million shares. The company has fixed the price band of the share offering at Rs 522 to Rs 531 a share. The share sale will close on September 3 and the shares are likely to be listed on September 14.
Shareholders and promoters who will sell their stake include Dr S Surenranath Reddy, Karakoram and Kedaara Capital Alternative Investment Fund – Kedaara Capital AIF I.
Bidders can apply in the public issue for one lot of 28 shares and in multiples thereof, extending up to 13 lots.A total of around 50 per cent of the shares on offer will be reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and 35 per cent for retail investors. The company has also reserved 1.5 lakh shares for its employees.
Vijaya Diagnostic Center will not receive any IPO proceeds as it is purely an offer for sale.
Vijaya Diagnostic Center, promoted by Dr S Surendranath Reddy, is among the largest integrated diagnostic chains in south India. It offers pathology and radiology testing services at 80 diagnostic centers and 11 reference laboratories across 13 cities and towns in Telangana, Andhra Pradesh, NCR and Kolkata.
Edelweiss Financial Services, ICICI Securities and Kotak Mahindra Capital will be the book running lead managers to the issue, whereas KFintech will be the registrar.