Shardul Amarchand Mangaldas & Co. advises Krishna Institute of Medical Sciences Limited on its ₹ 2,143.75 crore / $ 286.94 million initial public offering, including an offer for sale by General Atlantic Singapore KH Pte. Ltd.
July 5, 2021
Shardul Amarchand Mangaldas & Co. advised Krishna Institute of Medical Sciences Limited and General Atlantic Singapore KH Pte. Ltd. on an initial public offering by Krishna Institute of Medical Sciences Limited (the “Offer”). The deal is valued at ₹ 2,143.75 crore / $ 286.94 million. The date of closing was 28 June 2021.
The deal also included a pre-IPO placement, post filing of the red herring prospectus dated June 9, 2021, of equity shares of the Company by General Atlantic Singapore KH Pte. Ltd., in favour of India Advantage Fund S4 I and Dynamic India Fund S4 US I, aggregating to ₹ 159.99 crore / $ 21.42 million.
This is the largest IPO by a hospital group in India till date. Krishna Institute of Medical Sciences Limited is one of the largest corporate healthcare groups in Andhra Pradesh and Telangana in terms of number of patients treated and treatments offered. The Offer was subscribed 3.86x and the equity shares listed at a premium of 22% at ₹ 1008.90 compared to the Offer Price of ₹ 825 per equity share.
The transaction team for Krishna Institute of Medical Sciences Limited and General Atlantic for the IPO was led by Prashant Gupta, Partner; Monal Mukherjee, Partner; Reema Dash, Principal Associate; Sejal Jain, Associate; and Rudresh Mandal, Associate. The transaction team for the pre-IPO placement by General Atlantic was led by Raghubir Menon, Partner and Taranjeet Singh, Partner.
Latham & Watkins LLP and Cyril Amarchand Mangaldas advised Kotak Mahindra Capital Company Limited, Axis Capital Limited, Credit Suisse Securities (India) Private Limited and IIFL Securities Limited as international legal counsel and legal counsel as to Indian law, respectively.
The Bar Council of India does not permit solicitation of work and advertising by legal practitioners and advocates. By accessing the Shardul Amarchand Mangaldas & Co. website (our website), the user acknowledges that:
The user wishes to gain more information about us for his/her information and use. He/She also acknowledges that there has been no attempt by us to advertise or solicit work.
Any information obtained or downloaded by the user from our website does not lead to the creation of the client – attorney relationship between the Firm and the user.
None of the information contained in our website amounts to any form of legal opinion or legal advice.
All information contained in our website is the intellectual property of the Firm.