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KIMS Hospitals public issue subscribed 6% on day 1 of bidding –

IPO (Representative image)

The public issue of Krishna Institute of Medical Sciences (KIMS Hospitals) has seen a 9 percent subscription on June 16, the first day of bidding, as the offer has received bids for 13 lakh equity shares against IPO size of 1.44 crore equity shares.

The portion set aside for retail investors has subscribed 49 percent, while qualified institutional buyers and non-institutional investors are yet to put in bids for the public issue.

The portion set aside for employees has subscribed 2 percent.

KIMS Hospitals, one of the largest corporate healthcare groups in AP and Telangana in terms of the number of patients treated and treatments offered, launched a public issue of Rs 2,143.74 crore which comprises a fresh issue of Rs 200 crore and an offer for sale of up to 2,35,60,538 equity shares by selling shareholders including General Atlantic Singapore KH Pte and promoters.

The company will utilise net fresh issue proceeds for repaying of certain borrowings (Rs 150 crore). The price band for the offer, which closes on June 18, has been fixed at Rs 815-825 per equity share.

Also read – KIMS Hospitals IPO opens: 10 things to know before subscribing public issue

KIMS Hospitals provides multi-disciplinary integrated healthcare services, with a focus on primary secondary & tertiary care in Tier 2-3 cities and primary, secondary, tertiary and quaternary healthcare in Tier 1 cities.

KIMS operate 9 multi-specialty hospitals under the “KIMS Hospitals” brand, with an aggregate bed capacity of 3,064 as of December 31, 2020. The first hospital in the network was established in Nellore (AP) in 2000 and has a capacity of approximately 200 beds.

“At the upper price band of Rs 825, KIMS is available at EV/EBITDA of 18.6x (FY21) which appears fully priced. We expect to see a recovery in patient footfalls and occupancy rates as lockdown restrictions ease,” said Geojit Financial Services.

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“The company’s leadership position in the AP& Telangana along with expansion into new markets and increased bed capacity will be strong levers for future growth. We assign subscribe rating with a long term perspective,” the brokerage added.

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