Sunil Shankar Matkar
September 14, 2023 / 04:18 PM IST
Healthcare merchandise distributor Entero Healthcare Alternatives, backed by OrbiMed, has filed draft pink herring prospectus with the capital markets regulator SEBI on September 13.
The initial public offering comprises a peculiar issuance of shares price Rs 1,000 crore by the firm, and an offer-for-sale (OFS) of 85.57 lakh fairness shares by 19 selling shareholders collectively with promoters Prabhat Agrawal, OrbiMed Asia III Mauritius, and Prem Sethi.
Corporate promoter OrbiMed Asia III Mauritius, owned by the US-primarily based entirely healthcare-focussed investment firm OrbiMed, has 58.70 p.c shareholding in the firm, whereas particular person promoters Prabhat Agrawal and Prem Sethi take care of 11.38 p.c and 6.46 p.c shares in the firm.
Prasid Uno Family Belief (thru trustees Surbhi Singh and In vogue Trustee) is the 2nd supreme shareholder in the firm, proudly owning 20.04 p.c stake.
The Mumbai-headquartered firm would possibly perchance perchance fair bear in mind a fund elevating of Rs 200 crore through personal placement, preferential share or rights voice, sooner than the submitting of the pink herring prospectus with the ROC.
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The on-line unusual voice proceeds will be utilised by the firm mainly for repaying debts amounting to Rs 123.7 crore, and lengthy-period of time working capital requirements of Rs 600 crore. The last funds will be outdated for inorganic deliver initiatives thru acquisitions, and atypical company capabilities.
OrbiMed-backed and primarily based in 2018 by Prabhat Agrawal & Prem Sethi, Entero Healthcare claims to be amongst the head three healthcare merchandise distributors in India when it comes to revenue in FY22 and reported an working income of Rs 2,522.07 crore in FY23.
The pharmaceutical and medical machine distributor with a customer hideous of retail pharmacies and hospitals has a pan-India community of 73 warehouses, and technology infrastructure. All around the fiscal 2023, it catered to over 81,400 retail prospects and over 3,400 clinic prospects, increasing sharply from 64,200 retail prospects and a pair of,500 clinic prospects in FY22.
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Also, it has a provide relationship with over 1,900 healthcare product manufacturers that offers entry to over 64,500 product stock keeping items (SKUs).
As per the financials reported in the previous fiscals, Entero Healthcare has been a loss-making entity, with a catch lack of Rs 11.1 crore for the yr ended March FY23, which narrowed from lack of Rs 29.44 crore, but revenue deliver changed into once sturdy, rising 31 p.c on-yr to Rs 3,300 crore all thru FY23.
ICICI Securities, DAM Capital Advisors, Jefferies India, JM Monetary, and SBI Capital Markets are the provider provider bankers to the voice.
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