Lavender Rose Funding Ltd, a Mauritius-based unit of personal fairness agency Warburg Pincus, offered shares price ₹550 crore in pharmacy retail chain MedPlus Well being Providers Ltd forward of its preliminary public providing (IPO).
Lavender Rose offered round 6.9 million shares or a 6.2% stake in MedPlus Well being Providers to traders, together with asset administration and life insurance coverage enterprise of SBI Mutual Fund, Motilal Oswal Mutual Fund and Malabar India Fund, an addendum to the MedPlus IPO prospectus confirmed.
The shares had been offered at ₹796 a share, an higher band of the IPO. At present, Lavender Rose has a 24.6% stake within the Hyderabad-based agency, which operates one in every of India’s largest pharmacy chains.
The IPO will open on 13 December and shut on 15 December. The value band for the problem might be at ₹780-796 a share.
MedPlus Well being has already lower its IPO measurement to ₹1398.30 crore from ₹1,639 crore. The IPO contains a contemporary problem of ₹600 crore and a suggestion on the market of as much as ₹798 crore by its present shareholders and promoters.
Amongst promoting shareholders, Premji Make investments’s PI Alternatives Fund is searching for to promote as much as ₹623 crore of shares, Natco Pharma plans to promote ₹10 crore price of shares.
In February this yr, New York-headquartered Warburg Pincus invested ₹77.78 crore ($10.68 million) by way of Lavender Rose Funding and PremjiInvest put in ₹22.21 crore ($3 million) by way of its various funding fund (AIF) PI Alternatives Fund-I.
Supply: Live Mint