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Entero Healthcare Solutions garners Rs 716 cr from anchor investors; IPO opens for subscription

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New Delhi: Healthcare products distributor Entero Healthcare Solutions has collected Rs 716 crore from anchor investors.

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The company has allotted a total of 56.95 lakh equity shares to 25 funds at Rs 1,258 a piece, which is also the upper end of the price band, according to a circular uploaded on BSE's website late on Thursday.

The anchor book saw participation from investors, including the Capital Group, Government of Singapore, Monetary Authority of Singapore, Amundi Funds New Silk Road, Societe Generale, Morgan Stanley Asia (Singapore) Pte, Goldman Sachs (Singapore) Pte, and Copthall Mauritius Investment Ltd.

Additionally, Bajaj Allianz Life Insurance Company, SBI General Insurance, and Jupiter India Fund participated in the anchor round.

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The issue, with a price band of Rs 1,195-1,258 per share, opened for public subscription on Friday. It will close on February 13.

The Rs 1,600 crore IPO is a combination of a fresh issue of equity shares worth up to Rs 1,000 crore and an Offer For Sale (OFS) component of 47.69 lakh equity shares, aggregating up to Rs 600 crore at the upper end of the price band.

Those selling shares in OFS include Prabhat Agrawal, Prem Sethi, and OrbiMed Asia III Mauritius Ltd.

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Proceeds from the fresh issue will be used towards payment of debt, funding working capital requirements, pursuing inorganic growth initiatives through acquisitions and general corporate purposes.

Entero Healthcare Solutions was founded in 2018 by Prabhat Agarwal and Prem Sethi. The company claims to be among the top three healthcare product distributors in India in terms of revenue in FY22.

ICICI Securities Ltd, DAM Capital Advisors Ltd, Jefferies India Private Ltd, JM Financial Ltd and SBI Capital Markets Ltd are book-running lead managers to the offer.

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