Ahead of IPO, Entero Healthcare raises ₹716 crore from anchor investors

Entero Healthcare Solutions has raised ₹716 crore from anchor investors a day ahead of its IPO subscription opening for bidding. Entero Healthcare Solutions IPO will open for subscription on Friday, February 9, 2024 and closes on February 13, 2024. The price band for the healthcare products manufacturer IPO has been fixed in the range of ₹1,195 to ₹1,258 per equity share of the face value of ₹10.

“Entero Healthcare Solutions Limited, has allotted 56,94,753 Equity Shares to 25 anchor investors and raised ₹716 crores ahead of company’s proposed IPO at the upper price band of ₹1258 per equity share with face value of ₹10 per share,” said the firm in its statement to the stock exchanges.

The anchor book saw participation from several marquee investors, including the Capital Group, GIC, TT Emerging Markets Unconstrained Fund, Premji, Carmignac Portfolio, Amundi Funds New Silk Road, Amundi Funds Asia Equity Concentrated, Bajaj Allianz Life Insurance Company Ltd., SBI General Insurance Limited, Jupiter India Fund, among others.

Entero Healthcare Solutions IPO details:
Entero Healthcare Solutions IPO, which is worth 1,600 crore, comprises a fresh issue of ₹1,000 crore, and an offer-for-sale (OFS) of up to 4,769,475 equity shares by the promoters and other investors aggregating up to 600 crore.

Investors can bid for a minimum of 11 shares and in multiples thereof. The minimum amount of investment required by retail investors is ₹13,838. The promoters of the company are Prabhat Agrawal, Prem Sethi, and OrbiMed Asia III Mauritius Limited.

ICICI Securities Limited, Dam Capital Advisors Ltd (Formerly IDFC Securities Ltd), Jefferies India Private Limited, JM Financial Limited and SBI Capital Markets Limited are the book running lead managers. Link Intime India Private Ltd is the registrar for the Entero Healthcare Solutions IPO.

The company intends to use the net proceeds from the fresh offering to finance the following goals: financing the company’s long-term working capital needs for Fiscal Years 2025 and 2026; pursuing inorganic growth initiatives through acquisitions; and general corporate purposes. Repayment or prepayment of certain borrowings that the company has taken out may be done in full or in part.

Tentatively, Entero Healthcare Solutions IPO basis of allotment of shares will be finalised on Wednesday, February 14, and the company will initiate refunds on Thursday, February 15, while the shares will be credited to the demat account of allottees on the same day following refund. Entero Healthcare Solutions share price is likely to be listed on BSE and NSE on Friday, February 16. LiveMint