Entero Healthcare Solutions raised ₹716.4 Crore through anchor investors

8 Feb 2024 , 11:24 PM

On February 8, healthcare products distributor Entero Healthcare Solutions successfully raised ₹716.4 Crore through its anchor book, a day before the commencement of its IPO. The public issue is set to open for subscription from February 9 and will run until February 13.

Entero Healthcare Solutions allocated 56,94,753 equity shares to anchor investors at a price of ₹1,258 per share. 

Notable participants in the anchor book include global investors like Smallcap World Fund Inc, Government of Singapore, Monetary Authority of Singapore, Carmignac Portfolio, CLSA Global, Societe Generale, Morgan Stanley, Goldman Sachs, and Copthall Mauritius Investment, among others.

Additionally, entities such as Amundi Funds, Jupiter India Fund, SBI General Insurance Company, Private Client Emerging Markets Portfolio, Magna Umbrella Fund, Bajaj Allianz Life Insurance, TT Emerging Markets Unconstrained Fund, and Allianz Global Investors Fund also contributed to the anchor book.

Entero Healthcare Solutions, backed by US-based healthcare-focused investment firm OrbiMed, aims to raise ₹1,600 Crore through its IPO. The offering comprises a fresh issue of shares worth ₹1,000 Crore and an offer-for-sale (OFS) of ₹600 Crore by existing shareholders.

The OFS includes the sale of shares by corporate promoter OrbiMed Asia III Mauritius, individual promoters Prabhat Agrawal, and Prem Sethi, and 16 other shareholders. The price band for the IPO has been fixed at ₹1,195-1,258 per share.

Proceeds from the fresh issue will primarily be utilized for debt repayment and long-term working capital requirements, with the remaining funds allocated for inorganic growth initiatives through acquisitions and general corporate purposes.

Entero Healthcare Solutions, founded by Prabhat Agrawal and Prem Sethi, has established a pan-India, technology-driven healthcare products distribution platform with 77 warehouses catering to pharmacies, hospitals, and clinics across the country.