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PNN
Mumbai (Maharashtra) [India], October 26: Maitreya Medicare Limited, a pioneering healthcare institution in Surat, Gujarat, renowned for its exceptional patient-centered services, has announced its plans to go public with an Initial Public Offering on 27th October, 2023. The company is aiming to raise Rs 14.89 crore on upper band price through this IPO, with shares set to be listed on the NSE EMERGE platform. The issue size is Up to 18,16,000 equity shares at face value of Rs 10 each. Equity Share Allocation * QIB Anchor Portion - Up To 4,94,400 Equity Shares * Qualified Institutional Buyers (QIB) - Up To 8,24,000 Equity Shares * Non-Institutional Investors (NII) - Up To 2,72,000Equity Shares * Retail Individual Investors (RII) - Up To 6,11,200 Equity Shares * Market Maker - Up To 1,08,800 Equity Shares The net proceeds from the IPO will be utilized for making equity investments in the subsidiary named 'Maitreya Hospital Private Limited' to establish a hospital in Valsad, Gujarat, as well as for the redemption of part of the issued Non-Convertible Redeemable Preference Shares. Additionally, the funds will be allocated to meet the company's working capital requirements and for general corporate purposes. The bidding for Anchor portion will open on 26th October, 2023 and the issue closes on 01st November, 2023. The Book Running Lead Manager to the Issue is GYR Capital Advisors Limited. The Registrar to the Issue is Link Intime India Private Limited. Narendra Singh Tanwar, Chairman, Managing Director, and CFO of Maitreya Medicare Limited said, "The IPO marks a significant milestone in our journey. This strategic move aligns with our vision for expansion and strengthening our presence in the healthcare sector. The proceeds from this IPO will fuel our initiatives, enabling us to invest in our subsidiary 'Maitreya Hospital Private Limited,' redeem preference shares, and address working capital needs. At Maitreya, we are poised to redefine healthcare paradigms, ensuring accessibility, quality, and patient satisfaction remain at the core of our initiatives." Mohit Baid, Executive Director of GYR Capital Advisors Limited said, "Maitreya Medicare Limited's IPO is a testament to the company's strategic approach and commitment to healthcare excellence. Their focus on patient-centered care, coupled with advanced infrastructure and specialized services, positions them as one of the leaders in the industry. This development underscores their transformative vision for the industry, promising enhanced healthcare experiences for all." (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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