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Shalby Ltd entering capital market with IPO of 10 lakh shares with price band of Rs.245 to 248

Our Bureau, Mumbai
Wednesday, November 29, 2017, 15:10 Hrs  [IST]

Shalby Ltd is entering capital market with an initial public offering (IPO) of equity shares of face value of Rs.10 each for cash at a price including a share premium on December 5, 2017. The company is offering 10 lakh shares aggregating to Rs.480 crore. The offer comprises a net offer to the Public of Equity Shares and a reservation of up to 1,21 lakh equity shares for subscription by Eligible Employees. The offer closes on December 7, 2017.

The Price Band for the Offer is fixed from Rs.245 to Rs.248 per equity share. bids can be made for a minimum lot of 60 equity shares and in multiples of 60 equity shares thereafter. The equity shares to be offered through the Red Herring Prospectus (“RHP”) dated November 24, 2017 are proposed to be listed on BSE and NSE. The Book Running Lead Managers ("BRLMs") to the Offer are Edelweiss Financial Services Ltd, IDFC Bank Ltd and IIFL Holdings Ltd.

The Issue is being made through the Book Building Process, wherein not more than 50% of the Net Offer shall be allocated on a proportionate basis to qualified institutional buyers (“QIBs”).

A significant portion of its revenue is currently generated from two hospitals, SG Shalby and Krishna Shalby, both of which are located in Ahmedabad. SG Shalby, which commenced operations in March, 2007 and Krishna Shalby, which commenced operations in October, 2012, together had an aggregate patient volume of 66, 288 and 89,078 for the nine months period ended December 31, 2016 and Fiscal 2016, respectively, which constituted 46. 24% and 51.36% of the aggregate patient volume of the Company during the said periods.

For the nine months period ended December 31, 2016 and Fiscal 2016 SG Shalby and Krishna Shalby together contributed to 83.86% and 77. 72% of our total revenue, respectively. Further, a substantial portion of its revenue is derived from the hospitals that it operate in the state of Gujarat. For the nine months period ended December 31, 2016, and Fiscal 2016, the hospitals that we operated in state of Gujarat contributed to 81.07% and 86.56% of our total revenue, respectively. The company has recently set up two new hospitals in Gujarat, namely, Shalby Surat and Shalby Naroda in March, 2017. As on the date of this Draft Red Herring Prospectus, out of the 11 hospitals, four fully operational hospitals and two hospitals which were recently set up, are located in Gujarat.

The company is one of the lading multi-specialty chain of hospitals in India. Its hospitals are tertiary care hospitals, few of which also offer quaternary healthcare services to patients in various areas of specialisation such as orthpaedics, complex joint replacements, cardiology, neurology, oncology, and renal transplantations.

It provide inpatient and outpatient healthcare services through eight fully operational hospitals, having an aggregate operational bed count of 781 beds, as on March 31, 2017. This apart, we currently provide outpatient consultative healthcare services through three hospitals which were recently set up. Its 11 hospitals, inclusive of eight fully operational and three recently set up hospitals, have an aggregate bed capacity of 2,012 beds, as on March 31, 2017.

Led by Dr Vikram Shah, an orthopaedic surgeon with more than 25 years of professional experience, the company has grown from a single hospital to a chain of multi-specialty hospitals. Its first hospital, Vijay Shalby, was established by Shalby Orthopaedic Hospital and Research Centre, one of our Group Entities, in the year 1994. From the year 2004, the operations of Vijay Shalby have been undertaken by the company. Its second, and third hospitals, SG Shalby and Vrundavan Shalby commenced operations in the year 2007 and the year 2011, respectively. From four hospitals in April 2012, it has grown to 11 hospitals as on March 31, 2017.


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