Vijaya Diagnostics IPO: Opens today; Key Details investors should know

The initial public offering (IPO) of Vijaya Diagnostic will open for subscription today, i.e., Wednesday, September 1, 2021. The issue will remain open for bidding till on Friday, September 3, 2021.

The price band for Vijaya Diagnostic Centre IPO has been fixed at Rs 522-531 per equity share. Investors can subscribe to the initial public offering (IPO) by betting for a lot of 28 shares or in multiples thereof. This translates into a minimum investment of Rs 14,868 per investor. However, the employees of the company applying for the IPO will get a discount of Rs 52 per share. A total of 1,50,000 shares will be offered to eligible employees.

The company has plans to raise up to Rs 1,895 crore through the public offering. The IPO is entirely an offer for sale of up to 35,688,064 shares by existing shareholders, Dr S Surendranath Reddy and investors -- Karakoram Ltd and Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I. Karakoram and Kedaara Capital hold 38.56 per cent and 1.44 per cent stake, respectively, in Vijaya Diagnostic.

Half of the issue is reserved for Qualified Institutional Buyers (QIB) while 15 per cent is for Non-Institutional Investors (NII) and the remaining 35 per cent for retail investors.

The finalisation of the basis of allotment is likely by September 8, 2021, and the initialisation of refunds is likely by September 9, 2021. Meanwhile, credit of shares in the Demat account is likely to happen by September 13, 2021.

ICICI Securities, Edelweiss Financial Services and Kotak Mahindra Capital Company have been appointed as book-running lead managers (BRLMs) for the IPO.

Besides, Healthcare chain Vijaya Diagnostics Centre on Tuesday said it has raised a little over Rs 566 crore from anchor investors ahead of its public offering (IPO). The company has decided to allocate a total of 1,06,61,41 equity shares to 29 anchor investors at Rs 531 apiece, aggregating the transaction size to Rs 566.12 crore.

Fidelity Management Research, Fidelity Investments, Aberdeen, Abu Dhabi Investment Authority, Kuwait Investment Authority and Government Pension Fund Global are among the anchor investors. In addition, ICICI Prudential Mutual Fund (MF), Nippon India MF, Franklin Templeton MF, SBI Life Insurance and Kotak Life Insurance too participated in the anchor book.

Vijaya Diagnostic Centre (VDC) is India's largest comprehensive diagnostic network with over 80 state-of-the-art centres spread across 13 cities. Vijaya Diagnostic Centre has a qualified team of over 2200 professionals consisting of some of the country's top radiologists, pathologists and healthcare professionals. This has enabled oriented diagnostic services that help us in establishing trust and reliability with our patients.

Dr Lal Path Labs and Metropolis Healthcare are among Vijaya Diagnostic Centre's listed peers in India.