Unihealth Consultancy IPO to open on September 8, to raise Rs 56.55 crore

Unihealth Consultancy IPO, a domestic healthcare services provider, will launch its initial public offering (IPO) on September 8 with a price range of  Rs 126 to Rs 132 per share. For the small and medium-sized enterprise market, this would be the fourth public offering this month.

The 42.84 million shares in the IPO are all new issues from the corporation. Through a public offering at the high end of the pricing range, it hopes to collect Rs 56.55 crore.

At the high end of the price range, the Mumbai-based firm has set aside 2.16 million equity shares for the market maker, for a total of Rs 2.85 billion. Qualified institutional buyers, high net worth individuals, and retail investors split the net issuance of 40.68 lakh shares in the ratio of 50:15:35, after deducting the market maker reservation portion from the total number of available shares in the issue.

The public offering, which will end on September 12th, will account for 27.82% of the paid up equity capital after the issuance.

The company, which has been in operation since 2010 and has a footprint across Africa, plans to use the fresh issue proceeds to fund the expansion and working capital needs of its Ugandan joint venture, Victoria Hospital (VHL), in Kampala, and the expansion of its Nigerian joint venture, UMC Global Health (UMCGHL), for a total of Rs 17 crore.

Unihealth Consultancy, founded by Anurag Shah and Akshay Parmar, plans to invest the net proceeds in its Tanzanian subsidiary, Biohealth Limited (BL), to meet the cost of its planned growth, which is estimated to reach Rs 15.87 crore.

An investor must place a bid for a minimum of 1,000 equity shares, and subsequent bids must be in multiples of 1,000 shares. Since the maximum investment a retail investor can make in an IPO is Rs 2 lakh, the lowest number of shares they can apply for is 1,000 shares, totaling Rs 1.32 lakh.

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Two separate multi-specialty hospitals, UMC Victoria Hospital in Uganda and UMC Zhahir Hospital in Kano, Nigeria, are run under the umbrella brand UMC Hospitals, which has a total capacity of 200 beds.

It also runs a dialysis clinic called "Unihealth Medical Centre" in Mwanza, Tanzania. Among its ongoing healthcare consultancy projects are ones in Kenya and Angola, where it is providing project management services for the establishment of a Health City with 300+ beds on behalf of the PHRC Lifespaces Organization.

For the fiscal year ended March FY23, the firm reported a profit of Rs 7.68 crore, an increase of 101 percent from the previous year, as well as increases in revenue (19.3 percent to Rs 43.94 crore) and EBITDA (20.1% to Rs 13.8 crore). The firm exports and distributes pharmaceutical and medical consumable products in Uganda, Tanzania, and Nigeria. A 30 bps increase brought the EBITDA margin up to 31.5%.

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The corporation is controlled by its "promoters" (95.32%), who also make up the majority of the company's board of directors.

The equity shares will be transferred to the demat accounts of qualifying investors by September 20, and refunds will be credited to the bank accounts of unsuccessful investors by September 18. The basis of allotment of IPO shares will be finalized by September 15, and the transfer will take place by September 20.

The NSE Emerge will be the stage for the premiere of Unihealth Consultancy on September 21.

Merchant banker Unistone Capital and registrant Bigshare Services.