SRL Diagnostics, India’s largest chain of diagnostic laboratories by geographic presence, is reportedly considering an IPO to raise around Rs 2,000 crore.
According to sources with knowledge of the matter, the subsidiary of Fortis Healthcare, backed by Malaysia’s IHH and private equity investors, is in preliminary discussions with investment bankers to bring in advisors for the potential offering.
The proposed listing is expected to consist primarily of an offer for sale (OFS) component, although no final decision has been made on the size or timing of the IPO. The move is said to be driven by SRL Diagnostics’ private equity investors, who are seeking an exit to generate returns.
Several investment banks have pitched for the IPO mandate, and a decision on the selected bankers is expected soon. SRL Diagnostics’ promoter group currently holds a 57.68 percent stake, while the private equity investors, which include NY Jacob Ballas, IFC, and others, hold 31.52 percent.
The potential IPO could provide an opportunity for investors to participate in the growth of one of India’s largest and most geographically diverse diagnostic laboratory chains.
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