Bengaluru-based Healthtech Startup Portea Files DRHP With Sebi To Raise INR 1,000 Cr IPO
- ByStartupStory | July 1, 2022
The parent company of out-of-hospital healthcare startup Portea, Healthvista India Limited, has submitted its draught red herring prospectus (DRHP) to India’s securities and exchanges board (SEBI) in order to fund around INR 1,000 Cr through an initial public offering (IPO). The IPO consists of an offer for sale (OFS) of up to 56,252,654 shares worth INR 800 Cr and a new issue of equity shares worth INR 200 Cr.
After a board meeting in late May 2022, Portea changed its legal status to become a public limited company. When numerous media reports stated that the healthtech business would file for an IPO worth INR 1,000 Cr. in April of this year, Portea IPO rumours surfaced. So far, the rumours have proven to be true. Following the IPO, the healthtech business intends to list its shares on the BSE and NSE.
Up to 24,804,874 shares that Accel holds through Accel Growth III Holdings (Mauritius) Limited, Accel India III (Mauritius) Limited, and Accel India V (Mauritius) Limited will be sold through the OFS. Up to 4,278,680 shares may be sold by Ventureast Life Fund III, and up to 4,445,735 equity shares may be sold by MEMG CDC Ventures. Up to 4,256,924 equity shares from Qualcomm Asia Pacific and up to 3,984,752 equity shares from Sabre Partners Trust will be sold in the OFS.
The incoming funds will be used by Healthvista India for its subsidiary Medybiz Pharma’s working capital needs, debt repayment, the purchase of medical equipment, inorganic expansion initiatives, marketing, and other general company objectives. IIFL Securities, JM Financial, and SBI Capital Markets are the issue’s book-running managers.
Portea is a healthcare company founded in 2013 by Krishnan Ganesh and his wife Meena. Services include maternal care, physiotherapy, nursing, lab work, counselling, and critical care, among others. The firm claims to have serviced more than 500K patients, collaborated with more than 70 hospital partners, and had 3.4 Mn patients visit its centres. It is currently operating in 16 locations across India.
The parent company of Portea reported a total loss of INR 34.86 Cr for the nine-month period ending in December 2021. Portea earned INR 119.1 Cr within the specified period while incurring INR 153.9 Cr in costs. Portea suffered a loss of INR 37 Cr in FY21; as a result, it has managed to reduce losses so far in FY22. It earned INR 130.4 Cr in FY21, over 10% more than Portea did in the first nine months of FY22. The healthtech startup’s spending in FY21 totaled INR 167.4 Cr, which is roughly 8% more than expenses so far in FY22.
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