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Time of India
02-07-2025
- Business
- Time of India
Logistics startup Shadowfax files for Rs 2.5k cr IPO
Mumbai: Logistics startup Shadowfax has filed draft IPO papers with Sebi through the confidential filing route. The company is seeking to raise up to Rs 2,000-2,500 crore, comprising a mix of fresh issue of shares and offer for sale by existing shareholders, sources said. The Flipkart and TPG-backed logistics startup, which was last valued at $712 million or about Rs 6,000 crore, is eyeing an IPO valuation of about Rs 8,500 crore. In the last few days, Pine Labs, Wakefit, and Curefoods filed draft IPO papers with the markets regulator, with other startups in the queue. TNN Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
New Indian Express
22-06-2025
- Business
- New Indian Express
‘We plan to add 1,700 beds by FY27; 57% beds likely in tier 2/3 cities'
Kochi- and Dubai-based Aster DM Healthcare, founded by Dr Azad Moopen in 1987 with a single clinic in Dubai, expects to complete the takeover of the Blackstone and TPG-backed Quality Care Hospital by the fourth quarter of this fiscal. The takeover will result in the third largest hospital chain Aster Quality Care, after Apollo and Fortis, with 38 hospitals across four brands -- Aster DM, Care Hospitals, KIMS Health and Evercare -- offering over 10,150 beds spread across 27 locations. Aster Quality Care is now jointly controlled by the Moopen family holding 24% and Blackstone owning 30.7%. In an interaction with Benn Kochuveedan of TNIE, Dr Azad Moopen shares his plans and expectations from the largest deal that his group has done. Excerpts: When do you see the merger of Quality Care Hospital getting completed? What are the targets in terms of revenue, profit expansion etc? The merger brings together four leading healthcare brands — Aster DM, Care Hospitals, KIMS Health, and Evercare — forming one of the largest hospital chains with 38 hospitals and over 10,150 beds across 27 cities. Financially, the merger strengthens the balance sheet and cash flow, enabling accelerated expansion plans. We aim to increase bed capacity to around 13,300 beds by FY27, further expanding our reach into tier 2 and 3 cities, providing a platform for sustained growth in the future. The merger is expected to be concluded by Q4FY26, with benefits expected to start flowing in from early FY27. What are the synergies you see from the merger? The merger unlocks significant synergies that will drive growth, operational efficiencies, and enhanced patient care across the combined network. Integrating our extensive hospital portfolios will allow the new entity to benefit from economies of scale by negotiating better terms with suppliers, reducing costs, and streamlining inventory management that will lower operational expenses and improve margins. What is the capex plan for fiscal 2026, especially in light of the merger-driven expansion? How many more hospitals and beds to come up this fiscal? We plan to add 1,700 beds by FY27, taking the total bed tally in India to over 6,800 through the organic route and will further look for expansion through the inorganic route. Our overall capital allocation for expansion across the domestic market is Rs 1,400 crore, of which we have already spent around Rs 350-400 crore. You have announced a Rs 850-crore investment in Kerala. What is the strategic thinking behind focusing so much on Kerala, which is often seen as a relatively mature market? Kerala is now poised for a significant transformation with a planned investment of Rs 850 crore over the next three years. This expansion will be anchored by two major greenfield projects: Aster Capital Trivandrum, a 454-bed tertiary care facility, and Aster MIMS Kasaragod, a 264-bed multispecialty hospital. In addition, our flagship hospital, Aster Medcity in Kochi, is undergoing a substantial upgrade. By FY27, our total bed capacity in Kerala is expected to reach 3,453, marking a milestone in our journey of delivering quality healthcare and driving sustainable growth. Affordable healthcare remains a chimera for the average citizen. What is Aster doing differently on this front? To balance affordability and sustainability, we centralise complex procedures in larger hospitals, while smaller units focus on primary/secondary care. By FY27, as much as 57% of our planned bed additions will be in tier 2/3 cities, reinforcing our commitment to these regions. Technology is key to bridging gaps, with telemedicine set to grow at 20.7% annually till FY30, reaching $15.1 billion. Our digital health arm is expanding tele-ICU, teleradiology, AI-driven diagnostics, IoT monitoring, and EMR platforms to enhance accessibility, affordability, and quality care nationwide. What are the digital initiatives of the group? Some of our technology-driven, patient-friendly initiatives include the introduction of the Aster Health app that offers appointment bookings, e-pharmacy, and access to digital health records. We have come up with AI-powered diagnostic solutions, including the Carpal Tunnel Syndrome detection tool in collaboration with the Indian Institute of Science. We are also expanding the home healthcare services under Aster@Home, providing in-home consultations, diagnostics, and physiotherapy, catering to India's growing elderly and chronic care populations.
Time of India
15-06-2025
- Business
- Time of India
Manipal, Fortis in talks to raise Rs 5,000 cr for Sahyadri Hospitals bid
With the bidding deadline for Sahyadri Hospitals approaching on June 22, interested bidders including Manipal Health Enterprises and Fortis Healthcare are engaging with foreign lenders to raise financing of up to Rs 5,000 crore, people familiar with the matter said. The funds will be used to back their respective bids for the multispecialty hospital chain. The two hospital operators are in discussions with banks including DBS Group Holdings , Deutsche Bank AG, Mizuho Bank, HSBC Holdings and Barclays, the people said, asking not to be named. Aster DM Healthcare , another potential bidder, is yet to firm up financing discussions, the people said. "Fortis and Manipal are in talks with global banks to raise anywhere between Rs 3,000 crore and Rs 5,000 crore to fund the acquisition of Sahyadri Hospitals," one of the people quoted above said. Spokespersons of Manipal, Fortis, DBS, HSBC, Barclays, DB and Mizuho did not immediately respond to requests for comment. Ontario Teachers' Pension Plan (OTPP), which owns a 98.9% stake in Sahyadri Hospitals, is selling the asset less than three years after acquiring control. Sahyadri was Ontario Teachers' first control private equity buyout in India. The Canadian pension fund, which has more than $3 billion invested in India, hired Jefferies earlier this year to run the sale process. ET had reported on December 6, 2024 that OTPP will launch a process to sell Sahyadri Hospitals. OTPP had acquired the company from Everstone Capital at a Rs 2,500 crore valuation, which had earlier bought the chain from founder Dr Charudutt Apte in 2019 for Rs 1,000 crore. OTPP is a global investor with net assets of $266.3 billion as on December 31, 2024. Sahyadri operates 11 hospitals with 1,300 operational beds across Pune, Nashik and Karad in Maharashtra. Its facilities cover specialties, including cardiology, transplants, neurology and critical care. It has over 2,500 clinicians and 3,500 supporting staff. The company is empanelled under several government health schemes, including Ayushman Bharat and CGHS. It was founded in 1996 by Dr Apte, a neurosurgeon. The bidding for Sahyadri comes amid consolidation in India's hospital sector. Late last year, Blackstone and TPG-backed Quality Care India announced a merger with listed Aster DM to form India's third-largest hospital chain with over 10,000 beds. "Post the Covid pandemic, the Indian hospital segment has been in investors' limelight due to a surge in primary market transactions with six hospitals concluding their IPOs, rising interest from new investors, predominantly private equity, for ownership, record FDI inflow into hospitals in FY24 at $1.53 billion, which is 50% of the overall investment in healthcare vs the 27% cumulative share since FY12 and aggressive bed expansion plans of listed hospitals," Tausif Shaikh, India analyst-pharma and healthcare at BNP Paribas India, said in a report released last year.
