MUMBAI : Portea Medical Pvt. Ltd, India’s largest provider of home healthcare services, plans to raise around €900-1,000 crore through an IPO, said two people aware of the matter.
Existing shareholders are selling shares worth €700 crore and the company will sell new shares of €200 crore, the people said on condition of anonymity.
Portea is expected to submit the draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) in May, one of the people cited above said.
Email requests sent to an outside spokesman for the company Friday for comment went unanswered.
The Bengaluru-based company offers services including mother-child care, nutrition and nutritional counseling, physical therapy, nursing, laboratory testing, counseling, elder care for parents and critical care, according to its website.
The proceeds from the public offering will be used to expand the business.
The company is present in cities such as Mumbai, Delhi, Ghaziabad, Bengaluru, Ludhiana, Jaipur, Guwahati, Ahmedabad, Vijayawada, Bhubaneshwar and Kochi.
Portea manages more than 120,000 patient visits each month and works with more than 50 hospital partners, 15 pharmaceutical companies and leading insurance companies in India.
The company reported a loss of €48,093 as of March 31, 2021, according to documents from VCCEdge.
In the balance sheet there are trade payables in the amount of €22 lakh and liabilities of €32 lakhs. On the receivables side, the company has €4 lakh and some cash balance.
Commenting on the company’s financials, a seasoned market analyst said, “The company’s balance sheet is not in the best shape. The reserves and the surplus are negative. Share capital is minimal while the company survives on long term loans €2 crores”.
“In order for the DRHP to be approved, the company must file financial reports for the current year. The unsecured loan is from Healthvista India Pvt. Ltd, its parent company. They may convert their loan into equity. They owe money to MSMEs where they may face litigation, but the filing shows no litigation,” he said.
The Company also provides laboratory specimen collection and offers medical equipment for sale or rent and patient assistance programs for chronic disease management.
“Portea has built its own technology platform to help its providers adhere to SOPs, access diagnostic tools, share information and manage records for each patient,” the company’s website reads.
Subscribe to something Mint newsletter
* Enter a valid email address
* Thank you for subscribing to our newsletter.
Download the app to get 14 days of unlimited access to Mint Premium absolutely free!
Comments are closed.