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Paul Noronha

Dr S.K. Sundaramoorthy, CMD, Lotus Eye Care Hospital Ltd, at a press conference to announce the IPO of the company in Mumbai on Friday. —

Our Bureau

Mumbai, June 6

Lotus Eye Care Hospital Ltd is foraying into the capital market with an IPO of one crore equity shares of Rs 10 each.

The company plans to raise a total of Rs 42 crore at the upper end of the price band. The price band for the issue has been fixed between Rs 38 and Rs 42.

Issue will open on June 12 and close on June 17. The shares are proposed to be listed on both the Bombay Stock Exchange and the National Stock Exchange.

Proceeds from the issue will be used to part-finance its expansion plans. This will include expansion of its existing facilities and also setting of new centres. The company plans to set up two primary eye care centres in Bangalore and one in Chennai.

It also plans on setting up secondary eye care centres at R.S. Puram, Tirupur, and Karur and a tertiary eye care centre at Salem.

“The entire expansion would be completed in a period of 15 months,” said Dr S.K. Sundaramurthy, Chairman, Lotus Hospital.

At present, the company has two eye care hospitals in Coimbatore, one in Salem and one in Tirupur.

Qualified institutional buyers will be allotted 50 per cent of the issue, 15 per cent to non-institutional investors and the remaining 35 per cent will be allotted to retail investors.

Keynote Corporate Services Ltd is the book running lead manager and Canara Bank Merchant Banking Division is the co-lead manager for the issue.

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