Metropolis Healthcare Limited’s $174 Million Initial Public Offering


Khaitan & Co advised Metropolis Healthcare Limited in relation to its initial public offering (IPO).

Metropolis Healthcare Ltd executed its Initial Public Offering raising more than $174 million.

JM Financial, Credit Suisse Securities (India) Pvt. Ltd, Goldman Sachs (India) Securites Pvt. Ltd, HDFC Bank Ltd and Kotak Mahindra Capital Co Ltd managed the offering.

Mumbai-based Metropolis is a diagnostics chain and operates in 19 states in India with strong footprints in the western and southern regions. It offers a range of clinical tests used to diagnose a range of illnesses.

The company follows a hub-and-spoke model. It has a network of 115 clinical labs, 1,631 patient touch points, about 9,000 pick-up points and 552 assisted referral centres as on 31 December 2018.

Outside India, it has laboratory operations in Ghana, Kenya, Zambia, Mauritius and Sri Lanka. In addition, the company has entered into agreements with third parties for collection and processing of samples in Nepal, Nigeria, the UAE and Oman.

Khaitan & Co advised Metropolis Healthcare Limited with a team including Abhimanyu Bhattacharya (Picture), Aditya George Cheriyan, Oishik Bagchi, Aparna Bagree, Devarshi Mukhopadhyay (Capital Markets, Anuj Shah, Kartikeya Prakash, Rhea Jha (Corporate), Vinita Krishnan, Sneh Shah (Tax), Kumar Saurabh Singh and Krishnendu Sen (Finance).

Involved fees earner: Abhimanyu Bhattacharya – Khaitan & Co.; Aditya Cheriyan – Khaitan & Co.; Vinita Krishnan – Khaitan & Co.; Kumar Saurabh Singh – Khaitan & Co.; Anuj Shah – Khaitan & Co.;

Law Firms: Khaitan & Co.;

Clients: Metropolis Healthcare Ltd;