Whalesbook
Toh bhaiyo, sun rahe ho? Manipal Health Enterprises apna IPO laane ki race mein hai aur yeh koi chota-mota IPO nahi hone wala. Company ka target hai poora $1 Billion se zyada raise karna, jisse company ka valuation $12 Billion tak pahunch jaye. Matlab, ekdum bada plan hai! Is fundraising mein company naye shares issue karegi lagbhag $960 Million ke, jo future growth ke liye use honge. Aur haan, jo log kab se invest karke baithe hain, jaise Temasek aur TPG, woh bhi apne kuch shares sell karenge, lagbhag 4.32 Crore shares, yani apna 3.66% stake. Iss offer ko lekar company ne regulator ko papers bhi submit kar diye hain.
Ab dekho, yeh $12 Billion ka valuation target thoda aggressive lag raha hai jab hum competitors ko dekhte hain. India mein healthcare sector mein recovery dikh rahi hai, Nifty Healthcare Index bhi is saal lagbhag 8% badha hai. Lekin Manipal ka valuation, peers ke comparison mein kaafi high hai. Jaise, Apollo Hospitals Enterprise ka valuation $25 Billion hai, aur woh bhi 70x P/E ratio par trade ho raha hai. Fortis Healthcare aur Max Healthcare Institute jaise companies $5 Billion aur $8 Billion ke aas paas hain, aur unka P/E multiple 50x se 60x ke beech chal raha hai. Jabki Manipal ka target valuation toh lagbhag 100x P/E se bhi upar ja sakta hai! Yeh dekh ke institutional investors thoda sochnge zaroor.
Asal mein, iss IPO mein do bade goals hain: company ko growth ke liye naya paisa milna aur purane investors ko unke investment se bahar nikalne ka mauka milna. Jab aap itna bada valuation target karte ho aur saath mein existing shareholders ka bada stake sell karte ho, toh investors ko lag sakta hai ki company ne purane investors ke exit ko zyada priority di hai growth se. India mein kayi baar bade IPOs mein aisa hota hai ki existing investors liquidity chahte hain, jo ki sahi hai, lekin growth capital ko balance karna bhi zaroori hai.
Ab yeh IPO safal hoga ya nahi, yeh toh time batayega. Lekin Manipal ne iske liye poori taiyari ki hai. Unke paas Kotak Mahindra Capital Co., Axis Bank jaise domestic advisors hain aur Goldman Sachs, JPMorgan jaise global banks bhi saath hain. Par iss $12 Billion ke valuation ko justify karne ke liye Manipal ko apni future growth story ekdum zabardast tarike se pesh karni hogi. Market ka mood, economic outlook, aur healthcare sector ki overall performance bhi bahut matter karegi ki investors is offer ko kaise dekhte hain.