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Initial Public Offer Aster Dm Healthcare PRIVATE CLIENT RESEARCH INITIAL PUBLIC OFFER FEBRUARY 9, 2018 IPO NOTE ASTER DM HEALTHCARE LTD Nipun Gupta NOT RATED [email protected] Background +91 22 6218 6433 Aster DM was incorporated in 2008 in a reorganization to facilitate the growth of operations, subsequent to which operations in the GCC states and India were consolidated. It had 149 operating facilities, including 10 hospitals with a total of 1,419 installed beds, as of March 31, 2013 and expanded to 316 operating facilities, including 18 hospitals with a total of 4,651 installed beds, as of March 31, 2017. In the GCC states, the number of clinics increased from 41 as of March 31, 2013 to 89 as of March 31, 2017, and the number of retail pharmacies increased from 98 as of March 31, 2013 to 202 as of March 31, 2017.It has diversified portfolio of healthcare facilities, consisting of 7 hospitals, 89 clinics and 202 retail pharmacies in the GCC states, 11 multi-specialty hospitals and 6 clinics in India, and 1 clinic in the Philippines as of March 31, 2017. A majority of hospitals and clinics provide secondary and tertiary healthcare services to patients. The company is spearheaded by Dr.Azad Moopen, the Promoter, Chairman and Managing Director of the company. Company operates in multiple segments of the healthcare industry, including hospitals,clinics, and retail pharmacies and provide healthcare services to patients across economic segments in several GCC states through various brands Aster, Medicare and Access. Company’s hospitals in India are located in Kochi, Kolhapur, Kozhikaode,Kottakkal, Bengaluru, Vijayawada, Guntur, Wayanad and Hyderabad. The company has 17408 employees as of September 30,2017 including 1417 full time doctors, 5797 nurses,1752 paramedics and 8442 other employees and also 891 fee for services doctors. The quality of medical care is evidenced by the number of quality certifications and other achievements the facilities have obtained from various local and international accreditation agencies. 5 of hospitals, 1 clinic and 1 diagnostic centre, and Aster Medcity in Kochi, Kerala, have obtained JCI accreditation. In 2006, MIMS Hospital in Kozhikode, Kerala received accreditation from the National Accreditation Board for Hospitals and Healthcare Providers, or NABH. In 2007, Medcare Hospital in Dubai received JCI accreditation. To meet the increasing demand, the company is in the process of building or expanding 10 Hospitals which are expected to add a total of approximately 1,727 beds. Details of Offer Particulars Details Price Band (Rs/Share) 180-190 Date of Issue 12th -15th Feb 2018 No of shares pre- Issue (Nos. mn) 467.069 No of shares post- Issue (Nos. mn) 505.227 Fresh issue (Rs bn) 7.25 Offer for Sale (Rs bn)* 2.417-2.55 Post Issue Market Cap (Rs bn) 91.32-95.99 Bid Size/Lot 78 shares Allocation QIBs 50% Non- Institutional 15% Retail 35% Lead Managers Kotak Mahindra Capital, Goldman Sachs, ICICI Securities, JM Financials, YES Securities *offer for sale by Union investments Pvt Ltd (Promoter) INITIAL PUBLIC OFFER February 9, 2018 Management Name Age Designation Dr. Azad Moopen 64 Chairman & Managing Director T.J. Wilson 56 Non- Executive Director Anoop Moopen 40 Non- Executive Director Alisha Moopen 36 Non- Executive Director Daniel Robert Mintz 55 Non- Executive Add Director Shamsudheen Bin Mohideen Mammu Haji 54 Non- Executive Director Harsh Mariwala 66 Independent Director Rajagopal Sukumar 50 Independent Director Ravi Prasad 56 Independent Director Daniel James Snyder 62 Independent Director M. Madhavan Nambiar 66 Independent Director Suresh M Kumar 67 Independent Director Source: RHP Corporate Structure GCC Structure Source: RHP India Corporate Structure Source: RHP Kotak Securities – Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 2 INITIAL PUBLIC OFFER February 9, 2018 Shareholding Pattern Particulars Pre issue Post issue Promoter Holding % 43.28 37.35 Public Holding % 55.93 61.92 Non promoter - Non Public 0.79 0.73 Total % 100 100 Source: RHP Object of the Offer The offer comprises the Fresh Issue and Offer for Sale Offer for Sale Company will not receive any proceeds from the Offer for Sale. Fresh Issue – requirement of Funds Company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects: 1. Repayment and/or pre-payment of debt – Rs.5573.16mn 2. Purchase of medical equipment- Rs.1103.11 3. General corporate purposes- Balance from fresh issue (The amount should not exceed 25% of the Gross Proceeds of the fresh issue) Segment-wise Revenue Breakup Particulars FY 2017 FY2016 FY2015 Rs. in Mn % of Total Rs. in Mn % of Total Rs. in Mn % of Total Hospital 27047 45.6% 25729 49.0% 19003 49.0% Clinic 16229 27.4% 12731 24.2% 9086 23.4% Retail Pharmacies 15978 26.9% 14018 26.7% 10646 27.5% Other Segment 59 0.1% 21 0.0% 23 0.1% Total 59313 100.0% 52499 100.0% 38758 100.0% Source: RHP Strengths Long standing presence across GCC states and India with strong brand equity Aster DM is one of the largest private healthcare service providers which operate in multiple GCC states based on numbers of hospitals and clinics, according to the Frost & Sullivan Report, and an emerging healthcare player in India. ‘Aster’, ‘Medcare’ and ‘Access’ brands are widely recognised in the GCC states by both healthcare professionals and patients. It address the needs of the upper and middle income segments in the GCC states respectively.Company’s long-standing presence in the GCC states has helped gain an understanding of the respective markets and the regulatory environments and has contributed towards the success of our GCC operations. Well diversified portfolio of service offerings to leverage multiple market opportunities Company has an established presence across multiple geographies, multiple healthcare delivery verticals and serve multiple economic segments. It provides healthcare services in the United Arab Emirates, Oman, Saudi Arabia, Qatar, Kuwait and Bahrain, which comprise all of the GCC states and in the Indian cities of Kochi, Kolhapur, Kozhikode, Kottakkal, Bengaluru, Vijayawada, Guntur, Wayanad and Hyderabad.It operates in multiple formats providing a wide range of services through diverse network of 7 hospitals, 89 clinics and 202 retail pharmacies in the GCC states, 11 multi-specialty hospitals and 6 clinics in India, and 1 clinic in the Philippines as of March 31, 2017. In addition to providing core medical, surgical and emergency Kotak Securities – Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 3 INITIAL PUBLIC OFFER February 9, 2018 services, it also offers advanced surgical treatments in various specialties, including cardiology, oncology, radiology, neurosciences, paediatrics, gastroenterology, orthopaedics and critical care services. Provision of high quality healthcare service Since the first clinic commenced operations in 1987, Aster DM has focused on providing high quality healthcare service. They constantly strive for a high standard of clinical excellence at all their hospitals, clinics and retail pharmacies. Their focus on quality is evidenced by the quality certifications and accreditations that their facilities have obtained from various local and international accreditation agencies, which include accreditation from the Joint Commission International (“JCI”). JCI is considered the gold standard of hospital accreditation in the healthcare industry and 5 of their hospitals, 1 clinic and 1 diagnostic centre in the GCC states, and Aster Medcity in Kochi, Kerala, have obtained such accreditation. Ability to attract and retain high quality medical professionals Aster DM has 17,408 employees as of September 30, 2017, including 1,417 full time doctors, 5,797 nurses, 1,752 paramedics and 8,442 other employees (including pharmacists). They also had 8941 “fee for service” doctors working across various specialities in their hospitals in India as of September 30, 2017. A number of their doctors are dedicated to clinical research and have published studies on topics such as “Three-Dimensional Computed Tomography Cancer”. As of September 30, 2017, approximately 30% of the doctors in their hospitals and clinics specialise in various clinical fields such as cardiology, cardio vascular thoracic surgery, neurovascular surgery, nephrology, orthopaedics, oncology and gastroenterology. addition to attracting doctors and other medical professionals to their facilities, Aster DM has a track record in building long-term relationships with their doctors and other medical and non-medical professionals. Track record of operating and financial performance and growth Aster DM has grown from 149 operating facilities in 5 countries, including 10 hospitals, as of March 31, 2013 to 323 operating facilities in 9 countries, including 19 hospitals, as of September 30, 2017. They have increased the bed capacity of their hospitals from 1,419 beds as of March 31, 2013 to 4,754 beds as of September 30, 2017. Their operational beds increased from 1,309 as of March 31, 2013 to 3,584 as of September 30, 2017. The Average revenue per occupied bed (“ARPOB”) in the GCC states increased from Rs.93,264 in fiscal 2013 to Rs.148,843 in the 6 months ended September 30, 2017 and the ARPOB in India increased from Rs.8,130 to Rs.22,876 during the same period. Strategy Continue to grow within the existing centres The company intends to grow their existing hospitals and clinics by adding new specialities and services, increasing the number of beds and relocating certain specialities into new facilities. They also intend to continue the growth of their retail pharmacy business through organic growth and acquisitions. In 2014, they expanded their product profile and commenced distribution of a number of products for which they have been granted exclusive distribution rights for the UAE by the supplier, to be sold in their retail pharmacies as well as those of third parties.
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