Fortis Healthcare Ltd IPO (Fortis Healthcare IPO) Detail

Apr 16, 2007 - Apr 20, 2007

Incorporated in 2001, Fortis Healthcare Limited (FHL) is one of the largest private healthcare companies in India, based on the number of hospital beds. Fortis currently have a network of 12 hospitals primarily in north India, 15 satellite and heart command centers in hospitals across the country and one heart command center in Afghanistan.

Most of Fortis's hospitals are multi-specialty hospitals, which provide secondary and tertiary healthcare to patients. Some of there multi-specialty hospitals also include super-specialty "centers of excellence" providing quaternary healthcare to patients in key specialty areas such as cardiac care, orthopedics, neuro-sciences, oncology, renal care, gastroenterology and mother and child care. In addition, two of there hospitals, Escorts Heart Institute & Research Centre at New Delhi ("EHIRC") and Escorts Heart Centre at Raipur ("EHCR"), focus primarily on cardiac patients, with EHIRC serving as a super-specialty “center of excellence” for cardiac care.

During fiscal 2006, Fortis performed over 5,000 open heart surgeries, 5,000 angioplasties and 15,000 angiographies. Fortis currently have approximately 1,580 inpatient beds in use across its network of 12 hospitals.

Fortis's total income for fiscal 2006 for FHL, EHIRCL and its subsidiaries and IHL was Rs. 999.82 million, Rs. 2,894.56 million and Rs. 504.73 million, respectively. Restated net loss for the same period for FHL, EHIRCL and its subsidiaries and IHL was Rs. 276.71 million, Rs. 84.67 million and Rs. 67.29 million, respectively.

Objects of the Issue:

The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges and
1. To meet the cost of development and construction of a new hospital owned by OBPL, a subsidiary of the Company;
2. To Refinance of funds availed for the acquisition of Escorts Heart Institute Research Centre Limited; and
3. To prepay some our short term loans.

Fortis Healthcare IPO Details

IPO Opening DateApr 16, 2007
IPO Closing DateApr 20, 2007
Issue TypeBook Built Issue IPO
Face Value₹10 per equity share
IPO Price₹92 to ₹110 per equity share
Market Lot60 Shares
Min Order Quantity60 Shares
Listing AtBSE, NSE
Issue Size45,996,439 Eq Shares of ₹10
(aggregating up to ₹496.76 Cr)

Fortis Healthcare IPO Lot Size

The Fortis Healthcare IPO market lot size is 60 shares. A retail-individual investor can apply for up to 30 lots (1800 shares or ₹198,000).

ApplicationLotsSharesAmount (Cut-off)
Minimum160₹6,600
Maximum301800₹198,000

Fortis Healthcare IPO Subscription Status (Bidding Detail)

The Fortis Healthcare IPO is subscribed 2.78x times on Apr 20, 2007 17:00. The public issue subscribed 3.25x in the retail category, 2.72x in the QIB category, and 1.74x in the NII category. Check Day by Day Subscription Details (Live Status)

CategoryIPO Subscription
Total

2.78x

Fortis Healthcare IPO Prospectus

Fortis Healthcare IPO Rating

193
3.0
Rating:Rated 3.0 stars

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Fortis Healthcare IPO Listing Date

Listing DateWednesday, May 9, 2007
BSE Script Code532843
NSE SymbolFORTIS
Listing InB1
ISININE061F01013
IPO Price₹108 per equity share
Face Value₹10 per equity share

Listing Day Trading Information

.
IPO Price
Open
Low
High
Last Trade
Volume
BSE
₹108.00
₹105.00
₹97.90
₹109.10
₹100.00
13,787,704
NSE
₹108.00
₹110.00
₹98.05
₹110.00
₹100.15
22,950,815

Fortis Healthcare IPO Reviews / Ratings

  • Business Line - Avoid

Company Contact Information

Fortis Healthcare Ltd
Piccadily House, 275- 276,
4th Floor, Captain Gaur Marg,
Srinivas Puri, New Delhi 110 065, India

Phone: +91 11 4229 5222
Email: fortisipo@fortishealthcare.com
Website: http://www.fortishealthcare.com

Fortis Healthcare IPO Registrar

Link Intime India Private Ltd
   Link Intime India Private Ltd
   C 101, 247 Park, L.B.S.Marg,
   Vikhroli (West), Mumbai - 400083

Phone: +91-22-4918 6270
Email: fhlipo@intimespectrum.com
Website: http://www.linkintime.co.in

Fortis Healthcare IPO FAQs

  1. What is Fortis Healthcare IPO?

    Fortis Healthcare IPO is a main-board IPO of 45,996,439 equity shares of the face value of ₹10 aggregating up to ₹496.76 Crores. The issue is priced at ₹92 to ₹110 per equity share. The minimum order quantity is 60 Shares.

    The IPO opens on Apr 16, 2007, and closes on Apr 20, 2007.

    Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

  2. When Fortis Healthcare IPO will open?

    The Fortis Healthcare IPO opens on Apr 16, 2007 and closes on Apr 20, 2007.

  3. What is the lot size of Fortis Healthcare IPO?

    Fortis Healthcare IPO lot size is 60 Shares and the minimum order quantity is 60 Shares.

  4. How to apply for Fortis Healthcare IPO?

    You can apply in Fortis Healthcare IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Edelweiss, ICICI Bank, HDFC Bank and SBI Bank.

  5. When Fortis Healthcare IPO allotment?

    The finalization of Basis of Allotment for Fortis Healthcare IPO will be done on [.], and the allotted shares will be credited to your demat account by [.]. Check the Fortis Healthcare IPO allotment status.

  6. When is Fortis Healthcare IPO listing date?

    The Fortis Healthcare IPO listing date is on Wednesday, May 9, 2007.

Fortis Healthcare IPO Message Board

Ranked Members  Ranked Members

Loading...
196. hiren soni |May 24, 2007 22:38
i would get 160 shares of this ipo what should i do.
195. Madhu |May 23, 2007 07:20
Hi,
Short term gains are bleak for Fortis, but medium to long term definitely it will be a good share. All the best.
194. khan |May 21, 2007 17:08
hi all, pls tell what to do with this shares, price is getting down day by day . where it will reach, any chance to getting up. what to do should we sell or still wait. pls tell...........
193. Rajesh Munjal |May 21, 2007 06:51
Mr gulab singh ji
u will recived ur refund on d address which is mention in ur demat account and for non refund of ur money u can contact Intime Spectrum Registry Ltd ( Ph: +91 22 2596 0320 Email: fhlipo@intimespectrum.com ) u will recived ur money within a week.

Rajesh Munjal
192. Rajesh |May 20, 2007 16:28
Hi all, Sell fortis if you annot hold for more than atleast three months.
best luck!!!
191. Sunanda |May 15, 2007 15:15
Wondering why its performance is poor expected to be a good IPO but the shares are going down day by day
190. Gulab Singh |May 14, 2007 21:17
I had applied for 4 IPO lots of Fortis Healthcare Limited. Unlikely even a single lot could not be allotted to me. But till date refund is awaited. In the application form I have given my present posting address. But there is my permanent address in my DMAT account (which is with Indiabuls ). No body is sure whether my refund draft will be sent at my address mentioned in the application form for allotment of above IPOs or at the address mentioned in my DMAT account. Please confirm and also guide me whom should I contact for early refund of my payment which I have deposited in the shape of demand draft in the name of "Escrow Account FHL Isue QIB-R".
189. X FACTOR |May 11, 2007 18:10
Bhai log fortis wale escorts main heart ka operation karane ke liye 20% discount ka coupon denge, jaise bata wale dete hain joote kharidne ke liye. isliye jinka allotment aaya hai unhe ghabrane ki koi baat nahi hain.
188. subba |May 10, 2007 18:40
Dont go by brokerage views alone. Either you make profit or loss they will earn their brokerage money. Their intention is to make us buy and sell as much as possible.
187. TC |May 10, 2007 02:25
SEE NOW AFTER IPO

Sell Fortis Healthcare; valuation too high: HDFC Sec
2007-05-09 10:55:13 Source : Moneycontrol.com

Broking house, HDFC Securities has come out with report on Fortis Healthcare and has recommended to sell rating on the stock.

HDFC Securities report on Fortis Healthcare

Investment Rationale

Hospital business is highly capital intensive, requiring high asset turnover ratio and good margins to justify the investment. In the case of Fortis, both these parameters are lacking. The company operates on very low margins, compared to Apollo.
Though the revenue per bed in a few hospitals is very good, it is doubtful whether this can be translated to other group hospitals because, as the share of other ailments (other than cardio) increases, this revenue will come down.
The other players entering the NCR region can take business away from Fortis. Moreover, Dr Naresh Tehran is setting up his own MediCiti in Gurgaon. This will take away the cardio business from Escorts, Delhi.
The company currently has only one main revenue stream, hospital revenue. Apollo, for instance, has diversified revenue streams including Pharmacy, Pathology labs, Health Insurance, Medical Business Outsourcing, among others.
We believe, the valuation of the IPO is too high, against other listed domestic and global players. This is despite the fact that Fortis is a very small player in the industry.
Valuation and Outlook

The company has very low operating efficiency, compared to other big listed players. With the competition in the NCR region growing and its excessive dependence on just two hospitals and a few well-known doctors, the company’s position will prove to be very risky in the near future. Market capitalization of company at the upper band, is about Rs 2500 crore. This is about 5 times its FY07 expected sales. It is very high, compared to Apollo Hospitals, which is trading at MCap/Sales of 2.84 times (MCap=Rs 2560 crore; FY07 Sales (E) = Rs 900 crore).

About Fortis Healthcare

Fortis Healthcare opened its first hospital in Mohali in 2001. It is into the Tertiary Care Hospital (TCH) segment. Currently, it operates 11 hospitals of which, 6 are owned while 5 are on management contracts. All hospitals are in the NCR region. In September 2005, the company acquired 90% share in Escorts Hospitals, a company much bigger than itself, for a total consideration of Rs 5850 mn. Currently, Escorts contributes about 2/3rd of its revenue.

Concerns

The geographical concentration of the company in the NCR region is a worrying fact. 90% of its operating profit comes from just 550 beds in Mohali and South Delhi hospital combines.
Rising real estate prices may pose a big threat to the company’s ambitious growth plans, as it would increase the cost of projects substantially.
Healthcare Accreditation

Contact us for expert guidance! JCAHO, CARF, Medicare & AHCA
186. TC |May 10, 2007 02:23
pleas read this before ipo of hdfc and see now what hdfc has changed their views .pucca cheating.please complain
hdfc sec bullish on fortis ipo

pti[ sunday, april 15, 2007 11:45:16 am]

new delhi: the ranbaxy labs promoter group company fortis healthcare limited is entering the capital market with an initial public offering opening tomorrow and the leading brokerage firms are bullish on the fortunes of the company in view of growth in the sector both spread in infrastructure and gradual increase in spending on healthcare.
fortis healthcare has fixed a price band of rs 92 to rs 110 against the pre-ipo placement at an average price of rs 144 thus giving an opportunity to investors for a handsome appreciation in the share price.
fhl, which is positioned as a world-class integrated healthcare delivery system entailing the finest medical skills combined with compassionate patient care, is well positioned in the current scenario wherein the healthcare sector is riding on the growth of infrastructure, shifting demographics and the gradual spend on healthcare insurance amongst indian population.
analysts from hdfc securities said in their report that "the tremendous scope in the healthcare industry is yet to trickle down to the micro level due to the peculiarities of the indian market. it would be anybody's guess as to the speed with which this will happen going forward."
after clothes and food, big industrial players are perking up the retail health segment by providing round-the-clock healthcare, including counselling and out-patient services, they observed.
fortis has a strong portfolio in specialties such as cardiac care, orthopaedics, neuro-sciences, renal care, oncology, gastroenterology, diabetology, pulmonology and mother and child care.

185. TR |May 10, 2007 01:46
shor shor shor saari aur hai ranbaxy aur cairn badi **** hai.
these company are here to loot people.
u know what shivender (comapan md) said that we have given very good proce because we want people small investors to make lot of money from ipo so we have left lot of appreciation on listing and thats why we priced it so less.check the interview of shivender before ipo listing and now he himself wants stock to go down by saying that our case will take very long.does sebi not take action against such people who give false interviews before their ipo.
only to loot money from people.cheaters.
i have sent mail to sebi complaining about fortis and its md false comittment.please u also write to sebi about it else none would take action
184. Vikram |May 9, 2007 20:27
Fortis Listing:

A Ranbaxy promoter group company, Fortis Healthcare has started the day with small premium of Rs 2 on the NSE over its issue price of Rs 108 per share and touched an intraday high/low of Rs 110 and Rs 98.05, respectively.

It remained in the above intraday range through the day and could not cross issue price though it moved above that in the opening trade. It had witnessed selling pressure during the day on account of management saying that Escorts litigation will take some more time and due to volatility in markets.

Finally, it ended the day at Rs 100, down 7.41% on the BSE and NSE, with volumes of 2,29,50,815 and 1,37,87,704 shares, respectively.

It has hit an intraday high of Rs 109.10 and low of Rs 97.9 on the BSE.
183. X FACTOR |May 9, 2007 19:54
so where are all those super analysts who were talking of Fortis listing at 125 & 135 and going up to 200.
182. Vinay |May 9, 2007 19:50
Hi ,
Pl. read my message No 169. I told before listing it will go down.
Now time to react to message 168. I have good sources in CINEMAX and with couple of stok market brokers. Following up since 1 year now.
181. Ranjeet Singh |May 9, 2007 19:44
Fortis plans 40 hospitals by 2012

PTI[ WEDNESDAY, MAY 09, 2007 01:40:22 PM]

MUMBAI: Ranbaxy Group company Fortis Healthcare is targeting a pan-India presence with plans to set up 40 super-speciality hospitals by 2010.

'We plan to have 40 hospitals with 6,000-bed capacity by 2010,' Fortis Healthcare Chief Executive Officer and Managing Director Shivinder M Singh said here on Wednesday after his company's listing on the Bombay Stock Exchange (BSE).

At present, the company has all-India capacity of about 2,000 beds.

As part of its greenfield projects, it will be launching a hospital in Jaipur on June two, followed by greenfield facility in New Delhi and Medicity at Gurgaon, Haryana, in the next phase.

'Fortis has aggressive expansion plans...after remaining focused on north India, we plan to expand elsewhere and Mumbai will be the next location,' Ranbaxy Laboratories Chief Executive Officer and Managing Director Malvinder Mohan Singh said.

The company's first hospital in Mumbai will come up at Vashi in neighbouring Navi Mumbai in the next two-three months, Shivinder said.

Talking about the huge growth opportunities in the healthcare sector, Malvinder said, 'The Indian healthcare industry has grown to around $30 billion right now as compared to $20 billion in 2001 and is expected to be worth 40 billion dollars by 2012.'
180. amit |May 9, 2007 19:21
This is very great issue and buy this stock.
179. amit gupta |May 9, 2007 19:21
This is very great issue and buy this stock.
178. subba |May 9, 2007 16:54
Hi, I am not speculating. See moneycontrol.com it SP tulsian's view that it may go upto 120-130 in three months time.

Anyway thanks for your advice.
177. Analytical |May 9, 2007 15:56
Dear Subba

Donot invest/predict on the basis of speculation, my sincere advice to you.

Rgds







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