Krishna Institute of Medical Sciences (KIMS) will launch its Rs 700-crore initial public offering (IPO) for subscription on June 16. The General Atlantic-backed firm has set a price band of Rs 815-825 per share for the issue which will close on June 18.

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The company has 267 shareholders, including General Atlantic, which held a 40.91 percent equity stake in KIMS Hospitals.

The company had filed its draft papers with the Securities and Exchange Board of India (SEBI) in February and received nod from the market regulator in April.

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The public issue comprises a fresh issue of equity shares of up to Rs 200 crore and an offer for sale (OFS) of up to 2.35 crore equity shares by existing promoters and shareholders.

In the OFS, 1.60 crore shares would be offered by investor General Atlantic Singapore KH, 3.87 lakh by Dr Bhaskara Rao Bollineni, 7.75 lakh shares by Rajyasri Bollineni, 3,87,966 shares by Bollineni Ramanaiah Memorial Hospitals, and 60 lakh by other existing selling shareholders.

The proceeds from the fresh issue will be used to repay the debt of the company and its subsidiaries and for general corporate purposes, the company said.

KIMS is one of the largest corporate healthcare groups in Andhra Pradesh and Telangana in terms of the number of patients treated and treatments offered. It operates nine multi-specialty hospitals under the 'KIMS Hospitals' brand, with an aggregate bed capacity of 3,064, including over 2,500 operational beds as of December 31, 2020.

The offer also includes a reservation of shares up to Rs 20 crore for employees. Investors can bid for a minimum of 18 equity shares and in multiples of 18 equity shares thereafter.

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The 75 percent of issue size has been reserved for qualified institutional buyers, 10 percent for retail, and the balance 15 percent for non-institutional investors.

Kotak Mahindra Capital Co Ltd, Axis Capital Ltd, Credit Suisse Securities (India) Pvt Ltd and IIFL Securities Ltd have been appointed as book-running lead managers to the issue.