Credent Connect N Care Raises INR 26.5 Cr from Anchor Investors Ahead of IPO

The healthtech provider plans to raise INR 93.89 crore, comprising an entirely fresh issue of 49.68 lakh shares.

New Delhi-based healthcare and medical logistics provider Credent Connect N Care has raised INR 26.53 crore ($2.8 million) from 10 anchor investors ahead of its IPO opening.

The healthtech provider plans to raise INR 93.89 crore, comprising an entirely fresh issue of 49.68 lakh shares.

The IPO price band has been fixed at INR 179–189 per share, with the anchor shares allotted at the upper end of the price band at INR 189 per share.

In addition, it has allocated 14.04 lakh shares, representing 28 percent of the total offer size, to anchor investors.

Credent Connect N Care seeks to deploy the proceeds of the IPO towards working capital, capital expenditure, debt repayment, and general corporate purposes.

As per reports, INR 26.8 crore of the IPO proceeds is earmarked to meet the working capital requirements of its subsidiary, Credent Healthcare, while INR 3 crore will be allocated towards capital expenditure, primarily for machinery.

The company will also allocate INR 37 crore towards its own working capital requirements and INR 6 crore towards repayment of outstanding loans. The balance proceeds will be utilised for general corporate purposes.

Among the anchor investors, Abakkus Asset Management emerged as the largest investor through Abakkus Venture Opportunities Fund and Mint Focussed Growth Fund, emerged as the largest investor, with each fund picking up 2.64 lakh shares for INR 5 crore.

In addition, Hem Growth Opportunities Fund acquired 2.37 lakh shares for INR 4.48 crore, while Motilal Oswal Financial Services, through Motilal Oswal Finvest, purchased 2.11 lakh shares for INR 4 crore.

Meanwhile, 360 ONE, through 360 ONE LVF Treasury Solutions Fund, acquired 53,400 shares for more than INR 1 crore.

Additional participants included LRSD Securities, Finavenue Capital Trust, Meru Investment Fund, Religo Commodities Venture Trust, and Shine Star Build Cap.

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