The healthtech startup raised $19.87 Mn (INR 165.8 Cr) via a rights issue on April 16
The board at Portea received a special resolution to issue 69.2 Mn Series D1 compulsory convertible preference shares (CCPS) at an issue price of INR 23.96 apiece
Its IPO comprises equity shares worth INR 200 Cr and an offer for sale (OFS) of up to 56.25 Mn shares
Healthtech startup Portea Medical
has raised $19.87 Mn (INR 165.8 Cr) through a rights issue, a year after it received an approval from the Securities and Exchange Board of India (SEBI) for initial public offering (IPO).
The board at Portea received a special resolution to issue 69.2 Mn Series D1 compulsory convertible preference shares (CCPS) at an issue price of INR 23.96 apiece, according to the company’s regulatory filing with the Registrar of Companies (ROC).
The development was first reported by Entrackr.
Having filed its Draft Red Herring Prospectus (DRHP) in July 2022, the startup bids to raise INR 800 Cr ($95.9 Mn) via its IPO. The IPO comprises a fresh issue of equity shares worth INR 200 Cr and an offer for sale (OFS) of up to 56.25 Mn shares.
It is pertinent to note that the startup introduced an addendum to its DRHP on March 10, 2023, before receiving a nod from SEBI in April 2023. It plans to list on the BSE and NSE post the IPO
Founded in 2013 by Krishnan Ganesh and Meena Ganesh, Portea Medical offers healthcare services which include maternal care, physiotherapy, nursing, lab tests, counselling and critical care, among others. The Bengaluru based startup has raised over $75.1 Mn since inception.
In its last disclosed financial results, the startup reported an operating revenue of INR 145 Cr in the financial year 2022-23 (FY23), a 3.3% decline from INR 150 Cr in the previous fiscal year, as per data reported by Entrackr. In the FY, Portea’s expenses also grew 32.5% from INR 40 Cr in FY22 to INR 53 Cr in FY23.
This development comes at a time when the bourses are heating up for new age tech stocks as multiple startups are looking to make a go at the public market in FY24. Last week, Swiggy filed its DRHP with the SEBI, albeit confidentially. The foodtech major is looking to raise $1.2 Bn with its IPO.
Further, Peak XV-backed coworking space provider Awfis and B2B travel portal Travel Boutique Online or TBO Tek, also received a go-ahead from the exchanges for their respective IPOs, last week.
Other awaited public market debuts include ixigo, MobiKwik, Unicommerce, and Ola Electric.
