The health tech startup raised $19.87 million (INR 165.8 crore) via a rights offering on April 16. The board of Portea received a special resolution to issue 69.2 million Series D1 compulsory convertible preference shares (CCPS) at an issue price of INR 23.96 each.
Its IPO includes equity shares worth INR 200 crore and an offer for sale (OFS) of up to 56.25 million shares.
Portea Medical, a health tech firm, raised $19.87 million (INR 165.8 crore) through a rights issue, a year after receiving approval from the Securities and Exchange Board of India (SEBI) for an initial public offering.
Portea’s board approved a special resolution to issue 69.2 million Series D1 compulsory convertible preference shares (CCPS) at an issue price of INR 23.96 per share, according to the company’s regulatory filing with the Registrar of Companies.
As this was initially reported by Entrackr, The business filed its Draft Red Herring Prospectus (DRHP) in July 2022 and plans to raise INR 800 crore ($95.9 million) through its IPO. The IPO consists of a fresh issue of equity shares worth INR 200 crore and an offer for sale (OFS) of up to 56.25 million shares.
It is worth noting that the business submitted an update to its DRHP on March 10, 2023, before gaining approval from SEBI in April 2023. It hopes to list on the BSE and NSE following the IPO.
Portea Medical, founded in 2013 by Krishnan and Meena Ganesh, provides a variety of healthcare services, such as maternal care, physiotherapy, nursing, lab tests, counseling, and critical care. The Bengaluru-based business has raised more than $75.1 million since its launch.
According to data released by Entrackr, the startup’s operating revenue in the fiscal year 2022-23 (FY23) was INR 145 Cr, a 3.3% decrease from INR 150 Cr the previous year. Portea’s expenses increased by 32.5% from INR 40 crore in FY22 to INR 53 crore in FY23.
This event comes at a time when the bourses are heating up for new-age tech companies, with many firms planning to enter the public market in FY24. Swiggy submitted its DRHP with the SEBI last week, though it did so privately. The food tech behemoth intends to raise $1.2 billion through its IPO.
Furthermore, last week, the exchanges approved Peak XV-backed coworking space provider Awfis and B2B travel platform Travel Boutique Online, or TBO Tek, for their respective initial public offerings.
Other upcoming public market launches include ixigo, MobiKwik, Unicommerce, and Ola Electric.
