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PE-backed hospital chain Cloudnine plans Rs.1,200-Cr IPO

Economic Times  

Cloudnine, a chain of women, childcare & fertility hospitals, plans to raise about INR 1,200 crore from the public market. The private equity backed chain is likely to float its IPO by the middle of 2022. A 25-30% stake will be offered in the IPO, where a major part will be secondary stake sale by the existing investors Sequoia Capital and True North. Promoters are also diluting a part of their stake. Axis, JM Financial and ICICI Securities are the lead bankers for the IPO. The parent company of Cloudnine is Kids Clinic India Pvt Ltd. Headquartered in Bengaluru, Cloudnine is spread across 16 facilities in Gurgaon, Noida, Chandigarh, Panchkula, Chennai, Mumbai and Pune. True North is the largest shareholder in Cloudnine with an about 36% stake, while other investors NewQuest and Sequoia together hold about 35% stake, promoters hold about 20-25% stake while the rest is ESOPs.