Metropolis Healthcare IPO – Complete Review, Allotment & Subscription

Metropolis Healthcare Limited  is one of the leading diagnostics companies in India. Metropolis Healthcare IPO comprises of  15,269,684 Equity shares, face value of Rs.2 each. Let’s have a detailed review of the company and analytics of the Metropolis Healthcare IPO release date, IPO offer price, subscription, Metropolis Healthcare IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.


Metropolis Healthcare IPO Review & Ratings

IPO Ratings & Review
Criteria Ratings
Industry Sentiments 8.5/10
Industry Ranking 7.8/10
Company Background 7.9/10
Company Reputation 7.9/10
Competitive Edge 7.7/10
Financial Statements 7.8/10
Popularity Index 8.4/10
Promoters Reputation 7.7/10
Retail Appetite 7.9/10
Top Brokers Review 7.9/10
Overall Ratings 8.1/10
Star Ratings ★★★★☆

Summary of Metropolis Healthcare IPO

Metropolis Healthcare IPOMetropolis Healthcare Limited  is one of the leading diagnostics companies in India, by revenue, as of March 31, 2019. They have widespread presence across 18 states in India, as of March 31, 2019, with leadership position in west and south India. Through their widespread operational network, we offer a comprehensive range of clinical laboratory tests and profiles, which are used for prediction, early detection, diagnostic screening, confirmation and/or monitoring of the disease. The Issue comprises of a Public Issue of 13,685,095 Equity shares of face value of Rs.2.00 each fully paid up.

From FY 2014-15 to FY 2018-2019, as per the Restated Financial Statements:

Ebitda (Rs Crore) Ebitda Margin (%) Profit After Tax (Rs Cr) Net Worth (Rs Crore)
FY16 131 27.5 81.9 279
FY17 164 30.1 107.3 323
FY18 173 26.9 109.7 415
9MFY19 142 25.4 88.8 468

From fiscal 2016 to 2017, company’s revenue from operations and net profit has increased at a growth rate of 14.57% and 25.74%, respectively.

For the period ended March 31, 2018, FY 2016-17 and FY 2015-16, its revenue from operations was Rs. 6,435.67  Millions, Rs.  5,447.24 Millions and Rs.4,754.69 Millions, respectively representing growth of  14.57% from the FY 2015-16 to FY 2016-17. For the period ended March 31, 2018, FY 2016-17 and FY 2015-16 our net profit was Rs. 1,097.47  Millions, Rs. 1,072.57 Millions and Rs. 819.55 Millions, respectively, representing a growth of  25.64% from the FY 2015-16 to FY 2016-17.

  • During the financial year 2017-18 the Other Income of our company increased to Rs.79.88 Millions as against Rs.  229.35 Millions for the financial year 2016-17 .
  • Company’s Net Profit after tax for the year 2016-17 is Rs.  1,105.40 Millions from the year 2015-16 of Rs. 1,075.16 Millions showing an increase of 2.79% from last year, showing remarkable performance.

The Promoter of this company is Dr. Sushil Kanubhai Shah, Ameera Sushil Shah and Metz Advisory LLP. The lead manager to the issue is  JM Financial Limited, Credit Suisse Securities (India) Private Limited , Goldman Sachs (India) Securities Private Limited, HDFC Bank Limited and Kotak Mahindra Capital Company Limited and the Registrar to this issue is Link Intime India Private Limited .


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Metropolis Healthcare IPO Date

The opening and the closing date of Metropolis Healthcare Limited IPO is Apr 3, 2019 – Apr 5, 2019.


Metropolis Healthcare IPO Subscription

Day / Date QIB NII RII Employee Total Subscription
1st Day – Apr 3 0.09x 0.00x 0.23x 0.00x 0.09x
2nd Day – Apr 4 0.65x 0.02x 0.70x 0.01x 0.47x
3rd Day – Apr 5 8.88x 3.03x 2.15x 0.05x 5.83x
Shares Offered or Net Issue 4,015,529 2,007,764 1,338,509 300,000 7,661,802

The shares subscribed by the public will be updated here.


Metropolis Healthcare IPO Allotment Status

Here, you can find the Allotment Status of this IPO.

Basis of Allotment Finalization 10-Apr-19
Refunds Initiation 11-Apr-19
Credit of Shares to Demat Account 12-Apr-19
Share Listing Date 15-Apr-19

Metropolis Healthcare IPO Price Band

The face value of each share is Rs 10, but the price band of the IPO is Rs 877 – Rs 880.


Metropolis Healthcare IPO Equity Share Offering

13,685,095 Equity Shares at price band price band of the IPO is Rs 877 – Rs 880, aggregating up to Rs 1,204.29 Crores. The Market Lot or the Minimum Order Quantity is 17 Shares. The listings on both BSE and NSE.


Metropolis Healthcare Limited – Company Overview

Metropolis Healthcare Limited  is one of the leading diagnostics companies in India, by revenue, as of March 31, 2018. They have widespread presence across 18 states in India, as of March 31, 2018, with leadership position in west and south India (Source: Frost & Sullivan). Through their widespread operational network, we offer a comprehensive range of clinical laboratory tests and profiles, which are used for prediction, early detection, diagnostic screening, confirmation and/or monitoring of the disease.

According to Frost & Sullivan, the Indian diagnostics market was valued at approximately Rs. 596 billion in the financial year 2018, and is projected to grow to approximately Rs. 802 billion by financial year 2020, driven by favorable changes in demographics, improvements in health awareness, increased spend on preventive care and wellness, increase in medical tourists, increase in lifestyle-related ailments and rising penetration of insurance in India. 

The Company believe that the increasing prescription of diagnostic tests and services by healthcare providers in India, combined with the increasing awareness and spend on preventive care and wellness tests as well as a shift from the unorganized providers to the organized providers in the Indian diagnostics market creates a significant market opportunity for them.

Competitive Strengths of Metropolis Healthcare Limited:

  • One of the leading diagnostics companies in India which is well positioned to leverage the expected growth in the Indian diagnostics industry
  • Experienced Senior Management Team and Qualified Operational Personnel
  • Established track record of successful acquisition and integration in India and overseas
  • Robust Information Technology Infrastructure with Focus on Improving Efficiency

Business strategies of Metropolis Healthcare Limited:

  • Continue to Focus on Organic Growth Initiatives to Expand their Reach
  • Continue  Focus on Providing Quality Tests and Services
  • Focus on the Expansion of Our Service Network
  • Focus on Increasing their Business from Individual Patients
  • Pursue New Avenues of Growth
  • Focus on Consolidation Opportunities in a Largely Unorganized Diagnostic Sector

Metropolis Healthcare Limited – Financial Statements

A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:

Metropolis Healthcare Limited Financial Summary:

Amount (in INR & Millions)
31-Dec-18 31-Mar-18 31-Mar-17 31-Mar-16
Total Assets 5,838.75 5,303.39 5,151.58 3,959.15
Total Revenue 5,593.06 6,515.55 5,676.59 4,906.34
Total Expense 4,311.55 4,912.54 4,103.91 3,664.22
Profit After Tax 887.71 1,097.47 1,072.57 819.55

Earnings per Equity Share (in Millions)

31-Mar-18 31-Mar-17 31-Mar-16
Basic & Diluted 20.61 20.48 15.25

From the above statements, one could find that the Metropolis Healthcare Limited may perform well.


Metropolis Healthcare IPO – Promoters

The Promoter of this company are:

  1. Dr. Sushil Kanubhai Shah
  2. Ameera Sushil Shah
  3. Metz Advisory LLP

Metropolis Healthcare Limited Promoter Holdings:

  • Pre Issue Share Holding is around 99.71%
  • Post Issue Share Holding is around 49.44%

List of Related Parties (Key Managerial Personnel)

  • Dr. Sushil Kanubhai Shah
  • Ameera Sushil Shah
  • Sanjay Bhatnagar
  • Metz Advisory LLP

Interest in promotion of the Company

Company is currently promoted by the Promoters in order to carry on its present business. Promoters are interested in the Company to the extent of their shareholding and directorship of the Individual Promoter in the Company and the dividend declared, if any, by the Company. The Promoters are interested in the transactions entered into the Company and the Promoter Group.

Property Interest

The promoters along with the promoter group will continue to hold collectively some percentage of the equity share capital of the company. As a result of the same, they will be able to exercise significant influence over the control of the outcome of the matter that requires approval of the majority shareholders vote.

Interest in Intellectual Rights of the Company

Promoters has not shown any interest in acquiring the intellectual rights of the company.


Metropolis Healthcare IPO Offer Details or Issue Details

 Particulars  No. Of Equity Shares
 Equity Shares Offered Up to 13,685,095 Equity Shares
 Of which:
 Reserved for Market Makers Up to 300,000 Equity Shares
 Net Issue to the Public Up to 13,685,095 Equity Shares
 Of which:
 Retail Investors Portion Not more than 2,007,764 Equity Shares
 Non-Retail Investors Portion Not more than 1,338,509 Equity Shares
 Equity Shares outstanding prior to the Issue 50,178,680 Equity Shares
 Equity Shares outstanding after the Issue 50,178,680 Equity Shares

Metropolis Healthcare IPO – Basis of the Offer Price

The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.

Qualitative factors are:

  •  One of the leading diagnostics companies in India which is well positioned to leverage the expected growth in the Indian diagnostics industry;
  • Widespread operational network, young patient touch point network and asset light growth of service network;
  • Comprehensive test menu with wide range of clinical laboratory tests and profiles;
  • Strong and established brand with a focus on quality and customer service;
  • Robust information technology infrastructure with focus on improving efficiency;
  • Established track record of successful acquisition and integration in India and overseas;
  • Experienced senior management team and qualified operational personnel.

The relevant quantitative factors are:

Basic & Diluted EPS RONW (%) NAV (Rs.)
31-Mar-16 15.25 30.90
31-Mar-17 15.98 29.72
31-Mar-18 16.86 23.76 70.94
  • Competitive Peers:
Particulars Face Value (in Rs.) EPS     (In Rs.) P/E Ratio RONW (%)  NAV (In Rs.)
Dr. Lal Pathlabs Limited 10 20.82 45.06 21.61 96.93

Metropolis Healthcare IPO Lead Managers

Lead Managers
JM Financial Limited

 Credit Suisse Securities (India) Private Limited

Goldman Sachs (India) Securities Private Limited

HDFC Bank Limited

Kotak Mahindra Capital Company Limited

Metropolis Healthcare IPO Registrar to offer

Registrar to the Offer
LINK INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park, L.B.S. Marg,
Vikhroli (West), Mumbai – 400 083, India
Tel: +91 22 49186200; Fax: +91 22 4918 6195
Website: www.linkintime.co.in
Email:
Investor Grievance Id: elec
Contact Person: Shanti Gopalkrishnan
SEBI Registration Number: INR000004058

Other Details:

  • Statutory Auditor –  B S R & Co. LLP, Chartered Accountants
  • Peer Review Auditor –  B S R & Co. LLP, Chartered Accountants
  • Bankers to the Company –   Axis Bank Limited ,HDFC Bank Limited

Metropolis Healthcare IPO Review by Top 10 Stock Brokers

Top Stock Brokers Review Company Reputation Competitive Edge Financial Statement Popularity Index Promoters Reputation
Angel Broking 7.5/10 7.4/10 8.5/10 8.1/10 7.1/10
Sharekhan 7.2/10 7.1/10 8.6/10 8.1/10 7.2/10
Kotak Securities 7.3/10 7.5/10 8.4/10 8.1/10 7.3/10
ICICI Direct 7.3/10 7.3/10 8.7/10 8.1/10 7.1/10
IIFL 7.5/10 7.2/10 8.8/10 8.0/10 7.1/10
Edelweiss 7.5/10 7.4/10 8.4/10 8.3/10 7.2/10
Zerodha 7.4/10 7.1/10 8.5/10 8.1/10 7.0/10
5Paisa 7.1/10 7.1/10 8.4/10 8.1/10 7.1/10
Karvy 7.4/10 7.3/10 8.2/10 8.1/10 7.1/10
Motilal Oswal 7.1/10 7.1/10 8.6/10 8.3/10 7.2/10

Metropolis Healthcare IPO Grey Market Premium

The Metropolis Healthcare IPO Grey Market Premium price is Rs 95-100, the Kostak rate is Rs 300 and the Subject to Sauda is X. 


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Metropolis Healthcare IPO News

News 1 – IPO ISSUE OPENS SOON (Download Prospectus)

News 2 – Download Metropolis IPO RHP

News 3  – MHL ASBA PDF


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