About the Company:
Metropolis Healthcare is one of the leading diagnostics companies in India, by revenue.Company has widespread presence across 18 states in India with leadership position in west and south India.
Company has a widespread operational network and offers 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.
Company also offer analytical and support services to clinical research organizations for their clinical research projects. During the financial year 2018, Company had conducted approximately 16.0 million tests from approximately 7.7 million patient visits.
Company offers a broad range of approximately 3,480 clinical laboratory tests and 524 profiles.
Company provides services through widespread laboratory and service network, which covers 173 cities in India.
Company’s Service Network:
Company’s service network caters to individual patients as well as institutional customers.
They service individual patients through 1,130 patient touch points (out of which 28 are located outside India), as of March 31, 2018, including 251 patient service centers owned by Company (“Owned PSCs”) and 879 third party patient service centers (“Third Party PSCs”).
Company service their institutional customers through approximately 9,020 institutional touch points, including (i) approximately 8,500 pick-up points; and (ii) 520 assisted referral centers (“ARCs”) (out of which seven are located outside India), which are company’s exclusive third party referral centers.
Company’s Revenue from operations by Geographical segment for the financial years 2018, 2017 and 2016: (in millions)
Company’s International Operations:
Company’s revenue from operations outside India was Rs.52.0.7 crores, which accounted for 8.09% of their revenue from operations for the financial year 2018.
Outside India, they have laboratory operations in Ghana, Kenya, Zambia, Mauritius and Sri Lanka.
In addition, Company has also entered into agreements with third parties for collection and processing of specimens in Nepal, Nigeria, UAE and Oman.
As of March 31, 2018, Company has an operational network of 17 clinical laboratories, 28 patient touch points and seven ARCs, outside India.
Company’s key financial and operational metrics are given below: (Last 3 Years)
Key Players by Geographic Regions in India’s Diagnostic Industry.
In India, there are four major chains of diagnostic players with a pan-India presence. They are Dr. Lal PathLabs Ltd, Thyrocare Technologies Ltd, SRL Diagnostics and Metropolis Healthcare.
There are a few regional players who have a strong footprint in a particular region such as Quest Diagnostics (North India), Suraksha Diagnostic (East India), Suburban Diagnostics (West India) and Medall Healthcare (South India).
Management Team:
- Dr. Sushil Kanubhai Shah (Designation: Chairman and Executive Director)
- Ameera Sushil Shah (Designation: Managing Director)
Positives for the Company:
One of the leading diagnostics companies in India and also well positioned to leverage the expected growth in the Indian diagnostics industry.
As of March 31, 2018, Company’s operational network is spread across 173 cities in India.
The diagnostics market in India is highly fragmented and largely unorganized. We are the third largest diagnostics service provider in India, by revenue.
It is estimated that there will be a shift from the unorganized providers to organized providers in the diagnostics market due to increasing trend of patient’s reliance on organized diagnostic providers for quality services and unavailability of complex tests with standalone centers.
Comprehensive test menu with Wide Range of Clinical Laboratory Tests and Profiles.
They offer a comprehensive range of approximately 3,480 clinical laboratory tests and 524 profiles to the patients
Company has invested in a wide range of specialized tests and have adopted several advanced tests and technologies introduced in the global market, particularly in case of specialized tests.
Financials of the Company: (Consolidated)
| (in Crores) | FY 14 | FY 15 | FY 16 | FY 17 | FY 18 | 31st Dec 18 |
|---|---|---|---|---|---|---|
| Revenue | 395.01 | 460.6 | 490.63 | 567.65 | 651.55 | 566.82 |
| Net Profit | 62.6 | 67.9 | 81.9 | 107.25 | 109.74 | 88.77 |
Valuation of Peer Group Companies:
| Company Name | Face Value | EPS | PE Ratio | RoNW | NAV |
|---|---|---|---|---|---|
| Metropolis Healthcare | 2 | 20.49 | 42.94 | 24.66% | 83.58 |
| Dr. Lal Pathlabs | 10 | 20.82 | 45.06 | 21.61% | 96.93 |
IPO Details:
| Details | Info |
|---|---|
| Issue Opens on | 3rd April 2019 |
| Issue Closes on:. | 5th April 2019 |
| Issue Price | Rs.877 – 880 |
| Face Value | Rs.2 |
| Minimum Lot | 17 Shares |
| Minimum Investment | Rs.14960 |
| Issue Constitutes | 27.27% |
| Issue Size | Rs. 1204 cr ($172 million) |
| Market Cap | Rs. 4415 cr ($630 million) |
| Listing at | NSE & BSE |
| Equity Shares Offered (OFS) | 1,36,85,095 |
| Equity Shares Prior to the Issue | 5,01,78,680 |
| Equity Shares after the Issue | 5,01,78,680 |
Also Read: How to know whether IPO is a Good IPO or a bad IPO?
Important Dates:
| Finalization of Basis of Allotment | On or before 10th April 2019 |
| Initiation of Refunds | On or before 11th April 2019 |
| Credit of Equity Shares: | On or before 12th April 2019 |
| Listing Date: | On or before 15th April 2019 |
Subscription Details: (Will be Updated)
| (Subscription-Category-Wise (no. of times) Till time : 06:00 PM) | Shares Offered | Day-1 | Day-2 | Day-3 |
|---|---|---|---|---|
| QIB | 40,15,529 | 0.09 | 0.66 | 8.88 |
| NII | 20,07,764 | 0.00 | 0.02 | 3.03 |
| Retail | 13,38,509 | 0.26 | 0.71 | 2.15 |
| Employee | 3,00,000 | 0.00 | 0.01 | 0.05 |
| TOTAL | 76,61,802 | 0.09 | 0.48 | 5.83 |
IPO Valuation Parameters:
| Earnings Per Share (EPS) | Price To Earnings ratio (PE) | Return on Net Worth (RoNW) | Net Asset Value (NAV) |
|---|---|---|---|
| 20.49 | 42.94 | 24.66% | 83.58 |
| Check IPO Allotment Status: |
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Link InTime Website (Click on the below Link)https://linkintime.co.in/PublicIssue/ |
| Find the List of Upcoming IPOs in 2019: |
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Upcoming IPOs in 2019 (Click on the below Link)www.UpcomingIPOs-in-India-2019 |
| Company Contact Info: |
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| Metropolis Healthcare Limited 250 D Udyog Bhavan Hind Cycle Marg, Worli Mumbai 400 030 Telephone: (91 22) 6258 2810 E-mail: investor.relations@metropolisindia.com Website: www.metropolisindia.com |
| IPO Registrar Info: |
|---|
| Link Intime India Private Limited C-101, 1st floor, 247 Park L B S Marg,Vikhroli West Mumbai 400 083 Tel: (91 22) 4918 6200 Facsimile: (91 22) 4918 6195 E-mail: metropolis.ipo@linkintime.co.in Website: www.linkintime.co.in |
