Healthcare service provider Krishna Institute of Medical Sciences (KIMS), having nine multi-specialty hospitals in Andhra Pradesh and Telangana with around 3,000 beds, plans to expand to markets, by floating an IPO which will open for bidding tomorrow, June 16.

The book running lead managers to the issue are Kotak Mahindra Capital Company, Axis Capital, Credit Suisse Securities (India), and IIFL Securities.

According to the company,  The offer for sale consists of up to 1,60,03,615 equity shares by investor General Atlantic Singapore KH Pte Ltd, 3,87,966 equity shares by Dr Bhaskara Rao Bollineni, 7,75,933 equity shares by Rajyasri Bollineni, 3,87,966 equity shares by Bolllineni Ramanaiah Memorial Hospital, and 60,05,058 shares by other selling shareholders.

IPO comprises a fresh issue of shares aggregating upto Rs200 crore and an offer for sale (OFS) of over 2.35 crore equity shares from the promoters and existing shareholders. Proceeds from the IPO will be used to repay debts, in full or part, of around Rs150 crore of the company and its subsidiaries, besides being utilised for general corporate purposes.

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