Unihealth Consultancy IPO (NSE SME) Overview

Unihealth Consultancy IPO aggregating to ₹56.55 Cr comprises entirely of a fresh issue of up to 4,284,000 equity shares . Unihealth Consultancy Limited is a healthcare service provider based out of Mumbai, India, and has an operational presence in multiple countries mainly across the African continent.

IPO opensSep 8, 2023
IPO ClosesSep 12, 2023
IPO Size (Rs.) ₹56.55 Cr
IPO Size (shares)4,284,000 shares
BreakupFresh issue
Face Value:₹ 10
IPO Price in Rs :₹126 to ₹132 per share
Minimum Lot1000 Shares
Listing AtNSE SME
Market maker4.09%
Anchor quota23.04%
QIB Quota38.48
NII Quota11.54%
Retail Quota26.94%
 Lead ManagerUnistone Capital
RegistrarBigshare Services Pvt Ltd
Market makerRikhav

About Unihealth Consultancy Limited:

  • Unihealth Consultancy is a healthcare service provider based out of Mumbai, India and have operational presence in multiple countries across the African continent.
  • Its business segments include Medical Centres, Hospitals, Consultancy Services, Distribution of Pharmaceutical & Medical Consumable Products and Medical Value Travel.
  • Under the flagship ‘UMC Hospitals’ brand, it operates a combined capacity of 200 operational hospital beds across our two multi-speciality facilities i.e. UMC Victoria Hospital in Kampala, Uganda, having a bed-strength of 120 beds and UMC Zhahir Hospital in Kano, Nigeria have a bed strength of 80 beds.
  • In addition to these, it operates ‘Unihealth Medical Centre’ a dedicated dialysis facility, in Mwanza, Tanzania.
  • It is currently providing Project Management Consultancy Services to set up a 300+ bedded Health, City in Undri, Pune (Maharashtra, India) for PHRC Lifespaces Organization along with a few other healthcare consultancy projects in Kenya and Angola.
  • The company exports and distributes pharmaceutical and medical consumable products in Uganda, Tanzania and Nigeria. It has distributors in different African countries for various pharmaceutical and consumable manufacturing companies based out of India.
  • Starting 2015, UniHealth has established a network of hospitals and medical centres in Uganda, Nigeria and Tanzania.
  • Unihealth Pharmaceuticals Private Limited, a subsidiary of Unihealth Consultancy Limited, is in the business of procuring and exporting pharmaceutical and medical consumable products. The Company exports and supplies these products mainly to Victoria Hospital Limited (Joint Venture of Unihealth Consultancy Limited) in Uganda, UMC Global Health Limited (Joint-Venture of Unihealth Consultancy Limited) in Nigeria and Biohealth Limited (Subsidiary of Unihealth Consultancy Limited) in Tanzania.
  • The key products exported and distributed by the company are laboratory consumables, surgical sutures, dialysis consumables, general medical consumables and intensive care medicines.
  • The Promoters of the company are Dr. Anurag Shah and Dr. Akshay Parmar.

Financials: Unihealth Consultancy IPO

Particulars / Rs LacsFYE23FYE22FYE21
Revenue4,393.863,683.212,620.78
Profit before Tax927.78520.35547.41
 Profit After Tax768382.02500.89
Share Capital138.95134.19134.19
Net worth2,612.831,479.171,070.36
NAV  24.7613.789.97
Total  Borrowings3,926.673,801.303,871.05
Post issue Share Capital1,540
FV10.0
IPO price132.0
EPS Fy235.0
PE Fy2326.5
Market cap in Lacs20,328.0
Market Cap/sales4.6

Anchor Investors:

Unihealth Consultancy IPO: Salient Points

  • The Group, under its flagship ‘UMC Hospitals’ brand, operates 200 tertiary care beds and 3 medical centres in these countries and provides medical services to 100,000+ patients annually. UMC Victoria Hospital, , is the country’s only hospital to have modular OTs and centralised medical gas systems.
  • The facility has been accredited by United Nations to provide services to the beneficiaries of multiple UN Agencies in the region.
  • By 2025, it aims to have an operational capacity of 1,000 beds under UMC Hospitals.
  • In 2019, UniHealth ventured into healthcare consultancy services, an important vertical focussed on assisting upcoming healthcare projects with turn-key solutions to plan, design, equip and commission their facilities.
  • This vertical of the company is presently working on projects with a cumulative bed capacity of more than 1,000 beds across Asia and Africa.
  • UniHealth aggressively expanded its export and distribution division. It is the authorised distributor in multiple African countries for a wide range of pharma and medical consumables manufactured by leading Indian companies.
  • Company intends to utilize the Proceeds of the Issue to meet the following objects: –

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  • Company aims to utilise ₹ 850.00 lakhs from the net IPO proceeds for investing in Biohealth Limited (BL), Tanzania, which is 100% owned by it, for funding its capital expenditure requirements for proposed expansion. BL operates ‘Unihealth Medical Centre’ as a medical centre with dedicated dialysis services in Mwanza, Tanzania. The above proposed investment in capital expenditure will allow BL to expand and diversify services at Unihealth Medical Centre in Mwanza, Tanzania and help it graduate from a medical centre to a hospital by adding a bed capacity of 50 in-patient beds and equipping the operating theatre with the necessary equipment to extend surgical services to its patients, in addition to strengthening its radiology diagnostic services. The medical centre, owing to its location and registration with the National Health Insurance Fund (NHIF) is well positioned to benefit from expanding the scope of services being provided at its facility.
  • Biohealth Limited (BL), proposes to procure machinery to manufacture disposable syringes in its unutilized available infrastructure and space in Mwanza, Tanzania and capitalize on its presence and the supply-demand gap in the said geography. The unit will manufacture different varieties of disposable syringes to be supplied to both, the government and private sector consumers in the country.
  • Unihealth Consultancy is currently providing Project Management Consultancy Services to set up a 300+ bedded Health City in Undri, Pune (Maharashtra, India) for PHRC Lifespaces Organization along with a few other healthcare consultancy projects in Kenya and Angola.
  • The total revenue including joint ventures / subsidiaries is indicated in the table below:
Particulars                                 Fy23    income (Rs cr.) %Fy22 income%FY21 income%
Victoria Hospitals Limited      3027.70 65.78%2,816.4374.26%2,076.3472.51%
UMC Global Health                 769.60 16.72%618.3116.30%416.7614.55%
Biohealth Limited                    103.43 2.25%106.412.81%125.804.39%
Unihealth Tanzania                     0.71 0.02%31.710.84%55.301.93%
Aryavarta FZE (Subsidiary)      363.307.89%138.153.64%183.436.41%
Unihealth Pharmaceuticals        77.74 1.69%0.00%0.00%
Unihealth Consultancy             260.545.66%81.672.15%5.870.21%
Total Revenue                          4,603.01100.00%3792.69100.00%2863.51100.00%
  • Unihealth Consultancy IPO is coming at a PE ratio of 26.5x (fy23 earnings).
  • There are no comparable peers.
  • I intend to apply in Unihealth Consultancy IPO subject to availability of funds.
  • This is a mid sized issue though almost 60% is going towards anchor, QIB, market maker
  • GMP as reported on social media has been around Rs. 32.
  • Unistone Capital Pvt Ltd is the Lead Manager to the issue. The IPOs lead managed by them have given a good return to the investors in general. These include names like Ratnaveer Precision Engineering Limited(main line), Mono Pharmacare Limited, Sangani Hospitals Limited, Sahana System Limited, MOS Utility Limited, Global Surfaces Limited (main line), All E Technologies Limited, Integrated Personnel Services Limited, HP Adhesives Limited(main line), Sigachi Industries Limited(main line), Likhitha Infrastructure Ltd (main line).
  • Rikhav Securities is the market maker. They have been market maker in IPOs like Mono Pharmacare, Bondada Engineering, Shoora Designs, Sangani Hospitals, Zeal Global Services, Service Care, Aatmaj Healthcare, Spectrum Talent Management, Sahana System, Anlon Technology, MOS Utility, Homesfy Realty etc.
  • SME IPO are quite illiquid and volatile and exit options sometimes is delayed.

Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . Also Certified in some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.

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