Metropolis Healthcare, a leading diagnostics company, has filed a draft red herring prospectus (DRHP) with the market regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO).

The Carlyle-backed company’s IPO comprises up to 1.52 crore equity shares with a face value of Rs 2 each and consists of an offer for sale of up to 50 lakh shares of promoter Sushil Kanubhai Shah, and up to 1 crore shares of investor CA Lotus Investments.

It also includes a reservation of up to 3 lakh shares for subscription by eligible employees of the company.

“The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges and for the offer for sale,” the company said in a statement on Friday.

Metropolis Healthcare’s managing director Ameera Shah, who features in Fortune India’s Most Powerful Women in business list this year at rank 36, has earlier spoken to the magazine about her big plans for the company. “The idea is to transform Metropolis from being a brick-and mortar services firm to a digitally enhanced, omnichannel, healthcare and wellness-focussed company,” Shah had told Fortune India, adding that Metropolis will “scale up investment in technology over the next five years”.

Metropolis, which operates in India and Africa, recorded a revenue of Rs 650 crore in 2017-18. Under Shah’s, Metropolis has expanded its presence across 18 states. The company said it conducted around 16 million tests from 7.7 million patient visits, in the last financial year.

The Book Running Lead Managers (BRLMs) for the proposed IPO are JM Financial, Credit Suisse Securities India, Goldman Sachs India, HDFC Bank and Kotak Mahindra Capital

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