Wockhardt Hospital fixes IPO price band; Fitch rating agency assigns IPO grade 4/5

India’s largest private healthcare services company, Wockhardt Hospitals Limited has fixed the Price Band between Rs 280 and Rs 310 per equity share for its initial public offering (“IPO”) of 2.51 crore equity shares of Rs 10 each for cash at a price determined through a 100% book building process.

The proposed IPO of Wockhardt Hospitals has been assigned an IPO grade of 4 out of 5 by rating agency, Fitch Ratings India. The company has filed a Red Herring Prospectus (“RHP”) with the Registrar of Companies, Maharashtra, at Mumbai, on January 17, 2008.

The issue comprises a net issue to the public of 24,587,097 equity shares of Rs 10 each (the net issue) and a reservation of up to 500,000 equity shares for subscription by eligible employees. The Issue will constitute 24.06% of the post-issue paid up equity share capital of the Company.

The company intends to utilize the proceeds from the issue to meet the cost of development and construction of greenfield and brownfield hospitals of the company, prepay some of the short term loans and to meet general corporate expenses.

The equity shares are proposed to be listed on Bombay Stock Exchange Ltd. and The National Stock Exchange of India Ltd.

The Book Running Lead Managers (“BRLMs”) to the Issue are SBI Capital Markets Limited and ICICI Securities Limited.