A Noida, India-based hospital chain Yatharth Hospital & Trauma Care has raked in Rs1.2bn ($14.5m) through a pre-IPO placement.

The placement involved offering 4 million shares at Rs300 apiece, which includes a share premium of Rs290 a share.

Plutus Wealth Management, Think India Opportunities Master Fund, and Vikas Vijaykumar Khemani were among the entities allocated shares.

The placement secured the green light of the board and shareholders at their meetings held on July 5.

It was carried out in consultation with the book running lead managers (BRLMs). These BRLMs include Intensive Fiscal Services, Ambit, and IIFL Securities.

Yatharth Hospital & Trauma Care has also filed a Draft Red Herring Prospectus (DRHP) with SEBI for an upcoming initial public offering (IPO), with the fresh issue size reduced to Rs4.9bn after the pre-IPO placement.

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Additionally, an offer for sale (OFS) will be conducted, allowing Promote Group shareholders to sell up to 6,551,690 equity shares.

Last year in August, Yatharth Super Speciality Hospital opened its first Super Specialty Clinic in Bulandshahr.

Situated near Mahesh Park on Eidgah Road, the clinic is expected to provide residents of Bulandshahr and the surrounding region with access to medical experts and advanced technologies.

The clinic offers a wide range of specialties, including endocrinology, IVF, plastic surgery, urology, nephrology, cardiac sciences, HPB & gastroenterology, neurosciences, orthopaedics, oncology, and pulmonology.