Fortis Healthcare subsidiary files IPO, boosting parent company shares By Investing.com

Fortis Healthcare subsidiary files IPO, boosting parent company shares By Investing.com

© Reuters.

Agilus Diagnostics, a subsidiary of Fortis (NYSE:) Healthcare, filed an initial public offering (IPO) with the Securities and Exchange Board of India (Sebi), prompting a 0.5% increase in Fortis shares on Tuesday. The IPO involves an offer-for-sale of 1.42 crore shares by entities like International Finance Corp and NYLIM Jacob Balls India Fund III LLC. Agilus, formerly known as SRL Ltd, is recognized as one of India’s largest diagnostics service providers.

According to InvestingPro, Fortis Healthcare has been showing signs of promising growth. The company’s revenue growth has been accelerating, and it has been profitable over the last twelve months. This strong earnings performance is expected to allow management to continue dividend payments, providing an additional incentive for potential investors.

In addition to the Agilus IPO, Fortis Healthcare has been making strategic moves to expand its operations. The company recently approved the acquisition of Artistery Properties based in Kolkata through a share purchase agreement. This move comes along with the company’s agreements with Medeor Hospital Limited and VPS Health Care Private Limited to acquire a multi-speciality hospital in Gurgaon.

These recent actions signal Fortis Healthcare’s intent to broaden its reach within the healthcare industry. As a prominent player in the Healthcare Providers & Services industry, according to InvestingPro Tips, the company’s stock generally trades with low price volatility, making it a potentially stable investment.

InvestingPro Tips also highlight that Fortis Healthcare operates with a moderate level of debt and has experienced a large price uptick over the last six months. The company is trading near its 52-week high, indicating strong investor confidence. Analysts predict the company will continue to be profitable this year, further reinforcing its investment potential.

The wider implications these developments will have on the company’s operations are yet to be fully understood. With the recent strategic moves and the positive outlook from InvestingPro, Fortis Healthcare is certainly a company to watch in the coming months.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

https://www.investing.com/news/stock-market-news/fortis-healthcare-subsidiary-files-ipo-boosting-parent-company-shares-93CH-3188644

Related Posts