Portea’s board will issue 69,206,452 Series D1 compulsory convertible preference shares (CCPS).
Portea Medical, a home healthcare solution provider, has raised $20 million via a rights issue, as per a report by Entrackr. This is ahead of the company’s plan to launch an initial public offering (IPO). Under a rights issue, existing shareholders are given the chance to buy new shares at a discounted price.
As per the report, Portea’s board will issue 69,206,452 Series D1 compulsory convertible preference shares (CCPS). The shares will be issued at a price of Rs 23.96 per share (a total of Rs 165.8 crore).
In April last year, Portea received approval from the Securities and Exchange Board of India (SEBI) to raise funds via an IPO. In June 2022, the company already filed its Draft Red Herring Prospectus with the SEBI. The company intends to raise up to Rs 1000 crore through the IPO, as per the Economic Times.
Portea Medical offers services such as nursing, lab tests, mother-and-baby care, counseling, vaccination, doctor consultation, and more. The company was also on the news recently for facilitating 1 million appointments. Speaking about the achievement,
Vaibhav Tewari, Co-Founder & CEO, Portea Medical, said, as per the Economic Times, “Crossing the 1 crore appointment mark is a testament to the dedication and hard work of the entire Portea Medical team and our esteemed partners. We are proud to have played a vital role in supporting individuals through their toughest hours of recovery, care, and bonding.”
After Mobikwik and Ola Electric, Portea is the third company to raise funding this year after filing their DRHP paper, as per the report. Recently, Ola Electric raised $50 million in debt from EvolutionX, a B2B e-commerce platform. Mobikwik raised Rs 50 crore from BlackSoil Capital, an alternative credit platform, as per the report.