Shalby, the operator of chain of multi-specialty hospitals, head-quartered in Ahemdabad, has opened its initial public offering (IPO) for subscription on December 5, with a price band of Rs.245-248 per share. The issue will close on December 7.

The IPO consists of a fresh issue of equity shares, aggregating up to Rs.480 crore and an offer for sale of up to 10,00,000 equity shares, by Dr Vikram Shah.The offer consists a reservation of up to 1,21,000 shares for subscription by eligible employees.

The proceeds from fresh issue will be used for repaying certain loans (Rs.300 crore); purchase of medical equipments (Rs.63.58 crore); purchase of interiors, furniture, and allied infrastructure for upcoming hospitals (Rs.11.18 crore); and general corporate purposes. Further, the company will not receive any proceeds from the offer for sale.

The book running lead managers to the offer are Edelweiss Financial Services, IDFC Bank and IIFL Holdings and bids can be made for a minimum of 60 equity shares and in multiples of 60 equity shares thereafter.

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