Sale of Significant Stake in Appasamy Associates to Warburg Pincus – Largest PE deal in Indian Medical Devices (Ophthalmic) Industry

NUVAMA CONTRIBUTION

Exclusive financial advisor to Appasamy Associates Private Limited (AAPL) and founders’ families on significant stake sale to Shadow Point, an affiliate of Warburg Pincus
Played crucial role in highlighting the investment thesis which helped garner strong interest from potential investors
Hand-holding the client through the complex transaction/structuring process and provided guidance on deal contours
Negotiated valuation and commercial terms resulting in desired outcomes for all stakeholders
End-to-end project management ensuring smooth closure

Largest PE investment in Medical Devices (Ophthalmology) space in India
Sale of significant stake in AAPL to Warburg Pincus
AAPL is the largest domestic ophthalmic product manufacturer with presence across entire value chain of ophthalmic equipment, intraocular lenses (IOL), ophthalmic pharmaceuticals products and micro surgical instruments
AAPL has significant market share in several products and ranks amongst Top 3 players, by volume, in 15 key product segments across equipment and IOL
Vertically integrated manufacturing with strong R&D capabilities – ability to provide high quality products at affordable prices

Jupiter Hospitals successfully completed a Pre-IPO placement to marquee long only Investors at the IPO Price
The IPO received an overwhelming response from investors to emerge as:
- Highest subscribed Hospitals IPO
- Amongst the Top 3 highest subscribed IPOs in the past 2 years
IPO saw a stellar listing with stock price closing at 46% premium to issue price#

Effectively positioned Jupiter Hospitals as a key Multi Specialty hospital chain in Western India with a distinguished business model and a ‘patient first’ ideology
Nuvama garnered participation from a diverse investor set including Global Sovereign Funds, LO Flls, Mutual Funds, Insurance Companies
Pushed the story aggressively through our distribution channel to garner strong interest in HNI & Retail category resulting in overall 13 lakh+ applications

Jupiter Lite Line Hospitals Ltd Is a key tertiary and quaternary healthcare chain in the Mumbai Metropolitan Area (MMR) and western region of India with a total bed capacity of 1,194 hospital beds across three hospitals as of March 31, 2023@.

IPO Size	₹ 10,235 mn
IPO Structure (Primary / OFS)	15% / 85%
Post Issue Dilution	29.07%
IPO Price	₹ 662
Subscription (QIB* / HNI / Retail)	115.5x / 183.2x / 8.9x
Total number of applications^#	1,912,663

Highest subscribed Healthcare IPO (Ex Pharma)^
Healthy subscription with more than 19 Lacs applications
- 100% of anchor book was allocated to LO Investors
We provided end-to-end client handholding and guidance on various deal contours and timing

*Excluding Anchor
# Before technical rejections
^IPOs since 2010 considered

Largest Diagnostic Company IPO in India

Largest Diagnostic IPO^ in India
Participation by all category of investors – LO FIIs, Sovereign Wealth Fund, Mutual Funds, Life Insurance Companies and Family Office
Launched within 12 weeks since DRHP Filing

Ensured early participation from high quality Long Only FIIs, MFs, Insurance Companies and marquee Indian Family Office in the issue to give confidence for launch of deal

34%
Share of the Anchor portion in 3 Bank Syndicate

14
Highest number of investors converted in anchor

#1 Procurer
38%^# share of the overall Retail and HNI portion

Procured 100% and ~90% of QIB subscription on Day-1 and Day-2 respectively
Provided end-to-end client handholding and guidance on various deal contours and timing

^ In terms of issue size; #Under Finalization