Narayana Hrudayalaya (NHL) was founded by cardiac surgeon Dr Devi Prasad Shetty in 2000. NHL operates as a chain of multispecialty, tertiary and primary healthcare facilities.

"The company has a strong legacy in cardiac and renal sciences. At the IPO price band of Rs 245-250, the stock is available at 3.9x on EV/Sales of FY15 and EV/per Bed of Rs 97.6 lakh. Though the valuation is a tad expensive, it is in line with the recent deals in the healthcare industry. We recommend that investors SUBSCRIBE to the issue,'' said ICICIdirect.

NHL has a pan-India focus with a strong presence in Karnataka and eastern India as well as an emerging presence in western and central India.

The company operates 31 hospitals and 24 primary care facilities across India, with 5,442 operational beds and the potential to reach a capacity of up to 6,602 beds. In FY15, its facilities have provided care to over 19.7 lakh patients.

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