Manipal Health Enterprises, which operates the Manipal Hospitals chain, has launched its initial public offering, seeking to raise around 92.8 billion Indian rupees at a price band of 560 to 590 rupees per share, according to its red herring prospectus filed on Friday.

The IPO comprises a fresh issue of shares worth 80 billion rupees and an offer for sale (OFS) of up to 21.6 million shares, valued at roughly 12.8 billion rupees at the upper end of the price band.

The issue will open for public subscription on July 29 and close on July 31, with anchor investors permitted to place bids on July 28.

Promoters Imperius Healthcare Investments and Manipal Education and Medical Group India, along with investors TPG SG Magazine, Seventy Second Investment Company, Ammar, Novo Holdings Invest Asia and Phoenix Bear Investments, will sell shares through the OFS, the document showed.

The company plans to use 55.5 billion rupees of the fresh issue proceeds to redeem the outstanding non-convertible debentures issued by its subsidiary, Manipal Hospitals.

It also plans to deploy 5.74 billion rupees to acquire a minority stake in step-down subsidiary Sahyadri Hospitals, while the remaining amount will be used for general corporate purposes.