A Oncoclinical decided to face the market and proceed with the initial public offering (IPO), despite a bad mood here and there. The company’s base offering is expected to be R$3.5 billion, a value below what the company initially intended when it planned to list shares on B3. This is the amount of the operation without the additional and supplementary lots, and which considers the midpoint of the suggested price range for the sale of papers, which goes from R$22.21 to R$30.29.
Even if it managed to come out at the top of the price range — something like SmartFit he wanted to succeed even with a demand 20 times the supply — the operation could reach a maximum of R$ 4.8 billion. This is included in the total hot issue (additional) and greenshoe (additional) actions, those aimed at meeting high demand scenarios.
Anyway, the maximum possible funding for the company would be BRL 2.7 billion, based on the highest value of the shares, as the primary offering (which goes to the company’s cash) is always 90.05 million of actions. The expanded lots would all belong to the selling shareholder, the Goldman Sachs, whose managed funds have controlled Oncoclinicas since a capitalization in 2017.
In the worst-case scenario presented, Goldman Sachs would raise around R$ 1 billion with the base offer (on the floor of the values presented). It’s about guaranteeing half of what was invested back there. In 2017, the institution’s funds took over after a contribution of around R$ 2 billion, according to the EXAME IN found out. Before the offer, Goldman controls 93.5% of the company’s shares. If the extra lots were sold and the total pocketed increased, the stake held would still remain the majority, just above 51%.
The suggested prices for the papers indicate that Oncoclínicas may debut at B3, that is, with the pocket already full, valued between R$ 11 billion and R$ 15 billion. The company is one of those cases of rapid growth, a mix of organic investments and acquisitions. Founded in 2010, in Belo Horizonte, from one unit, it now has 69 clinics spread across several states — of these, 17 were the result of acquisitions.
To get an idea of how Goldman’s arrival could accelerate growth, the company’s net revenue was BRL 667 million in 2016, a volume that reached BRL 2.2 billion last year, considering the purchases made during the period. year fully consolidated. Of this total, R$1.7 billion is organic expansion, that is, the opening of new clinics through their own efforts.
Net accounting revenue in 2020 was R$2.035 billion, with an Ebitda of R$312.6 million, a margin of 15.4%. This total only consolidates transactions effectively completed within last year, proportionally.
Everything indicates that the pace of growth is maintained, as in the first three months of the year, net revenue totaled R$ 614.55 million, which would raise the annual total to almost R$ 2.5 billion. The Ebitda from January to March totaled R$ 106.6 million, equivalent to a margin above 17%.
With large companies listed on the stock exchange, such as Rede D’Or, valued at more than R$ 130 billion, in addition to others such as Hapvida e NotreDame Intermédica Group (which are awaiting the green light for business combination), in addition to several smaller IPOs carried out in the first half, the healthcare sector faces a certain overexposure from investors.
There is less willingness for new companies than in sectors with few market representatives, or even new ones, as was the case with the network of gyms mentioned earlier. In addition, the more structured groups, whether from independent or vertical hospitals, are all seeking to expand services linked to cancer treatments, which means a competition from specialized players.
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