Narayana Hrudayalaya (NH) has received capital market regulator Sebi'approval for its public issue of 2.04 crore equity shares.
The IPO will comprise sale of shares held by existing shareholders - Devi Prasad Shetty, Shakuntala Shetty, Ashoka Investment Holdings, JP Morgan Mauritius Holdings and Amba Devi Mauritius Holding.
The Bangalore-headquartered chain of hospitals has 57 centres with 5,600 operational beds, including one facility in Cayman Islands.
The final go ahead was given by the Securities and Exchange Board of India (Sebi) on 27 November.
The shares are proposed to be listed on the BSE and the NSE; Axis Capital, IDFC Securities and Jefferies will manage the issue.
The company plans to raise Rs 700 crore, said PTI, quoting sources.