Jupiter Life Line Hospitals IPO Subscribed 87% On Day 1
The IPO has been subscribed 87% or 0.87 times as of 5:00 p.m. on Wednesday.
Jupiter Life Line Hospitals Ltd. launched its initial public offering on Sept. 6.
The multispecialty hospital plans to raise Rs 869.08 crore via a fresh issue and an offer for sale.
The fresh issue will consist of 73.74 lakh equity shares aggregating Rs 542 crore, and the OFS includes 44,50,000 shares aggregating Rs 327.1 crore. The price band is fixed in the range of Rs 695–735 per share.
Out of the total IPO size, 50% is reserved for qualified institutional buyers, 15% for non-institutional investors, and the remaining 35% for retail individual investors.
Jupiter Life Line Hospitals has raised Rs 260.72 crore from anchor investors ahead of its IPO on Sept. 5. The company allotted nearly 35.47 lakh shares at Rs 735 apiece to a total of 39 anchor investors.
Issue Details
Issue opens: Sept. 6.
Issue closes: Sept. 8.
Fresh issue size: Rs 542 crore.
OFS size: Rs 327.1 crore.
Face value: Rs 10 apiece.
Fixed price band: Rs 695–735 per share.
Minimum lot size: 20 shares.
Listing: NSE, BSE.
Business
Founded in 2007, Jupiter Life Line Hospitals is a multispecialty tertiary and quaternary healthcare provider in western India.
It currently operates three hospitals under the Jupiter brand in Thane, Pune and Indore. The company has a total operational bed capacity of 1,194 beds and 1,246 doctors—including specialists, physicians and surgeons as of March 31.
The business is currently building a multispecialty hospital in Dombivli, Maharashtra, with around 500 beds. The construction commenced in April.
In fiscal 2023, the company's in-patient and out-patient income was distributed among hospitals, with Thane, Pune and Indore hospitals accounting for 54%, 34% and 12% of revenue from operations respectively.
Use Of Proceeds
The funds that will be raised will be employed for the following purposes:
Repayment/prepayment, in full or part, of borrowings availed from banks by the company and material subsidiary: Estimated Rs 463.9 crore.
General corporate purposes.
Subscription Status: Day 1
The IPO has been subscribed 87% or 0.87 times as of 5:00 p.m. on Wednesday.
Institutional investors: 0.1% or 0.01 times.
Non-institutional investors: 1.43 times.
Retail investors: 1.11 times.