GPT Healthcare IPO ends with decent subscription

Published on Feb 27, 2024 11:30

The initial public offer (IPO) of GPT Healthcare received 16,84,72,240 bids for shares as against 1,97,63,327 shares on offer. The issue was subscribed 8.52 times.

The Qualified Institutional Buyers (QIBs) category was subscribed 17.30 times. The Non Institutional Investors (NIIs) category was subscribed 11.02 times. The Retail Individual Investors (RIIs) category was subscribed 2.44 times.

The issue opened for bidding on 22 February 2024 and it closed on 26 February 2024. The price band of the IPO was fixed at Rs 177 to 186 per share.

The offer comprised of fresh issue of equity shares aggregating up to Rs 40 crore and offer for sale of 26,082,786 equity shares aggregating up to Rs 485.14 crore.

The promoters and and promoter group held 67.34% of the pre-offer issued and paid-up equity share capital. The post IPO shareholding for the same is expected to be around 65.57%.

The objectives for the fresh issue includes Rs 30 crore for repayment/prepayment of certain borrowings and the remaining amount is to be used for general corporate purposes.

Ahead of the IPO, GPT Healthcare on 21 February 2024 raised Rs 157.54 crore from anchor investors. The board allotted 84.69 lakh shares at Rs 186 each to 15 anchor investors.

GPT Healthcare operates a chain of mid-sized full-service hospitals under the same brand and provides integrated healthcare services, with a focus on secondary and tertiary care. As of 30 September 2023, the company operated four multispecialty hospitals in Dum Dum, salt Lake and Howrah in West Bengal and Agartala in Tripura with a total capacity of 561 beds.

The company offers comprehensive range of healthcare services across over 35 specialties and superspecialties including internal medicine and diabetology, nephrology (including renal transplants), laparoscopic and general suregery, gynaecology and obstetrics, critical care, gastroenterology, orthopaedics and joint replacements, interventional cardiology, neurology, neurosurgery, paediatrics and neonatology.

The firm reported a net profit of Rs 23.49 crore and sales of Rs 204.18 crore for the six months ended on 30 September 2023.