GPT Healthcare IPO subscribed 37%

Published on Feb 22, 2024 17:25

The initial public offer (IPO) of GPT Healthcare received 72,43,360 bids for shares as against 1,97,63,327 shares on offer, according to stock exchange data at 17:00 IST on Thursday (22 February 2024). The issue was subscribed 0.37 times.

The issue opened for bidding on Thursday (22 February 2024) and it will close on Monday (26 February 2024). The price band of the IPO is fixed at Rs 177 to 186 per share. An investor can bid for a minimum of 80 equity shares and in multiples thereof.

The offer comprises 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 by BanyanTree Capital Growth II, LLC.

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 include 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 Wednesday, 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.