Jupiter Life Line Hospitals IPO ends with strong subscription

Published on Sep 11, 2023 10:23

The Qualified Institutional Buyers (QIBs) category was subscribed 187.32 times. The Non Institutional Investors (NIIs) category was subscribed 34.75 times. The Retail Individual Investors (RIIs) category was subscribed 7.73 times.

The initial public offer (IPO) of Jupiter Life Line Hospitals received bids for 54,14,60,340 shares as against 84,97,169 shares on offer. The issue was subscribed 63.72 times.

The issue opened for bidding on 6 September 2023 and it closed on 8 September 2023. The price band of the IPO was fixed at Rs 695-735 per share.

The IPO comprised fresh issue of equity shares worth up to Rs 542 crore and an offer for sale (OFS) of 44,50,000 shares by existing shareholders.

The objectives of the fresh issue include Rs 510.40 crore for repayment/ prepayment of certain borrowings and balance amount for general corporate purposes.

The promoters and promoter group hold an aggregate of 28,975,623 equity shares, aggregating to 49.79% of the pre-offer issued and paid-up equity share capital. The post-IPO shareholding for the same is expected to be around 40.91%.

Ahead of the IPO, Jupiter Life Line Hospitals on Tuesday, 5 September 2023, raised Rs 260.72 crore from anchor investors. The board allotted 35.47 lakh shares at Rs 735 each to 39 anchor investors.

Jupiter Life Line Hospitals is a multi-specialty tertiary and quaternary healthcare provider in the Mumbai Metropolitan Area (MMR) and western region of India. Currently, the company operates three hospitals under the Jupiter brand in Thane, Pune, and Indore, with a total operational bed capacity of 1,194 beds, and 1,306 doctors including specialists, physicians, and surgeons, as of 31 March 2023.

The company reported a net profit of Rs 72.91 crore and net sales of Rs 892.54 crore for the twelve months ended on 31 March 2023.