The IPO (Initial Public Offering) of the private hospital chain, Jupiter Life Line Hospitals, will be available for investment starting from September 6.
You can subscribe to it until September 8, but anchor investors can participate a day earlier on September 5.
The company initially planned to raise Rs 615 crore, but it has now reduced the fresh issue size to Rs 542 crore.
They submitted their draft papers in May and received approval from SEBI (Securities and Exchange Board of India) on August 22.
The offer for sale (OFS) includes 44.5 lakh shares from existing shareholders and promoters.
Under OFS, Devang Vasantlal Gandhi (HUF) will sell 2.5 lakh shares, Devang Gandhi and Neeta Gandhi together will sell 9 lakh shares, and Nitin Thakkar and Asha Thakkar will jointly sell 10 lakh shares.
Megha Ramesh Modi and Bhaskar P Shah (HUF) along with Anuradha Ramesh Modi will also sell shares worth up to Rs 4 lakh each.
How Will the Funds Be Used?
Out of the funds collected from the IPO, Rs 510.41 crore will be used to repay the company’s loans. As of March 2023, the company had a total debt of Rs 476.37 crore.
ICICI Securities Limited, Edelweiss Financial Services, and JM Financial are the lead managers for this IPO.
The refund process for subscriptions will begin on September 14, and the equity shares will be credited to successful investors’ demat accounts on September 15.
The stock will be listed on exchanges on September 18.
About the Company
Jupiter Life has become a prominent provider of specialized healthcare services in the Mumbai Metropolitan Area (MMR) and the Western region of India.
By March 2023, the company operated three hospitals with a total capacity of 1,194 beds. Their team includes 1,246 highly skilled doctors, including specialists, physicians, and surgeons.
Operating under the well-known “Jupiter” brand, the company’s hospitals are situated in Thane, Pune, and Indore.
Company’s Expansion Plans
Currently, Jupiter Life is constructing a modern multi-specialty hospital in Dombivli, Maharashtra, designed to accommodate over 500 beds.
This reflects the company’s commitment to expanding healthcare services, with construction commencing in April 2023.
In the fiscal year 2023, the company’s revenue reached Rs 892.54 crore, compared to Rs 733.12 crore the previous year.
The net profit for the year was Rs 72.91 crore, up from Rs 51.13 crore in the previous year.