Jupiter Hospital files draft papers for IPO

Mumbai-based private hospital chain Jupiter Life Line Hospitals has filed its draft red herring prospectus (DRHP) with capital market regulator SEBI to raise funds through initial public offering (IPO).

As per DRHP, the proposed IPO consist fresh issue of equity shares worth Rs 615 crore and an offer-for-sale (OFS) of up to 4.45 million equity shares by Promoter Group and other selling shareholders. It may also consider private placement of Rs 123 crore, which may further reduce issue size.

The OFS consists of upto 1.25 million shares by Devang Vasantlal Gandhi (HUF), upto 9 lakh shares by Devang Gandhi jointly with Neeta Gandhi, upto 1 million shares by Nitin Thakker jointly with Asha Thakker, and upto 4 lakh shares each by Anuradha Ramesh Modi with Megha Ramesh Modi and Bhaskar P Shah (HUF).

The company will be going to use net proceeds from the issue towards debt repayment and other general corporate purposes.

ICICI Securities Ltd, Edelweiss Financial Services, and JM Financial are the lead managers to the issue.