Jupiter Hospitals Announces Subscription Dates for IPO; Listing Set for September 18

31 Aug 2023 , 01:46 PM

Jupiter Life Line Hospitals Ltd, a private hospital chain, has announced its subscription period, with opening on September 6 and closure on September 8. The anchor book for the offering will open on September 5.

Refunds for the subscription will be processed by September 14, and the equity shares will be credited to allottees’ demat accounts on September 15. The company’s stock is scheduled to be listed on exchanges on September 18.

The firm has revised the fresh issue size to Rs 542 crore from the previously planned Rs 615 crore. The Offer for Sale (OFS) includes up to 4.45 million shares from existing shareholders and promoters.

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

The proceeds from the issue, totaling Rs 510.41 crore, will be utilized for debt repayment. As of March 2023, the company’s total debt stood at Rs 476.37 crore. After filing draft papers in May, the firm received SEBI approval on August 22.

The issue is being managed by ICICI Securities Ltd, Edelweiss Financial Services, and JM Financial.

Jupiter Life Line Hospitals Ltd has emerged as a prominent player in the healthcare sector, establishing its presence as a leading provider of multi-specialty tertiary and quaternary healthcare within the Mumbai Metropolitan Area (MMR) and the wider western region of India.

Their notable position within the healthcare industry is reflected in a substantial total bed capacity of 1,194 beds spread across three hospitals. As of March 2023, the company has strategically positioned itself as a key player in the healthcare landscape. Their dedicated team comprises 1,246 highly skilled doctors encompassing various specializations, enhancing their medical capabilities. The hospitals, operating under the esteemed ‘Jupiter’ brand, are strategically located in Thane, Pune, and Indore.