Jupiter Life Line Hospital IPO sails through on day 2

7 Sep 2023 , 11:31 AM

The Rs 869.08 crore initial public offering (IPO) of Jupiter Life Line Hospitals, a provider of multi-specialty tertiary and quaternary healthcare services, commenced its subscription phase on September 6. On the very first day, the IPO garnered a robust 87% subscription rate, reflecting strong investor interest. Click here to subscribe the IPO.

As of day 2, by 11:00 AM, the IPO had received bids for 1,12,24,820 equity shares, surpassing the 84,97,169 shares available for subscription. Notably, the Non-Institutional Investors (NII) category witnessed the highest level of enthusiasm with bids totaling 2.23 times the allocation, followed closely by the Retail Investors category, which saw a subscription rate of 1.66 times. In contrast, the Qualified Institutional Buyers (QIB) section saw only a 1% subscription rate against the reserved quota.

The IPO comprises a fresh issuance of 7,374,163 shares valued at Rs 542 crore, along with an offer for sale (OFS) worth Rs 327.08 crore, and is priced in the range of Rs 695 to Rs 735 per share. Potential investors are allowed to bid for a minimum of 20 shares, with increments of 20 shares thereafter.

Jupiter Life Line Hospitals is currently operating three hospitals, strategically located in Thane, Pune, and Indore, all operating under the well-regarded ‘Jupiter’ brand. The company is also in the process of developing a state-of-the-art multispecialty hospital in Dombivli, Maharashtra, which has been designed to accommodate a substantial capacity of over 500 beds.