Jupiter Life Line Hospitals mobilises Rs 261 crore from anchor investors ahead IPO

6 Sep 2023 , 08:55 AM

Jupiter Life Line Hospitals, a prominent healthcare services provider, successfully secured Rs 260.72 crore through an anchor book offering, a component of qualified institutional buyers (QIB), on September 5, ahead of its upcoming initial public offering (IPO).

A total of 39 investors, including esteemed entities such as the Government of Singapore, Abu Dhabi Investment Authority, Fidelity Funds, Goldman Sachs, Nomura Funds, HSBC Global, Florida Retirement System, and Natixis International Funds, demonstrated their confidence in the company by participating in the anchor book. Notably, domestic investors also contributed significantly, with participants such as SBI Mutual Fund, ICICI Prudential, Nippon Life, HDFC Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life Trustee, UTI Mutual Fund, Motilal Oswal MF, HDFC Life Insurance, and SBI Life Insurance Company.

The multi-specialty tertiary and quaternary healthcare provider, in a filing with the Bombay Stock Exchange (BSE), disclosed the allocation of 35,47,247 equity shares to anchor investors at a price of Rs 735 per share. Among this allocation, 16,91,992 equity shares found their way to 12 domestic mutual funds, distributed across a total of 26 schemes, underscoring the strong interest from the domestic investment community.

Jupiter Life Line Hospitals is poised to launch its inaugural public issue, comprising 1.18 crore equity shares, on September 6, within a price band of Rs 695 to Rs 735 per share. This IPO includes a fresh issue of shares valued at Rs 542 crore by the company and an offer-for-sale of 44.5 lakh shares worth Rs 327.08 crore by 10 shareholders, including the promoter group.

The net proceeds generated from the fresh issue will be allocated primarily to debt repayment, amounting to Rs 510.4 crore, with the remaining funds earmarked for general corporate purposes. This strategic move reflects the company’s commitment to strengthening its financial position and advancing its mission of providing high-quality healthcare services.