Jupiter Life Line Hospitals Closes with 46% Gains on Listing Day

18 Sep 2023 , 09:38 PM

Jupiter Life Line Hospitals’ shares performed as expected on their listing day, September 18, maintaining their solid debut despite market consolidation and profit-taking in the equity markets.

The stock commenced trading on the National Stock Exchange at Rs 973, a price established during the pre-opening session, marking a substantial 32.4% increase over the issue price of Rs 735. During the regular session, the opening price was Rs 1,026.50, and it consistently held above the Rs 1,000 mark.

Throughout the trading day, the stock reached an intraday high of Rs 1,108.95 and eventually settled with an impressive gain of 46.36% at Rs 1,075.75, with a trading volume of 1.28 crore equity shares. On the BSE, the closing price stood at Rs 1,075.25, with a trading volume of 8.54 lakh shares. The market capitalization at the closing price amounted to Rs 7,053 crore.

The IPO’s robust subscription figures, standing at 63.72 times between September 6 and 8, coupled with the company’s strong financial track record in recent years and the promising outlook for the healthcare sector, instilled confidence among investors.

Jupiter Hospital, a well-established multi-specialty healthcare provider in the western region of India, has ambitious plans for future expansion. The company successfully raised Rs 869 crore through its public issue, including a fresh issue of Rs 542 crore. These funds will primarily go towards clearing debts totaling Rs 510.4 crore, with the remaining amount allocated for general corporate purposes. The IPO’s price band was set at Rs 695-735 per share.

As a multi-specialty tertiary and quaternary healthcare provider, Jupiter Life Line Hospitals presently operates three hospitals located in the Mumbai Metropolitan Area (MMR) and the western region of India (Thane, Pune, and Indore), boasting a combined capacity of 1,194 beds as of March 2023.