The IPO of Mumbai-based hospital chain Jupiter Life Line Hospitals will open on September 6 and close on September 8. The company plans to raise funds through a fresh equity issue and offer for sale (OFS) of shares. The pricing details for the IPO will be announced soon.
Jupiter Hospital had filed preliminary IPO papers with SEBI in May and received regulatory approval last week. The IPO consists of a fresh equity issue of up to Rs 542 crore and an OFS of 44.55 lakh shares.
The OFS will see Devang Vasantlal Gandhi offloading up to 1.25 million equity shares, while Devang Gandhi, along with Neeta Gandhi, will sell 9 lakh equity shares. Other selling shareholders include Nitin Thakker, Anuradha Ramesh Modi, Bhaskar P Shah, Rajeshwari Capital Market, Vadapatra Sayee Raghavan, and Sangeeta Ravat, jointly with Hasmukh Ravat.
Jupiter Hospital had earlier raised Rs 123 crore from institutional investors in the pre-IPO round, resulting in a reduction of the fresh issue size.
The funds raised through the IPO will be utilized for the repayment, in full or in part, of borrowings availed from banks by the company and its material subsidiary, as well as for general corporate purposes.
Established in 2007 as a single hospital in Thane, Jupiter Hospital has been operating for over 15 years as a corporate quaternary care healthcare service provider in western regions of India. It currently operates in Thane, Pune, and Indore under the Jupiter brand.
Jupiter Hospitals has a strategic focus on the western India healthcare market and is currently developing a multispecialty hospital in Dombivli, Maharashtra. The hospital, spread across 600,000 sq feet, is being designed to accommodate over 500 beds, and construction began in April 2023.
The book-running lead managers for the IPO are ICICI Securities, Nuvama Wealth Management, and JM Financial, while KFin Technologies is the registrar. The equity shares are proposed to be listed on the BSE and NSE stock exchanges.
