The IPO includes a new issue of Rs.615 crore and an offering of up to 4.45 million shares by its existing shareholders and sponsors.
Private hospital chain Jupiter Life Line Hospitals Ltd has submitted draft papers to the Securities Exchange Board of India to raise funds through IPOs.
The IPO includes a new issue of Rs.615 crore and an Offer to Sell (OFS) of up to 4.45 million shares by its existing shareholders and sponsors.
The OFS consists of up to 1.25 million shares of Devang Vasantlal Gandhi (HUF), up to 9 lakh shares of Devang Gandhi jointly with Neeta Gandhi, up to 1 million shares of Nitin Thakker jointly with Asha Thakker and up to 4 each Anuradha Ramesh Modi Lakh Shares with Megha Ramesh Modi and Bhaskar P Shah (HUF).
The proceeds from the issue, valued at Rs. 463.90 crore, will be used to pay down debt. In December the total debt of the company was Rs.477 crore.
ICICI Securities Ltd, Edelweiss Financial Services and JM Financial are the lead managers of the offering.
Jupiter Life has established itself as a leading provider of multidisciplinary tertiary and quaternary healthcare in the Mumbai Metropolitan Region (MMR) and Western Region of India.
With a total bed capacity of 1,194 in three hospitals, they have positioned themselves prominently in healthcare since December 2022. Their team consists of 1,246 highly qualified doctors, including board specialists, physicians and surgeons. The hospitals operating under the renowned brand “Jupiter” are located in Thane, Pune and Indore.
Jupiter Life is developing a state-of-the-art multi-specialty hospital in Dombivli, Maharashtra. This new facility is expected to house over 500 beds, demonstrating their commitment to expanding their healthcare services. Construction of the hospital began in April 2023 and marks an important milestone in their ongoing efforts to provide comprehensive and advanced medical care to the region.
In fiscal year 2023, the company’s revenue was Rs.726.19 crore compared to Rs.483.43 crore a year ago. Net profit for the year was Rs.51.13 crore versus a loss of Rs.2.30 crore last year.
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