Mumbai-based multi-speciality hospital chain Jupiter Life Line Hospitals has acquired the capital markets regulator Securities and Trade Board of India’s (SEBI) approval to boost funds by an preliminary public providing (IPO). It has additionally raised Rs 123 crore from institutional traders within the pre-IPO spherical.
Jupiter filed its preliminary IPO papers with SEBI in Might. The corporate acquired SEBI’s last statement, equal to its approval, on August 11. Edelweiss Monetary Providers, JM Monetary and ICICI Securities are the book-running lead managers of the IPO, and KFin Applied sciences is the registrar to the provide.
The IPO consists of a recent problem of fairness shares price as much as Rs 615 crore and an offer-for-sale (OFS) of as much as 44.5 lakh fairness shares with a face worth of Rs 10 every by the promoter group and different promoting shareholders. With the completion of the pre-IPO placement, the recent problem dimension will now be decreased.
Within the pre-IPO spherical, the corporate issued 16.7 lakh shares for Rs 735 apiece for a complete consideration of Rs 122.75 crore to institutional traders, together with a number of SBI and Neuberger Berman funds, together with Ashoka India Fairness Funding Belief, Suppose India Alternatives Grasp Fund and others.
The OFS consists of as much as 12.5 lakh shares by Devang Vasantlal Gandhi (HUF), as much as 9 lakh shares by Devang Gandhi collectively with Neeta Gandhi, as much as 10 lakh shares by Nitin Thakker collectively with Asha Thakker, and as much as 4 lakh shares every by Anuradha Ramesh Modi collectively with Megha Ramesh Modi and Bhaskar P Shah (HUF). Different promoting shareholders embody Rajeshwari Capital Market, Vadapatra Sayee Raghavan, Sangeeta Ravat and Hasmukh Ravat.
As per the DRHP, proceeds from the IPO will probably be utilised to the extent of Rs 463.90 crore for reimbursement of debt availed by the corporate and its subsidiary and for normal company functions.
Jupiter Life Line operates hospitals in Thane, Pune and Indore, with a complete mattress capability of 1,194 as of December 2022. It’s within the technique of growing a 6,00,000 sq toes multi-speciality hospital in Dombivli, Maharashtra, with a capability of over 500 beds.
