GPT Healthcare IPO opens February 22, to give exit to BanyanTree

GPT Healthcare IPO opens on February 22

Kolkata-based GPT Healthcare's initial public offering, the 13th offer of this year, will open for subscription on February 22, giving exit to private equity firm Banyan Tree.

The IPO, a fresh issuance of shares worth Rs 40 crore and an offer-for-sale (OFS) of 2.6 crore equity shares by the existing shareholders, will close on February 26.  The price band is expected to be announced soon.

The anchor book of the issue will be open on February 21.

BanyanTree Growth Capital II LLC will be selling its entire shareholding of over 2.60 crore equity shares, representing 32.64 percent of the paid-up equity. With this, the Mauritius-based private equity fund will exit the company.

Promoters GPT Sons and Tantia family own 67.34 percent shares in the healthcare services provider.

The healthcare company will use Rs 30 crore of the fresh issue proceeds to repay debt and the remaining will be used for general corporate purposes.

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GPT Healthcare, which operates a chain of mid-sized full-service hospitals under the ILS brand and provides integrated healthcare services with a focus on secondary and tertiary care, recorded a 21.95 percent CAGR growth in revenue during FY21-FY23, to Rs 361.04 crore in FY23.

Profit after tax increased at a CAGR of 36 percent to Rs 39 crore and EBITDA at a CAGR of 20.53 percent to Rs 80 crore for the year ended FY23.

Net profit in the six-month period ended FY24 grew 38.3 percent YoY to Rs 23.5 crore and revenue 18.7 percent to Rs 204.2 crore.

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GPT operates four multispecialty hospitals in Dum Dum, Salt Lake and Howrah in West Bengal and Agartala in Tripura with a total capacity of 561 beds.

JM Financial is the lead manager to the issue, while Link Intime India is the registrar.