Private hospital chain Jupiter Life Line Hospitals Ltd has filed draft papers with the Securities Exchange Board of India to raise funds via initial public offerings.
The IPO comprises a fresh issue of Rs 615 crore and an offer for sale (OFS) of up to 4.45 million shares by its existing shareholders and promoters.
The OFS consists of upto 1.25 million shares by Devang Vasantlal Gandhi (HUF), upto 9 lakh shares by Devang Gandhi jointly with Neeta Gandhi, upto 1 million shares by Nitin Thakker jointly with Asha Thakker, and upto 4 lakh shares each by Anuradha Ramesh Modi with Megha Ramesh Modi and Bhaskar P Shah (HUF).
The proceeds from the issue worth Rs 463.90 crore will go toward debt repayment. As of December, total debt of the company stood at Rs 477 crore.
ICICI Securities Ltd, Edelweiss Financial Services, and JM Financial are the lead managers to the issue.
Jupiter Life has established itself as a leading provider of multi-specialty tertiary and quaternary healthcare in the Mumbai Metropolitan Area (MMR) and the western region of India.
With a total bed capacity of 1,194 across three hospitals, they have positioned themselves prominently in the healthcare sector as of December 2022. Their team comprises 1,246 highly skilled doctors, including specialists, physicians, and surgeons. Operating under the renowned "Jupiter" brand, their hospitals are located in Thane, Pune, and Indore.
Jupiter Life is currently undertaking the development of a state-of-the-art multi-specialty hospital in Dombivli, Maharashtra. This upcoming facility is designed to accommodate over 500 beds, demonstrating their commitment to expanding their healthcare services. Construction for the hospital has commenced in April 2023, marking an important milestone in their ongoing efforts to provide comprehensive and advanced medical care to the region.
For the fiscal year 2023, revenue of the firm stood at Rs 726.19 crore against Rs 483.43 crore a year ago. Net profit for the year stood at Rs 51.13 crore against loss of Rs 2.30 crore last year.
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