Jupiter Life Line IPO to open on September 6; closes on September 8

IPO

Private hospital chain Jupiter Life Line Hospitals Ltd will open on September 6 for subscription and close on September 8. The anchor book will open on September 5.

The refunds will be done by 14 September and credit of equity shares to demat accounts of allottees will be on September 15. The stock will be listed on exchanges on September 18.

The firm has cut fresh issue size to Rs 542 crore from Rs 615 crore earlier planned. The OFS comprises of upto 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 510.41 crore will go toward debt repayment. As of March 2023, total debt of the company stood at Rs 476.37 crore. The firm in May filed draft papers and got SEBI approval on August 22.

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 March 2023. 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 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 892.54 crore against Rs 733.12 crore a year ago. Net profit for the year stood at Rs 72.91 crore against Rs 51.13 crore last year.