Jupiter Life Line Hospitals Limited, a prominent healthcare provider in India, opened its Initial Public Offering (IPO) on Wednesday. The subscription for the public offering will be available until September 8, 2023. The IPO comprises a fresh issue of equity shares valued at ₹542 crore (₹1 crore = $120,873) and an offer-for-sale (OFS) of up to 4.45 million equity shares, totaling approximately ₹869 crore.
Ahead of the IPO, Jupiter Life Line successfully raised ₹261 crore from anchor investors on Tuesday. The list of anchor investors includes notable entities such as the Singapore Government, Abu Dhabi Investment Authority, Goldman Sachs (NYSE:GS), Fidelity Funds, Nomura, HDFC Mutual Fund (MF), Nippon India MF, Axis MF, Kotak Mahindra MF, Aditya Birla Sun Life MF, SBI Life Insurance Company and HDFC Life Insurance. The company allocated 3.547 million equity shares to these 39 entities at ₹735 ($1 = ₹82.6) apiece, which is also the upper end of the IPO price band set at ₹695-735 per share.
The proceeds from the fresh issue are proposed to be utilized for retiring debt and general corporate purposes. ICICI Securities, Edelweiss Financial Services and JM Financial are acting as the book-running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.
Jupiter Life Line Hospitals operates under the 'Jupiter' brand in Thane, Pune and Indore with a total bed capacity of 1,194 as of December 2022. The company is also developing a multi-specialty hospital in Dombivli, Maharashtra.
Prior to the IPO, Jupiter Life Line Hospitals had raised ₹123 crore in its pre-IPO placement by issuing around 1.67 million shares at a price of ₹735 apiece to investors.
Numerous brokerages including Reliance Securities and SBI Securities have given a 'subscribe' rating to Jupiter Life Line's IPO based on its long-term business growth prospects and valuation compared to peers. Following the IPO, Jupiter Life Line Hospitals will become a debt-free entity.
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