According to the Draft Red Herring Prospectus of Jupiter Life Line Hospitals subscription will open on September 6 and the three day initial public offering (IPO) will conclude on September 8 and the bidding for anchor investors will open on September 5.
The hospital chain operates in Thane, pune, Indore under the “Jupiter” brand with a total bed size of 1,194 as of December 2022. Jupiter has a strategic focus on western India and is currently also focusing to the south, particularly, it is in the process of building a multispeciality hospital in Dombivli, Maharashtra with a capacity of over 500 beds.
The IPO will be an offer for sale by promoters & other existing entities, worth Rs. 44.5 lakh equity shares and additional issue of Rs. 542 crore in fresh issue of shares. The company also raised Rs. 123 crore additional funds through pre-IPO round from Institutional Investors early August and as such the fresh issue has been reduced by the said amount.
ICICI Securities, Edelweiss Financial Services, and JM Financial are the book-running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE. Proceeds of the fresh issue will be utilized to retire debt.
Besides, funds will be used for general corporate purposes. The company’s intent for the funds raised is to retire debt. Apart from that, the funds are stated to be used for general corporate purposes.
