Jupiter Life Line Hospitals, a multispecialty hospital network, announced on Friday that it has set a price range of Rs. 695-735 per share for its Rs. 869-crore initial public offering (IPO).
The company said the initial share sale will open for public subscription during September 6-8 and the bidding for anchor investors will open on September 5.
A new issue of equity shares worth Rs 542 crore and an offer for sale (OFS) of 44.5 lakh equity shares made by members of the promoter group and other shareholders make up the first public offering (IPO).
Last month, Jupiter Hospital mobilised Rs 123 crore from institutional investors in the pre-IPO round thereby reducing fresh issue size.
Proceeds of the fresh issue will be utilised to retire debt. Besides, funds will be used for general corporate purposes.
The IPO is expected to fetch Rs 851.28 crore and Rs 869.08 crore at the lower and upper price bands, respectively.
Investors can bid for a minimum of 20 equity shares and in multiples of 20 equity shares thereafter.
The hospital chain operates in Thane, Pune, and Indore under the “Jupiter” brand with a total bed capacity of 1,194 as of December 2022.
Jupiter Hospital, which has a strategic focus on the western India healthcare market, is in the process of developing a multispecialty hospital in Dombivli, Maharashtra, which is being designed to accommodate over 500 beds. The construction of the hospital began in April this year.
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.
