Jupiter Hospital to mop up Rs 869 crore via IPO; sets price band at Rs 695-735 per share

Multispecialty hospital chain Jupiter Life Line Hospitals on Friday said it has fixed a price band of Rs 695-735 a share for its Rs 869-crore initial public offering (IPO).

The initial share sale will open for public subscription during September 6-8 and the bidding for anchor investors will open on September 5, the company said. The IPO comprises a fresh issue of equity shares worth Rs 542 crore and an offer for sale (OFS) of 44.5 lakh equity shares by promoter group entities and other shareholders. Last month, Jupiter Hospital mobilised Rs 123 crore from institutional investors in the pre-IPO round thereby reducing fresh issue size.

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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.