Jupiter Life Line Hospitals, a multi-specialty hospital chain operator, has successfully raised ₹261 crore from anchor investors just ahead of its Initial Public Offering (IPO), which opened for subscription today, Wednesday.
The company allocated 35.47 lakh equity shares to 39 entities at ₹735 apiece, which coincides with the upper end of the price band. Notable anchor investors include the Singapore Government, Abu Dhabi Investment Authority, Goldman Sachs, 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, among others.
Jupiter Life Line Hospitals’ IPO consists of a fresh issue of equity shares worth ₹542 crore and an Offer For Sale (OFS) of 44.5 lakh equity shares by promoter group entities and other shareholders.
The price band for the Jupiter Life Line IPO has been set at ₹695-735 per share, with the offer closing on September 8.
Proceeds from the fresh issue will be utilized for debt retirement and general corporate purposes, as stated by the company.
ICICI Securities, Edelweiss Financial Services, and JM Financial are acting as the book-running lead managers for the IPO. The equity shares are intended to be listed on both the BSE (Bombay Stock Exchange) and NSE (National Stock Exchange).
Jupiter Life Line Hospital currently operates in Thane, Pune, and Indore under the ‘Jupiter’ brand, with a total bed capacity of 1,194 as of December 2022. The company is also in the process of developing a multi-specialty hospital in Dombivli, Maharashtra.
Prior to the IPO, Jupiter Life Line Hospitals had conducted a pre-IPO placement, raising ₹123 crore by issuing approximately 16.7 lakh shares at a price of ₹735 each to investors.
The successful anchor investment demonstrates strong investor interest in the healthcare sector and the potential growth prospects for multi-specialty hospital chains in India.
