Multispecialty Hospital Chain, Jupiter Life Line Hospitals Limited is among the key multi-specialty tertiary and quaternary healthcare providers in the Mumbai Metropolitan Area (MMR) and western region of India with a total bed capacity of 1,194 hospital beds across three hospitals as of March 31, 2023 was subscribed 87% on the first day of bidding.
The issue received bids of 73,86,440 shares against the offered 84,97,169 equity shares, at a price band of ₹695-735, according to the data available on the stock exchanges.
Non-Institutional Investors Portion was subscribed 1.43 times. Retail Portion was subscribed 1.10 times, whereas, Qualified Institutional Buyer Portion was subscribed 0.01 times. The issue kicked off for subscription on Wednesday, September 6, 2023 and will close on Friday, September 8, 2023.
A day prior to the opening of the issue, Jupiter Life Line Hospitals Ltd had raised Rs 261 crore from anchor investors. Foreign Investors and Domestic Institutions who participated in the anchor were 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.
Broking houses like SBI Securities, Nirmal Bang, Reliance Securities, Hensex Securities, Sushil Finance, Ventura Securities, Dalal & Broacha, BP Wealth and SMIFS Ltd have given a “SUBSCRIBE” rating to the issue.
The brokerage citing that its well-known presence in multi-specialty tertiary and quaternary healthcare, increasing footprint in the Western region, diversified revenue mix and exceptional financial performance. It is also positive regarding its all-hub-no-spoke model, where each hospital is independent, individually well-equipped with skilled healthcare professionals as well as advanced infrastructure to serve the healthcare needs of the patients.
However, the broking houses noted that the company’s high dependency on Thane hospital as a critical concern to monitor going forward.
ICICI Securities Limited, Nuvama Wealth Management Limited and JM Financial Limited are the book running lead managers and KFin Technologies Limited is the Registrar to the Offer. The Equity Shares are proposed to be listed on BSE and NSE.
Led by founder, Chairman and Managing Director, Dr. Ajay P Thakker with over 3 decades of experience in the field of medicine and healthcare and Dr. Ankit Thakker, Executive Director and Chief Executive Officer who has a more than a decade experience in the healthcare sector. The Company commenced operations in 2007 with a hospital in Thane, Maharashtra and has been operating for over 15 years as a corporate quaternary care healthcare service provider in the western regions of India. It currently operates three hospitals in Thane, Pune and Indore under the “Jupiter” brand.
Jupiter Hospitals has a strategic focus on the western India healthcare market. It currently 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 2023 and will be spread across 600,000 sq. feet.
The table below shows subscription data for all the categories of investors:
JUPITER LIFE LINE HOSPITALS LIMITED
Last updated on
06 Sep 2023 | 05:00:00 PM
Sr.No. Category No.of shares offered / reserved No. of shares bid for No. of times of total meant for the category
1 Qualified Institutional Buyers (QIBs) 23,72,880 27,600 0.01
1(a) Foreign Institutional Investors (FIIs) - - -
1(b) Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) - - -
1(c) Mutual Funds - - -
1(D) Others - 27,600 -
2 Non Institutional Investors(NIIS) 18,37,287 26,26,940 1.43
2.1 Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) 12,24,858 15,03,560 1.23
2.1(a) Corporates - 32,720 -
2.1(b) Individuals (Other than RIIs) - 11,78,260 -
2.1(c) Others - 2,92,580 -
2.2 Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) 6,12,429 11,23,380 1.83
2.2(a) Corporates - 2,920 -
2.2(b) Individuals (Other than RIIs) - 9,94,140 -
2.2(c) Others - 1,26,320 -
3 Retail Individual Investors (RIIs) 42,87,002 47,31,900 1.10
3(a) Cut Off - 40,66,980 -
3(b) Price Bids - 6,64,920 -
4 Employee Reserved - - -
4(a) Employee (Cut off) - - -
4(b) Employee (Price) - - -
5 Reservation PortionShareholder - - -
5(a) RPS (Cut off) - - -
5(b) RPS (Price) - - -
Total 84,97,169 73,86,440 0.87