Friday, September 1, 2023

Jupiter Life Line Hospitals Limited’s Initial Public Offering to open on Wednesday, September 6, 2023, sets price band at ₹695 to ₹735 per Equity Share

Multispecialty Hospital Chain, Jupiter Life Line Hospitals 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 have fixed the price band at ₹695 to ₹735 per Equity Share for its maiden public offer. The initial public offering (“IPO” or “Offer”) of the Company will open on Wednesday, September 6, 2023, for subscription and closes on Friday, September 8, 2023. Investors can bid for a minimum of 20 Equity Shares and in multiples of 20 Equity Shares thereafter.

The Public Issue of face value of ₹10 per equity share consists of a fresh issue of equity shares worth up to Rs 542 crore and an offer-for-sale (OFS) of up to 4.45 million equity shares. The Promoters are not selling any shares in the OFS.

The company, in consultation with the lead bankers had undertaken a private placement of 1.67 million shares at an issue price of Rs 735 per equity share (including a premium of Rs 725 per equity share) aggregating to Rs 123 crore in a pre-IPO placement, and the fresh issue size was reduced from Rs 665 crore to Rs 542 crore.

The Company through its IPO will fetch Rs 851.28 crore - Rs 869.08 crore at the lower and upper end of the price band.

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, Chief Executive Officer who has a decades experience in the healthcare sector , the hospital began as a single hospital in Thane in 2007 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 in Thane, Pune and Indore under the “Jupiter” brand. 

Jupiter Hospitals has a strategic focus on the western india healthcare market. It currently 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.

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.

Notes for Reference : 

Issue Size of the IPO based on the upper and lower end of the price band

Fresh OFS (4,450,000 equity shares) Total 

Lower Band (@Rs 695) Rs 542 crore Rs 309.28 crore Rs 851.28 crore

Upper Band (@Rs 735) Rs 542 crore Rs 327.08 crore Rs 869.08 crore

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