Monday, February 19, 2024

Initial Public Offering of GPT Healthcare Limited to open on Thursday, February 22, 2024, price band set at ₹177/- to ₹186/- per Equity Share


(L-R) Mr. Debashis Dhar, CBD, Mr. Atul Tantia, Group CFO, Dr. Om Tantia, MD, Mr. Anurag Tantia, Director, Mrs. Kirti Tantia, CFO of GPT Healthcare Limited at their IPO announcement, Mumbai.

Eastern India focused GPT Healthcare, which operates and manages mid-sized multispecialty hospitals under the ILS Hospitals brand, has fixed the price band of ₹177- to ₹186 per Equity Share of face value ₹10/- each for its maiden initial public offer.  The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Thursday, February 22, 2024, for subscription and close on Monday, February 26, 2024. Investors can bid for a minimum of 80Equity Shares and in multiples of 80 Equity Shares thereafter.

The issue consists of a fresh issue of equity shares worth ₹ 40 crore and an offer for sale (OFS) of up to 26.08 million equity shares by investor selling shareholders. 

As per the DRHP, the proceeds from the fresh issue to the extent of ₹ 30 crore will be used for prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company besides general corporate purposes.

GPT Healthcare, founded by Dwarika Prasad Tantia, Dr Om Tantia and Shree Gopal Tantia started with a 8 bed hospital at Salt Lake, Kolkata in 2000. Today it operates four full service multispecialty hospitals, with a total capacity of 561 beds and attends to over 35 specialties and super specialties such as internal medicine, diabetology, gastroenterology, orthopaedics and joint replacements, interventional cardiology, neurology, neurology, neurosurgery, paediatrics and neonatology. 

Dr. Om Tantia, has over 4 decades of experience as a surgeon and is a specialist in the field of laparoscopic surgery. He has been the president of the Association of Minimal Access Surgeons of India along with multiple accolades to his credit, including the honorary professorship bestowed by the Indian Medical Association. 

Its total income increased 7.3% to Rs 3610.37 million in fiscal year 2023 from ₹ 3374.15 million in fiscal year 2022, primarily due to the increases in income from hospital services, aided by increase in patient volume; increase in income from pharmacy sales. For the six months ended September 30, 2023, revenue from operations stood at ₹ 2,041.76 million and net profit at ₹ 234.85 million.

JM Financial is the sole book running lead manager and Link Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.

Notes for Reference: 

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

Fresh  OFS (26,082,786 equity shares) Total 

Lower Band (@Rs 177) Rs 40 crore Rs 461.67 crore Rs 501.67 crore

Upper Band (@Rs 186) Rs 40 crore Rs 485.14 crore Rs 525.14 crore

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