Ahead of the listing, the company’s shares are commanding a premium of Rs 233 in the unlisted market. The IPO was priced in the range of Rs 695-735.
Considering the upper price band, the stock is expected to list at a premium of about 32%.
The Rs 869-crore IPO of Jupiter Life Line Hospitals was subscribed 63.72 times on the last day of bidding, led by massive demand from QIB whose category was subscribed 187 times.
The company aims to be debt-free post the IPO. The proceeds from the issue will be utilized to the extent of Rs 464 crore for repayment of debt.
“We are going to pay down all the debt from the proceeds. So, the entire interest portion and the outflow for the principal repayment will be free cash in our hands,” Ankit Thakker, CEO, Jupiter Hospitals said earlier.
Prior to the opening of the issue, the company had raised Rs 261 crore from anchor investors, where foreign and domestic investors including Abu Dhabi Investment Authority (ADIA), Goldman Sachs, Fidelity Funds, Nomura, HDFC MF, Nippon India MF among others participated.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 is 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, Nuvama Wealth Management and JM Financial acted as the book running lead managers and KFin Technologies was the registrar to the offer.
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