Jupiter LifeLine Hospitals files IPO papers with Sebi
The IPO comprises fresh issue of equity shares worth Rs 615 crore and an offer for sale (OFS) of 44.5 lakh equity shares by promoter group entities
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New Delhi: Multispecialty hospital chain Jupiter Life Line Hospitals has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO comprises fresh issue of equity shares worth Rs 615 crore and an offer for sale (OFS) of 44.5 lakh equity shares by promoter group entities and other shareholders, according to the draft red herring prospectus (DRHP).
Current promoters Ajay Thakker, Ankit Thakker and Western Medical Solutions LLP are not diluting their stake in the IPO. Proceeds of the fresh issue to the tune of Rs 464 crore will be utilized to retire debt. Besides, funds will be used for general corporate purposes.
The Mumbai-headquartered company may consider a pre-IPO placement of Rs 123 crore and if such placement is undertaken, fresh issue size will be reduced. The hospital chain operates in Thane, Pune and Indore under the "Jupiter" brand with a total bed capacity of 1,194 as of December 2022. Jupiter Hospitals, which has a strategic focus on the Western India healthcare market, is in the process of developing a multispecialty hospital in Dombivli, Maharashtra, which is being designed to accommodate over 500 beds.
