August 22nd 2023.
Jupiter Life Line Hospitals, a multi-specialty hospital chain, has successfully completed its pre-IPO placement of Rs. 123 crore. This has reduced the Fresh issue size for the company's upcoming Initial Public Offering (IPO).
In May of this year, Jupiter had filed its draft herring prospectus with the market regulator. The issue will have a face value of Rs 10 per equity share, consisting of a fresh issue of equity shares worth up to Rs 615 crore and an offer-for-sale of up to 4.45 million equity shares by Promoter Group and other selling shareholders.
On August 22, 2023, Jupiter had announced a further issue of specified securities for cash consideration. This was done in consultation with the lead bankers and saw participation from institutional investors. These included SBI Magnum Children’s Benefit Fund, SBI Optimal Equity Fund, and SBI Healthcare Opportunities Fund, Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Europe Holdings LLC, and Neuberger Berman Strategic India Equity Master Fund Holdings Limited, High Conviction Fund - Series 1, Ashoka India Equity Investment Trust PLC, Think India Opportunities Master Fund LP, DC Ikka Limited.
The offer for sale consists of up to 1.25 million equity shares by Devang Vasantlal Gandhi , up to 9 lakh equity shares by Devang Gandhi jointly with Neeta Gandhi, up to 1 million equity shares by Nitin Thakker jointly with Asha Thakker, up to 4 lakh equity shares by Anuradha Ramesh Modi with Megha Ramesh Modi , and up to 4 lakh equity shares by Bhaskar P Shah , up to 2 lakh equity shares by Rajeshwari Capital Market Limited, up to 2 lakh equity shares by Vadapatra Sayee Raghavan , up to 40,000 equity shares by Sangeeta Ravat jointly with Dr. Hasmukh Ravat, up to 40,000 equity shares by Dr. Hasmukh Ravat jointly with Sangeeta Ravat, up to 20,000 equity shares by Shreyas Ravat jointly with Sangeeta Ravat.
The proceeds from this IPO will be used to the extent of Rs. 463.90 crore for repayment/ pre-payment, in full or in part, of borrowings availed from banks by the company and material subsidiary, as well as for general corporate purposes.
Jupiter Hospitals was founded by the chairman and managing director, Dr. Ajay P. Thakker, and the Chief Executive Officer, Dr. Ankit Thakker. With over 3 decades of experience in the field of medicine and healthcare, the hospital began as a single hospital in Thane in 2007 and has since grown to become a corporate quaternary care healthcare service provider in the western regions of India.
Currently, Jupiter Hospitals operates in Thane, Pune and Indore under the “Jupiter” brand. The hospital has a strategic focus on the western india healthcare market and is in the process of developing a multispecialty hospital in Dombivli, Maharashtra. This hospital is being designed to accommodate over 500 beds and construction began in April 2023. It will span across 600,000 sq feet.
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