GPT Healthcare's Rs 525 cr IPO gets 37% subscription on first day of offer

The initial share sale of GPT Healthcare Ltd, which operates and manages mid-sized multi-specialty hospitals under the ILS Hospitals brand, received 37 per cent subscription on the first day of offer on Thursday.

The Initial Public Offering (IPO) received 72,43,360 bids for shares against 1,97,63,327 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) got subscribed 66 per cent, while the quota for non-institutional investors received 18 per cent subscription.

On Wednesday, GPT Healthcare Ltd said it has collected Rs 157.54 crore from anchor investors.

The Rs 525 crore IPO is a combination of a fresh issue of equity shares aggregating to Rs 40 crore and an Offer For Sale (OFS) of up to 2.6 crore equity shares by private equity firm BanyanTree Growth Capital II.

BanyanTree, which holds 2.6 crore shares or 32.64 per cent stake, in Kolkata-based GPT Healthcare, is divesting its entire shareholding in the company.

Price range for the offer is Rs 177-186 apiece.

Proceeds from the fresh issue will be used for payment of debt and general corporate purposes.

GPT Healthcare, founded by Dwarika Prasad Tantia, Om Tantia, and Shree Gopal Tantia, started with an eight-bed hospital in Kolkata in 2000. The company operates four full-service multi-specialty hospitals, with a total capacity of 561 beds.

JM Financial is the sole book-running lead manager to the issue.

The equity shares are proposed to be listed on the BSE and the NSE.