 "IPO")
Jupiter Life Line, a multi-specialty hospital chain with approximately 1,000 beds, is aiming to secure Rs 869.08 crore (at the upper price band) to eliminate its debt. The company has achieved a successful fundraise of Rs 123 crore through a pre-IPO placement, with the sale of nearly 16.7 lakh shares at a price of Rs 735 per share. As a result, the size of the fresh issue has been reduced from Rs 615 crore to Rs 542 crore.
The issue will open for subscription from September 6 to September 8, while anchor investors will be able to bid on September 5. The OFS (Offer for Sale) consists of up to 44.5 lakh equity shares by promoters Devang Vasantlal Gandhi (HUF), Devang Gandhi with Neeta Gandhi, along other selling shareholders. Founded in 2007, the hospital has a presence in Thane, Pune, and Indore with Dombivli in the pipeline for the next two to three years with a capacity of 500 beds.
The company has disclosed that approximately Rs 500 crore from the public offering will be allocated towards debt repayment, while the remaining funds will be utilised for general corporate purposes.
As of March 2023, Jupiter carries a total debt load of Rs 476.3 crore. The company, currently operating at a bed occupancy rate of 63 per cent, has plans to increase its bed capacity from the current 1,194 beds to 2,500 beds within the next four to five years.
