Jupiter Life Line shares soar 46% on debut; SAMHI Hotels subscribed 5.3x

The IPO of Zaggle Prepaid Ocean Services saw over 12 times more demand than shares on offer

Illustration: Binay Sinha

Illustration by Binay Sinha

BS Reporter

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Shares of Jupiter Life Line Hospitals surged 46 per cent during their stock market debut on Monday. The stock closed at Rs 1,075, up Rs 340, or 46 per cent over the issue price of Rs 735. The stock hit a low of Rs 960 and a high of Rs 1,107 on the BSE. The stellar listing follows strong response to Jupiter Life Line’s Rs 870 crore IPO. The maiden share sale of the multi-specialty healthcare provider had garnered 64 times subscription. At the last close, the company was valued at Rs 7,050 crore. Currently, the company operates three hospitals with a bed capacity of nearly 1,200. Jupiter is in the process of setting up a fourth multi-specialty hospital in Dombivli, which falls in Mumbai Metropolitan Area. Jupiter will issue new shares worth Rs 542 crore in the IPO, which will be used to pare its debt. The IPO also consisted of secondary share sale of Rs 327 crore.

SAMHI Hotels subscribed 5.3x
The IPO offering of SAMHI Hotels garnered a little over five times subscription. The qualified institutional buyers (QIB) portion of the issue was subscribed 8.8 times and high networth individual (HNI) portion and retail portion a little over a one time each.  Set up in 2010, SAMHI Hotels is a branded hotel ownership and asset management platform, with a portfolio of 4,801 keys across 31 operating hotels. The total IPO size was Rs 1,370 crore, of which Rs 1,200 crore was issue of fresh shares. SAMHI Hotels will use the IPO proceeds to pare its debt. At the top-end of the price band of Rs 119 -126 per share, SAMHI Hotels will have a market cap of Rs 2,747 crore on post-dilution basis.

Zaggle Prepaid IPO subscribed 12.6x

The IPO of Zaggle Prepaid Ocean Services saw over 12 times more demand than shares on offer. The QIB portion of the issue was subscribed 16.7 times, HNI portion nearly 9 times and retail quota close to 6 times. The fintech firm offers products and services to manage corporate business expenses through automated workflows. Zaggle’s IPO consisted of Rs 392 crore fresh fund raise and Rs 171 crore secondary share sale.  The company plans to use the issue proceeds for customer acquisition, retention and towards the development of technology and products. At the top-end of the price band of Rs 164, the company is valued at Rs 2,000 crore on a post-dilution basis.

RR Kabel to list on Wednesday

Shares of RR Kabel will make their stock market debut on Wednesday. The company’s Rs 1,964-crore closed on Friday and was subscribed around 19 times. Market players said RR Kabel will set the record to list in just two working days following the closure of its IPO. Tuesday is a market holiday on account of Ganesh Chaturthi. RR Kabel is a leading manufacturer of wires and cables. The current timeline for IPOs if T+6 (where T denotes the last day of the issue and 6 denotes six working days). Market regulator Sebi has made the shorter T+3 listing timeline for IPOs voluntary starting this month. The T+3 timeline will become mandatory for all IPOs starting December 1.

Mittal to head fixed income at UTI AMC

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UTI Asset Management Company (AMC) has elevated Anurag Mittal to the position of head of Fixed Income with effect from October 1. He is currently the deputy head of Fixed Income. Mittal had joined the AMC in 2021. Prior to which, he was a senior fund manager at  IDFC AMC (now Bandhan AMC). “We are delighted and confident that Anurag’s step up to lead our investment strategy in fixed income and his expertise will further extend our capabilities to deliver value to our clients,” said Vetri Subram­aniam, CIO, UTI AMC. (Abhishek Kumar)

First Published: Sep 18 2023 | 11:15 PM IST

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