Jupiter Life Line Hospitals garners Rs 261 crore from anchor investors

Jupiter Life Line Hospitals on Tuesday said it has raised Rs 261 crore from anchor investors ahead of its Initial Public Offering (IPO).

The multi-specialty hospital chain's offer will open for subscription on Wednesday.

The company has decided to allocate 35.47 lakh equity shares to 39 entities at Rs 735 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website.

Singapore Government, Abu Dhabi Investment Authority, Goldman Sachs, Fidelity Funds, Nomura, HDFC Mutual Fund (MF), Nippon India MF, Axis MF, Kotak Mahindra MF, Aditya Birla Sun Life MF, SBI Life Insurance Company and HDFC Life Insurance, are among the anchor investors.

The IPO comprises a fresh issue of equity shares worth Rs 542 crore and an Offer For Sale (OFS) of 44.5 lakh equity shares by promoter group entities and other shareholders.

The price is Rs 695-735 per share and the offer will close on September 8.

Proceeds of the fresh issue will be utilised to retire debt and for general corporate purposes.

ICICI Securities, Edelweiss Financial Services, and JM Financial are the book-running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.

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.

It is also in the process of developing a multi-specialty hospital in Dombivli, Maharashtra.

After making a loss in the financial year 2020-21, the company reported a profit of Rs 51.13 crore in 2021-22.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)