Jupiter Life Line Hospitals IPO subscribed 46% so far on Day 1. Check GMP and other details
Jupiter Life Line Hospitals saw a steady response from investors on the first day of the bidding process. The issue, which closes on September 8, was subscribed 46% so far.
The non-institutional investors category was subscribed 60%, while that of retail investors was subscribed 66%.
There were no bids yet from qualified institutional buyers.
According to market sources, the company's shares are trading at a premium of Rs 218 in the unlisted market.
Most analysts gave a subscribe recommendation as the issue seems attractively priced compared with peers.
The company aims to be debt-free post the IPO. The proceeds from the issue will be utilized to the extent of Rs 464 crore for repayment of debt.
Jupiter is offering its shares in the range of Rs 695-735, where investors can bid for a minimum of 20 equity shares and in multiples thereafter.
The issue comprises fresh equity of Rs 542 crore and an offer for sale (OFS) of 4.45 million equity shares.
Under the OFS, Devang Vasantlal Gandhi will offload up to 1.25 million equity shares, Devang Gandhi jointly with Neeta Gandhi will sell 9 lakh equity shares.
Other selling shareholders include Nitin Thakker, Anuradha Ramesh Modi, Bhaskar P Shah, Rajeshwari Capital Market, Vadapatra Sayee Raghavan, Sangeeta Ravat jointly with Hasmukh Ravat among others.
The hospital began as a single hospital in Thane in 2007 and has been operating for over 15 years as a corporate quaternary care healthcare service provider in the western regions of India. It currently operates in Thane, Pune, and Indore under the Jupiter brand.
Jupiter Hospitals has a strategic focus on the Western India healthcare market.
