Jupiter Life Line Hospitals shares list at 32% premium over IPO price
Jupiter Life Line Hospitals debuted at a premium of 32.4% over its IPO price at Rs 973 apiece on NSE in Monday's trade. The stock, meanwhile, listed at Rs 960 on BSE, up 30.6%, over the issue price of Rs 735.
Ahead of the listing, the stock traded at a premium of Rs 233 in the unlisted market.
The Rs 869-crore IPO of Jupiter Life Line Hospitals was subscribed 63.72 times on the last day of the bidding process, led by massive demand from QIBs whose category was subscribed 187 times.
The issue, which comprised fresh equity of Rs 542 crore and an OFS of 4.45 million equity shares, was priced in the range of Rs 695-735.
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.
«We are going to pay down all the debt from the proceeds. So, the entire interest portion and the outflow for the principal repayment will be free cash in our hands,» Ankit Thakker, CEO, Jupiter Hospitals said earlier.
Prior to the opening of the issue, the company had raised Rs 261 crore from anchor investors, where foreign and domestic investors including Abu Dhabi Investment Authority (ADIA), Goldman Sachs, Fidelity Funds, Nomura, HDFC MF, Nippon India MF among others participated.
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. It is currently in the process of developing a multispecialty hospital in Dombivli, Maharashtra, which is being designed to accommodate over 500
