Jupiter Life Line Hospitals mops up ₹123 crore in pre-IPO placement

Jupiter Life Line Hospitals IPO: Jupiter Life Line Hospitals Ltd has raised ₹123 crore in its pre-IPO placement. The company has issued around 16.7 lakh shares at a price of ₹735 apiece to the investors.

The company saw participation from institutional investors, including SBI Magnum Children’s Benefit Fund, SBI Optimal Equity Fund, and SBI Healthcare Opportunities Fund, Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Europe Holdings LLC, and Neuberger Berman Strategic India Equity Master Fund Holdings Limited, High Conviction Fund - Series 1, Ashoka India Equity Investment Trust PLC, Think India Opportunities Master Fund LP, DC Ikka Ltd.

Also Read: Shiva Pharmachem files DRHP to raise ₹900 crore via IPO

The hospital chain Jupiter Life Line Hospitals filed its draft herring prospectus (DRHP) with the market regulator in May this year, to float its IPO. 

Jupiter Life Line Hospitals IPO consists of a fresh issue of equity shares worth up to ₹615 crore and an offer-for-sale (OFS) of up to 44.5 lakh equity shares by promoter group and other selling shareholders. 

With the completion of the pre-IPO placement, the Fresh issue size will now be reduced, the company said.

At the issue price of ₹735 per share, Jupiter Life Line Hospitals is valued at ₹4,154.10 crore. 

Also Read: Pyramid Tecnoplast IPO: What GMP, subscription status signal on last date of bidding

As per the DRHP, the proceeds from the issue will be utilized to the extent of ₹463.90 crore for repayment or prepayment, in full or in part, of borrowings availed from banks by the company and material subsidiary and general corporate purposes.

Jupiter Hospitals has a strategic focus on the western India healthcare market. It currently operates in Thane, Pune and Indore under the “Jupiter” brand. 

Catch Live Market Updates here