Jupiter Life Line Hospitals Raises Rs 123 Cr In Pre-IPO Round: Key Points To Note

Jupiter Life Line Hospitals, a multi-specialty hospital chain, wrapped up its pre-IPO (Initial Public Offering) placement of Rs. 123 crores.

According to a Financial Express media advertisement, on August 22, 2023, the company, in conjunction with the lead bankers, undertook a further issue of specified securities for cash in exchange for 1.67 million shares at an issue price of Rs 735 per equity share including a premium of Rs 725 per equity share, which attracted contribution from institutional investors such as 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 Limited.

Jupiter submitted its draft herring prospectus (DRHP) with SEBI in May of this year in order to launch its initial public offering (IPO). The issue, which has a face value of Rs 10 per equity share, comprises a fresh issuance of up to Rs 615 crore in equity shares and an offer-for-sale (OFS) of up to 4.45 million equity shares by the Promoter Group and other selling shareholders. With the finalization of the pre-IPO placement, the size of the fresh issue will go down.

According to the DRHP, the proceeds of the offer will be used for repayment/prepayment, in full or in part, of borrowings taken from banks by the firm, as well as necessary subsidiary and general corporate objectives.

The offer for sale includes up to 1.25 million equity shares by Devang Vasantlal Gandhi (HUF), up to 9 lakh equity shares by Devang Gandhi jointly with Neeta Gandhi, up to 1 million equity shares by Nitin Thakker jointly with Asha Thakker, up to 4 lakh equity shares by Anuradha Ramesh Modi with Megha Ramesh Modi (as trustees for the benefit of Modi Family Private Trust), and up to 4 lakh equity shares by Bhaskar P Shah (HUF), up to 2 lakh equity shares by Rajeshwari Capital Market Limited, up to 2 lakh equity shares by Vadapatra Sayee Raghavan (HUF), up to 40,000 equity shares by Sangeeta Ravat jointly with Dr. Hasmukh Ravat, up to 40,000 equity shares by Dr. Hasmukh Ravat jointly with Sangeeta Ravat, up to 20,000 equity shares by Shreyas Ravat jointly with Sangeeta Ravat.

The hospital kicked off as a single medical centre 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, under the leadership of founder, Chairman and Managing Director, Dr.Ajay P Thakker, who has over 3 decades of experience in the field of medicine and healthcare, and Dr. Ankit Thakker, Chief Executive Officer, who has a decades experience in the healthcare sector.

It presently runs under the "Jupiter" brand in Thane, Pune, and Indore.The organisation, which has a strategic focus on the Western India healthcare sector, is now establishing a multispecialty hospital in Dombivli, Maharashtra, with a capacity of over 500 beds. The hospital's construction began in April 2023 and will cover 600,000 square feet.