The Jupiter Life Line Hospitals’ initial public offering (IPO) will be listed on Monday, i.e September 18. The subscriptions for the initial share had opened for three days from September 6 to 8.
The IPO comprises fresh issue of equity shares worth ₹542 crore and an offer of sale of 44.5 lakh equity shares by promoter group entities and other shareholders.
Proceeds of the fresh issue will be utilised to retire debt. Besides, funds will be used for general corporate purposes.
“Jupiter hospital had got 63 times plus subscription and QIB almost 187 times as demand has shown stock can list around 950 levels in bear case while in bull case stock can list around 1040 levels”, Vaibhav Kaushik, research analyst, GCL Broking, told Hindustan Times.
According to the website topsharebrokers.com, the IPO had a grey market price of ₹233 and an estimated listing price of ₹968.
The Jupiter hospital chain operates in Thane, Pune and Indore with a total bed capacity of 1,194 as of December 2022.
The hospital chain has a strategic focus on the western India healthcare market, is in the process of developing a multi-speciality hospital in Dombivli, Maharashtra, which is being designed to accommodate over 500 beds.
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.