On the last day, Jupiter Life Line Hospitals IPO surges with strong institutional interest

On the final day of its Initial Public Offering (IPO) journey, Jupiter Life Line Hospitals is witnessing a remarkable surge in interest, particularly from institutional investors. With today marking the closing day for bids, here’s a snapshot of the IPO’s progress so far:
  • Qualified Institutional Buyers (QIBs) have shown exceptional enthusiasm, subscribing a staggering 187 times their allocated portion, contributing to an overall subscription rate of 63 times.
  • Non-institutional investors have displayed robust demand as well, with a subscription rate of 34.06 times.
  • Retail investors, while the least subscribed category at 7.23 times have also expressed interest in this promising offering.
In the unlisted market, Jupiter Life Line Hospitals’ shares are currently commanding a premium of Rs 225, reflecting strong market confidence. Most market analysts are recommending a ‘subscribe’ stance, citing the attractive pricing compared to industry peers.

One of the key objectives of this IPO is to propel the company towards a debt-free status. Out of the proceeds, Rs 464 crore will be allocated for debt repayment.

Investors have the opportunity to bid for shares in the range of Rs 695-735, with a minimum lot size of 20 equity shares and multiples thereafter.

The IPO consists of fresh equity worth Rs 542 crore and an Offer for Sale (OFS) of 4.45 million equity shares. Notably, Devang Vasantlal Gandhi plans to offload up to 1.25 million equity shares through OFS, while Devang Gandhi, in collaboration with Neeta Gandhi, intends to sell 9 lakh equity shares. Other selling shareholders include Nitin Thakker, Anuradha Ramesh Modi, Bhaskar P Shah, Rajeshwari Capital Market, Vadapatra Sayee Raghavan, and Sangeeta Ravat, jointly with Hasmukh Ravat, among others.

Jupiter Life Line Hospitals’ journey began in 2007 as a single hospital in Thane, and over the past 15 years, it has evolved into a prominent corporate quaternary care healthcare service provider in western India. Its current presence spans Thane, Pune, and Indore under the Jupiter brand.

The company’s strategic focus centers on the Western India healthcare market, with an ambitious project underway in Dombivli, Maharashtra. This state-of-the-art multispecialty hospital, designed to accommodate over 500 beds, commenced construction in April 2023 and will sprawl across an impressive 600,000 square feet.

Leading the IPO management team are ICICI Securities, Nuvama Wealth Management, and JM Financial, with KFin Technologies serving as the registrar to the offer.

Investors are eyeing Jupiter Life Line Hospitals’ IPO with great anticipation, and the company’s future prospects appear promising as it embarks on this new phase of growth and expansion.

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