Mumbai-based hospital chain Jupiter Life Line Hospitals is among the key multi-specialty tertiary and quaternary healthcare providers in the Mumbai Metropolitan Area (MMR) and western region of India with a total bed capacity of 1,194 hospital beds across three hospitals as of December 31, 2022 has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO). The company had filed preliminary IPO papers with Sebi on May 10, 2023.
The issue with a face value of Rs 10 per equity share consists of a fresh issue of equity shares worth up to Rs 615 crore and an offer-for-sale (OFS) of up to 4.45 million equity shares by Promoter Group and other selling shareholders.
The offer for sale comprises of 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.
As per the DRHP, the proceeds from the issue will be utilized to the extent of Rs. 463.90 crore for repayment/ pre-payment, in full or in part, of borrowings availed from banks by the company and material subsidiary and general corporate purposes.
Led by founder, Chairman and Managing Director, Dr.Ajay P Thakker with 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 , 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 beds. The construction of the hospital began in April 2023 and will be spread across 600,000 sq feet.
ICICI Securities Limited, Edelweiss Financial Services Limited, and JM Financial Limited are the book running lead managers and KFin Technologies Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.