Multi-specialty Hospital Chain, Jupiter Life Line Hospitals raised Rs 123 cr in pre -IPO round
New Delhi, 23 August 2023: As per a media advertisement in Financial Express, on August 22, 2023, the company, in consultation with the lead bankers had undertaken a further issue of specified securities, for cash consideration of 1.67 million shares at an issue price of Rs 735 per equity share (including a premium of Rs 725 per equity share) 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 Limited.
Jupiter has filed its draft herring prospectus (DRHP) with the market regulator in May this year, to float its IPO. 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. With the completion of the pre-IPO placement, the Fresh issue size will now be reduced.
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 decades of 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.