From a pre-IPO placement, Jupiter Life Line Hospitals raises Rs 123 crore

Jupiter Life Line Hospitals Ltd, a private hospital chain, raised over Rs 123 crore through its pre-IPO placement. At an issue price of Rs 735 per share, the company issued 1.67 million shares.

The company reported participation from institutional investors, including Ashoka India Equity Investment Trust PLC, Think India Opportunities Master Fund LP, DC Ikka Ltd, SBI Magnum Children's Benefit Fund, SBI Optimal Equity Fund, and SBI Healthcare Opportunities Fund, as well as Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Europe Holdings LLC, and Neuberger Berman Strategic India Equity Master Fund Holdings Limited.

Jupiter Life Line Hospitals is valued at Rs 4,154.10 crore at this Rs 735 issue price. The promoters, Western Medical Solutions LLP, Dr. Ajay Thakker, and Dr. Ankit Thakker, are not diluting their holdings in the IPO.

According to draft documents, Dr. Ajay Thakker currently has a 24.06 percent ownership in the company, which he first purchased for a total of Rs. 42.35 crores, or Rs. 31.15 per share. His stake's worth has increased to around Rs 1,000 crore following the recent pre-IPO placement at Rs 735 per share, representing a remarkable rise of nearly 2,260 percent.

According to the pre-IPO placement price, Dr. Ankit Thakker's 7.74 percent stake, which he initially acquired for an average price of Rs. 60.29 per share, is now worth Rs. 321 crore. 10.09 percent of the company, now valued at Rs 420 crore and bought at an average price of Rs 7.71 per share, is owned by Western Medical Solutions LLP.

In order to raise money through the IPO, the company had submitted its draft documents to Sebi in May. It consists of a new issuance for Rs 615 crore and an OFS by the company's current shareholders and promoters for up to 4.45 million shares.

The OFS consists of a total of 1.25 million shares from Devang Vasantlal Gandhi (HUF), a total of 9 lakh shares from Devang Gandhi and Neeta Gandhi together, a total of 1 million shares from Nitin Thakker and Asha Thakker together, and a total of 4 lakh shares from Anuradha Ramesh Modi with Megha Ramesh Modi and Bhaskar P Shah (HUF).

In the Mumbai Metropolitan Region (MMR) and the western part of India, Jupiter Life has established itself as the leading provider of multi-specialty tertiary and quaternary healthcare.

At the end of December 2022, they hold a commanding position in the healthcare industry with 1,194 beds spread across three hospitals. They have 1,246 highly qualified medical professionals on their team, including specialists, physicians, and surgeons. Their hospitals are situated in Thane, Pune, and Indore and operate under the "Jupiter" brand.

In Dombivli, Maharashtra, Jupiter Life is building a multi-specialty hospital with around 500 beds.

Source: Media Reports