Jupiter IPO to open for subscription on Sept 6

Jupiter Life Line Hospitals Ltd is set to launch its IPO with a price range of Rs 695-735 per share. The IPO will be open from September 6 to September 8, preceded by an anchor book opening on September 5. Refunds for non-participating investors will be processed by September 14, and shares will be credited to demat accounts by September 15. The company's shares are scheduled to be listed on September 18.

The IPO includes a reduced fresh issue size of Rs 542 crore, along with up to 4.45 million shares being offered for sale by existing shareholders and promoters. At the upper price band, the total IPO value is estimated at Rs 869 crore, valuing the company at Rs 4,819 crore.

The proceeds of about Rs 510.41 crore from the IPO will be used to repay the company's existing debt of Rs 476.37 crore as of March 2023. ICICI Securities Ltd, Edelweiss Financial Services, and JM Financial are the lead managers for the IPO.

Jupiter Life Line Hospitals operates three hospitals with a total of 1,194 beds, staffed by a team of 1,246 skilled doctors. The hospitals are located in Thane, Pune, and Indore. The company is also developing a new state-of-the-art hospital in Dombivli, Maharashtra, with over 500 beds. In terms of financial performance, the company's revenue for the fiscal year 2023 stood at Rs 892.54 crore, compared to Rs 733.12 crore the previous year. Net profit increased to Rs 72.91 crore from Rs 51.13 crore in the previous year.

Source: Media Reports