GPT Healthcare Ltd. launched its initial public offering on Thursday to raise up to Rs Rs 525 crore. The issue will close on Monday.
The IPO comprises a fresh issue of Rs 40 crore and an offer for sale of 2.61 crore shares, which is around Rs 485 crore.
The price range for the IPO is Rs 177-186 per share, with a minimum application lot size of 80 shares.
East-India-based hospital chain mopped up Rs 157.54 crore from anchor investors a day before its Initial Public Offering. The company allotted 84.7 lakh equity shares to 15 funds at Rs 186 apiece.
Of the total IPO size, 50% is reserved for qualified institutional buyers, 35% for retail individual investors, and the remaining 15% is to be allotted to non-institutional investors.
Issue Details
Issue opens: Feb. 22.
Issue closes: Feb. 26.
Total issue size: Rs 525 crore.
Face value: Rs 10 apiece.
Fixed price band: Rs 177-186 per share.
Minimum lot size: 80 shares.
Listing: NSE and BSE.
Use Of Proceeds
The net proceeds from the issue will be utilised towards:
Repayment or prepayment, in part or full, of certain borrowings worth Rs 30 crore. The company has a debt of Rs 46.3 crore as on December 31, 2023.
General corporate purposes.
Business
The company owns a chain of mid-sized full service hospitals under the brand name ILS Hospitals, in East India.
As of September 30, 2023, it operates four multispecialty hospitals in Dum Dum, Salt Lake and Howrah in West Bengal and Tripura's Agartala, with a total capacity of 561 beds.
It provides healthcare services across over 35 specialties and super specialties, with the hospitals having integrated diagnostic services and pharmacies.
The company's average revenue per occupied bed as on September 2023 was Rs 32,979, while the bed occupancy is at 59.92%.
The company is also planning to set up two greenfield projects in Raipur, Chhattisgarh and Jharkhand's Ranchi, with a bed capacity of 152 beds and 140 beds, respectively.
Subscription Status: Day 1
The IPO was subscribed 0.37 times, or 37%, as of 5:00 p.m. on Thursday.
Institutional investors: Nil.
Non-institutional investors: 0.18 times or 18%.
Retail investors: 0.66 times or 66%.
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