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Jupiter Lifeline Hospitals Files DRHP with SEBI For an IPO

Jupiter Lifeline Hospitals filed a DRHP with the regulator for an IPO.

Mumbai-headquartered Private Hospital Chain, Jupiter Lifeline Hospitals Ltd (JLH), has filed a Draft Red Herring Prospectus (DRHP) with the stock market regulator Securities Exchange Board of India (SEBI), for an Initial Public Offering (IPO) on Thursday.

Per the DRHP, the IPO comprises a Rs 615 crore new issue and an offer for sale of up to 44.5 lakh shares.

The OFS includes up to 12.5 lakh shares from Devang Vasantlal Gandhi (HUF), up to 9 lakh shares from Devang Gandhi and Neeta Gandhi together, up to 10 lakh shares from Nitin Thakker and Asha Thakker together, and up to 4 lakh shares from Anuradha Ramesh Modi with Megha Ramesh Modi and Bhaskar P Shah (HUF) each. In comparison, Dr Ajay Thakker, Dr Ankit Thakker, and Western Medical Solutions LLP are not reducing their ownership in the IPO.

The proceeds from the issue will be utilised to expand the hospital network worth, and Rs 463.90 crore will go toward debt repayment. As of December, the company’s total debt stood at Rs 477 crore.

Jupiter Life has named itself a premier provider of multi-speciality tertiary and quaternary healthcare in the Mumbai Metropolitan Region (MMR) and the western part of India.

Jupiter had 1,194 beds available across 3 hospitals as of December 2022. Their team has 1,246 highly qualified medical professionals, including specialists, physicians, and surgeons. Over 30 different specialities, including oncology, orthopaedics, cardiology, paediatrics, and neurology, can be served by it. Their hospitals are in Thane, Pune, and Indore and operate under the “Jupiter” name.

JLH started the construction of a state-of-the-art quaternary care hospital in Dombivli, Maharashtra, in April 2023. With over 500 beds planned, this new institution shows a dedication to growing its healthcare offerings.

Jupiter Hospitals’ operating revenue on March 31, 2022, was Rs 733 crore compared to Rs 483.43 crore the previous year. Compared to a deficit of Rs 2.30 crore the last year, the net profit for the year was Rs 51.13 crore.

The issue’s lead managers are ICICI Securities Ltd, Edelweiss Financial Services, and JM Financial.

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