Issue Subscribed 3.3 Times On Day 2
Jupiter Life Line Hospitals raised Rs 261 crore from anchor investors.
MUMBAI, Sep 7 (The CONNECT) – The IPO of multispecialty chain Jupiter Life Line Hospitals Limited was subscribed 3.30 times on the second day of bidding after investors across all categories showed interest.
The issue received bids of 2,80,31,300 shares against the offered 84,97,169 equity shares, at a price band of ₹695-735, according to the data available on the stock exchanges.
Non-Institutional Investors Portion was subscribed 6.63 times, retail 3.08 times, whereas, Qualified Institutional Buyer segment was garnered 1.12 times. The issue kicked off for subscription yesterday and will close tomorrow.
On Tuesday, Jupiter Life Line Hospitals Ltd had raised Rs 261 crore from anchor investors. Foreign Investors and Domestic Institutions who participated in the anchor were Singapore Government, Abu Dhabi Investment Authority, Goldman Sachs, Fidelity Funds, Nomura, HDFC Mutual Fund (MF), Nippon India MF, Axis MF, Kotak Mahindra MF, Aditya Birla Sun Life MF, SBI Life Insurance Company and HDFC Life Insurance.
Broking houses like SBI Securities, Nirmal Bang, Geojit Financial Services, Hem Securities, Reliance Securities, Hensex Securities, Sushil Finance, Ventura Securities, Ajcon Global, Dalal & Broacha, BP Wealth and SMIFS Ltd have given a “SUBSCRIBE” rating to the issue.
The brokerage citing that its well-known presence in multi-specialty tertiary and quaternary healthcare, increasing footprint in the Western region, diversified revenue mix and exceptional financial performance. It is also positive regarding its all-hub-no-spoke model, where each hospital is independent, individually well-equipped with skilled healthcare professionals as well as advanced infrastructure to serve the healthcare needs of the patients.
ICICI Securities Limited, Nuvama Wealth Management Limited and JM Financial Limited are the book running lead managers and KFin Technologies Limited is the Registrar to the Offer. The Equity Shares are proposed to be listed on BSE and NSE.
Led by founder, Chairman and Managing Director Dr. Ajay P Thakker with over 3 decades of experience in medicine and healthcare, the hospital chain commenced operations in 2007.
Jupiter Hospitals has a strategic focus on the western India healthcare market. It currently is 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.