Jupiter Life Line Hospitals IPO subscribed 87 pc on Day 1 of offer

New Delhi, Sep 6 (PTI) The Initial Public Offering (IPO) of multi-specialty hospital chain Jupiter Life Line Hospitals was subscribed 87 per cent on the first day of bidding on Wednesday.

The IPO received bids for 73,84,800 shares against 84,97,169 shares on offer, according to NSE data.

The category for non-institutional investors received 1.43 times subscription while the quota for Retail Individual Investors (RIIs) got subscribed 1.10 times and the Qualified Institutional Buyers (QIBs) part was subscribed 1 per cent.

The IPO has a fresh issue of equity shares worth Rs 542 crore and an offer for sale of up to 44.50 lakh equity shares.

Price range for the offer is Rs 695-735 per share.

Jupiter Life Line Hospitals on Tuesday said it has raised Rs 261 crore from anchor investors.

Proceeds of the fresh issue will be utilised to retire debt and for general corporate purposes.

The hospital chain operates in Thane, Pune and Indore under the ‘Jupiter’ brand with a total bed capacity of 1,194 as of December 2022.

It is also in the process of developing a multi-specialty hospital in Dombivli, Maharashtra.

ICICI Securities, Nuvama Wealth Management and JM Financial are the managers to the offer.

The equity shares are proposed to be listed on BSE and NSE.