GPT Healthcare IPO: Rs 157 cr from Anchor Investors
Feb 21, 2024 20:41
GPT Healthcare Ltd, operator of ILS Hospitals, raises Rs 157.54 crore from anchor investors ahead of its Rs 525 crore IPO, with shares offered at Rs 177-186 apiece. The IPO opens on Feb 22.
New Delhi, Feb 21 (PTI) GPT Healthcare Ltd, which operates and manages mid-sized multi-specialty hospitals under the ILS Hospitals brand, on Wednesday collected Rs 157.54 crore from anchor investors a day before its Initial Public Offering (IPO).
The company has allotted 84.7 lakh equity shares to 15 funds at Rs 186 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website.
Foreign and domestic institutions that participated in the anchor were Kotak Mutal Fund, Axis Mutual Fund, Bandhan Mutual Fund, Aditya Birla Sun Life Insurance Company, Societe Generale, Duro One Investments Ltd, India Capital Growth Fund, Copthall Mauritius, LC Pharos Multi Strategy Fund, Subhkam Ventures, and DE Shaw Valence International (SPV) LLC.
Of the total allocation of 84.7 lakh equity shares, 38.09 lakh were allocated to three domestic mutual funds through a total of seven schemes amounting to Rs 70.86 crore. This represents 45 per cent of the total anchor book size.
The Rs 525-crore maiden public issue will be open for subscription from February 22-26 and the shares will be available for bidding in the price range of Rs 177-186 apiece.
The IPO is a combination of a fresh issue of equity shares aggregating to Rs 40 crore and an Offer For Sale (OFS) of up to 2.6 crore equity shares by private equity firm BanyanTree Growth Capital II.
BanyanTree, which holds 2.6 crore shares, or 32.64 per cent stake, in Kolkata-based GPT Healthcare, is divesting its entire shareholding in the company.
Proceeds from the fresh issue to the tune of Rs 30 crore will be used for payment of debt and general corporate purposes.
The IPO will mobilise Rs 501.67 crore at the lower end of the price band and Rs 525.14 crore at the upper end.
GPT Healthcare, founded by Dwarika Prasad Tantia, Dr Om Tantia, and Shree Gopal Tantia, started with an eight-bed hospital in Kolkata in 2000.
Today it operates four full service multi-specialty hospitals, with a total capacity of 561 beds.
The company competes with listed industry peers, including Global Health Ltd, Krishna Institute of Medical Sciences Ltd, Jupiter Life Line Hospitals Ltd, Yatharth Hospital & Trauma Care Services Ltd, and Shalby Ltd.
Half of the issue has been reserved for qualified institutional buyers, 35 per cent for non-institutional investors, and the remaining 15 per cent for retail investors.
Its total income increased 7.3 per cent to Rs 361.03 crore in FY23 from Rs 337.41 crore in FY22.
JM Financial is the sole book-running lead manager to the issue. The equity shares are proposed to be listed on the BSE and the NSE.
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