Jupiter Life Line Hospitals raised Rs 123 crore in pre-IPO round

Jupiter Life Line Hospitals, a prominent multi-specialty chain, has successfully garnered Rs 123 crore in its pre-IPO funding round. According to the disclosed information, Jupiter offered 1.67 million shares at an issuance rate of Rs 735 per equity share, which encompasses a premium of Rs 725 per equity share. Notably, earlier this year in May, the hospital chain took a significant step towards its IPO aspirations by submitting its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI).
The pre-IPO round saw participation of from institutional investors, including SBI Magnum Children’s Benefit Fund, SBI Optimal Equity Fund, and SBI Healthcare Opportunities Fund, Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Europe Holdings LLC, and Neuberger Berman Strategic India Equity Master Fund Holdings Limited, High Conviction Fund - Series 1, Ashoka India Equity Investment Trust PLC, Think India Opportunities Master Fund LP, DC Ikka Limited.
The issue with a face value of Rs 10 per equity share consists of a fresh issue of equity shares worth up to Rs 615 crore and an offer-for-sale (OFS) of up to 4.45 million equity shares by Promoter Group and other selling shareholders. With the completion of the pre-IPO placement, the fresh issue size will now be reduced. According to the DRHP, around Rs. 463.90 crore of the funds raised from the issue will be utilized to the for repayment/ pre-payment, in full or in part, of borrowings availed from banks by the company and material subsidiary and general corporate purposes.
The hospital chain has been operating for over 15 years as a corporate quaternary care healthcare service provider in the western regions of India. It currently operates in Thane, Pune and Indore. It currently in the process of developing a multispecialty hospital in Dombivli, Maharashtra, which is being designed to accommodate over 500 beds.