GPT Healthcare IPO To Open For Subscription On Feb 22 At Price Range Of Rs 177 - Rs 186 Per Share

The fresh issue includes a combination of equity shares worth Rs 40 crore and an offer-for-sale (OFS) of around 2.6 crore equity shares by private firm Banyan Tree Growth Capital II

The funds raised from the IPO would be utilised towards debt payment and general corporate purposes

Source : Getty

Multi-specialty hospitals operator, GPT Healthcare Ltd, announced the price band for its maiden public offer, set to debut on February 22, 2024. The firm that operates hospitals under the ILS Hospitals brand, said on Monday that it’s initial public offering (IPO) will be available for subscription from Thursday at a price range of Rs 177 to Rs 186 apiece.

The company issued a statement and revealed that anchor investors will be able to place their bids for the issue a day earlier on Wednesday, reported PTI. The fresh issue includes a combination of equity shares worth Rs 40 crore and an offer-for-sale (OFS) of around 2.6 crore equity shares by private firm Banyan Tree Growth Capital II, which holds about 32.64 per cent stake in the company. 

Banyan Tree is divesting its whole stake in the firm, the company informed. The funds raised from the IPO would be utilised towards debt payment and general corporate purposes. At the lower price end, the issue will raise Rs 501.67 crore and about Rs 525.14 crore at the upper end.

The Kolkata-based healthcare company was founded by Dwarika Prasad Tantia, Dr Om Tantia, and Shree Gopal Tantia. The firm began with a hospital in Kolkata in 2000 with a capacity of 8 beds. The healthcare firm today operates four multi-specialty hospitals, with an overall capacity of 561 beds. 

About half of the issue has been reserved for qualified institutional buyers, with 35 per cent reserved for non-institutional investors, and the remaining 15 per cent share for retail investors, the company said. Investors will be allowed to place bids for a minimum of 80 shares and in multiples of 80 shares thereafter.

The firm reported a total income of Rs 361.03 crore in the 2022-23 fiscal year, up by 7.3 per cent from Rs 337.41 crore in the preceding 2021-22 fiscal year. The issue is being managed by JM Financial as the sole book-running lead manager.