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GPT Healthcare Ltd, which operates and manages medium-sized multi-specialty hospitals under the ILS Hospitals brand, on Wednesday raised Rs 157.54 crore from anchor investors, a day before its initial public offering.
According to a circular uploaded on the BSE website, the company has allotted 84.7 million shares to 15 funds at Rs 186 per share, which is also at the upper end of the price range.
The national and international institutions that participated in the anchor are 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 was. , Subhkam Ventures, DE Shaw Valence International LLC.
Of the total share allotment of 84.7 million shares, 38.09 million shares were allotted to three domestic mutual funds through a total of seven schemes, amounting to a total of Rs 7,086 crore. This is 45% of the total size of the anchor book.
The initial public issue of Rs 525 crore will be open for subscription from February 22 to 26, with shares open for bidding in the price range of Rs 177 to Rs 186 per share.
The IPO is a combination of fresh issue of shares amounting to Rs 4,000 crore and offering of up to Rs 2,600 crore of shares by private equity firm BanyanTree Growth Capital II.
Banyan Tree owns 2.6 billion shares (32.64%) in Kolkata-based GPT Healthcare and will sell its entire stake in the company.
Proceeds from the new issue amounting to Rs 30 billion will be used for debt payments and general corporate purposes.
The IPO will mobilize Rs 501.67 crore at the lower end of the price band and Rs 525.14 crore at the upper end.
Founded by Dwarika Prasad Tantia, Dr Om Tantia and Shree Gopal Tantia, GPT Healthcare started as an eight-bed hospital in Kolkata in 2000.
We currently operate four full-service, multispecialty hospitals with a total of 561 beds.
The company competes with listed peers such as 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 is reserved for qualified institutional investors, 35% for non-institutional investors and the remaining 15% for retail investors.
Total revenue increased by 7.3% from Rs 337.41 crore in FY22 to Rs 361.03 crore in FY23.
JM Financial is the sole bookrunning lead manager on this issue. The shares are proposed to be listed on BSE and NSE.
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