GPT Healthcare's IPO to open on February 22; PE firm BanyanTree Growth Capital to exit

The Initial Public Offering (IPO) GPT Healthcare Ltd, which operates and manages mid-sized multi-specialty hospitals under the ILS Hospitals brand, is set to open on February 22.

The initial-share-sale is scheduled to conclude on February 26.

The bidding for anchor investors will open for a day on February 21, according to the Red Herring Prospectus (RHP).

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 will be used for payment of debt and general corporate purposes.

GPT Healthcare, which started with an eight-bed hospital in Kolkata in 2000, 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.

Its total income increased 7.11 per cent to Rs 366.73 crore in FY23 from Rs 342.40 crore in FY22.

The company's net profit declined to Rs 39.01 crore for FY23 from Rs 41.66 crore a year ago.

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.