IPO: Sebi gives its go-ahead to Jupiter Life Line Hospitals to launch IPO

Jupiter Life Line Hospitals IPO: Regulatory authority Sebi on Tuesday gave the nod to private hospital chain Jupiter Line Line Hospitals to launch an IPO. The company had filed an application in May, seeking permission from the Securities Exchange Board of India (Sebi) to raise funds via Initial Public Offering (IPO).

The company received Sebi's observation letter on August 11, an update with the regulator showed on Tuesday.

Jupiter Life Line raises Rs 123 cr in its pre-IPO round 

In a development today (August 22), the company informed that it had raised Rs 123 crore in its pre-IPO funding round. As per information provided by the company, it offered 1.67 million shares at an issuance price of Rs 735 per equity share.  

Investors participated in the pre-IPO round include SBI Magnum Children's Benefit Fund, SBI Optimal Equity Fund, SBI Healthcare Opportunities Fund, Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Europe Holdings LLC and Neuberger Berman Strategic India Equity Master Fund Holdings Ltd.In addition, High Conviction Fund - Series 1, Ashoka India Equity Investment Trust PLC, Think India Opportunities Master Fund LP and DC Ikka Ltd too participated.

The issue consists of a fresh issue of equity shares worth up to Rs 615 crore and an offer-for-sale (OFS) of up to 44.5 lakh 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.

Proceeds from the maiden public issue will be utilised for payment of debt and general corporate purposes.

The hospital chain operates in Thane, Pune and Indore under the Jupiter brand with a total bed capacity of 1,194 as of December 2022.

(With inputs from PTI)