 "Hospital chain Jupiter Life IPO subscribed 63.72 times on last day of offer")
The initial public offering (IPO) of multi-speciality hospital chain Jupiter Life Line Hospitals Limited was subscribed 63.72 times on the last day of subscription on Friday, helped by huge demand from institutional buyers.
The public issue received bids for 54,14,60,120 shares against 84,97,169 shares on offer, according to NSE data.
The portion for qualified institutional buyers (QIBs) received 187.32 times subscription, while the quota for non-institutional investors got subscribed 34.75 times and that of Retail Individual Investors (RIIs) was subscribed 7.73 times.
The IPO had a fresh issue of equity shares worth Rs 542 crore and an offer for sale of up to 44.50 lakh equity shares.
The initial public offering had a price range of Rs 695-735 a share.
Jupiter Life Line Hospitals on Tuesday said it has raised Rs 261 crore from anchor investors.
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Proceeds of the fresh issue will be utilised to retire debt and for 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.
It is also in the process of developing a multi-specialty hospital in Dombivli, Maharashtra.
ICICI Securities, Nuvama Wealth Management and JM Financial were the managers to the offer.
The equity shares are proposed to be listed on BSE and NSE.