 "IPO")
The initial share-sale of GPT Healthcare Ltd, which operates and manages mid-sized multi specialty hospitals under the ILS Hospitals brand, was subscribed 8.52 times on the final day of the offer on Monday.
The Initial Public Offering (IPO) of GPT Healthcare received 16,84,27,600 bids against 1,97,63,327 shares on offer, as per NSE data.
The category for Qualified Institutional Buyers (QIBs) got subscribed 17.30 times, while the quota for Non-Institutional Investors received 11.02 times subscription. The portion for Retail Individual Investors (RIIs) got subscribed 2.44 times.
On February 21, GPT Healthcare Ltd said it has collected Rs 157.54 crore from anchor investors.
The Rs 525 crore 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.
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Price range for the offer is Rs 177-186 apiece.
Proceeds from the fresh issue will be used for payment of debt and general corporate purposes.
GPT Healthcare, founded by Dwarika Prasad Tantia, Om Tantia, and Shree Gopal Tantia, started with an eight-bed hospital in Kolkata in 2000.
The company operates four full-service multi-specialty hospitals, with a total capacity of 561 beds.
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.
The issue is entirely a fresh issue of up to 80 million equity shares aggregating to Rs 224 crore at the upper end of the price band, with no offer for sale component, Manguluru-based firm said. Of the total proceeds, Rs 120 crore will be used towards working capital requirements and up to Rs 10 crore for investment in its associate, Ento Proteins, for funding its working capital requirements.
