GPT Healthcare Sets IPO Price Band At ₹177-186, Aims To Raise ₹525 Cr

GPT Healthcare Ltd, which operates and manages mid-sized multi-specialty hospitals under the ILS Hospitals brand, on Monday fixed a price band at Rs 177-186 per share for its Rs 525-crore initial public offering (IPO).

The initial share-sale will open for a public subscription during February 22-26.

The bidding for anchor investors will open for a day on February 21, the company said.

IPO Composition and Offerings

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.

Utilization of Proceeds

Proceeds from the fresh issue to the tune of Rs 30 crore will be used for payment of debt and general corporate purposes.

At the upper end of the price, the IPO will mobilise Rs 525 crore.

GPT Healthcare, founded by Dwarika Prasad Tantia, Dr Om Tantia and Shree Gopal Tantia, started with an eight-bed hospital in Kolkata in 2000.

Today it 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.

Investors can bid for a minimum of 80 equity shares and in multiples of 80 equity shares thereafter.

Financial Performance and Listing Details

Its total income increased 7.3 per cent to Rs 361.03 crore in FY23 from Rs 337.41 crore in FY22.

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.