Jupiter Life IPO Subscribed 3.30 Times On Day Two Of Offer

The initial public offering (IPO) of multi-speciality hospital chain Jupiter Life Line Hospitals Limited was subscribed 3.30 times on day two of bidding on Thursday.

The IPO received bids for 2,80,31,300 shares against 84,97,169 shares on offer, according to NSE data.

The portion for non-institutional investors was subscribed 6.63 times, the quota for Retail Individual Investors (RIIs) was subscribed 3.08 times and the category for Qualified Institutional Buyers (QIBs) received 1.12 times subscription.

The IPO has a fresh issue of equity shares worth Rs 542 crore and an offer for sale of up to 44.50 lakh equity shares.

The offer is in 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. 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 are the managers to the offer. The equity shares are proposed to be listed on BSE and NSE