Eastern India-focused GPT Healthcare, which operates and manages mid-sized multispecialty hospitals under the ILS Hospitals brand, has refiled its Draft Red Herring Prospectus (DRHP) with capital market regulator Sebi to raise funds for its initial public offering (IPO).
The IPO, with a face value of Rs 10, consists of a fresh issue of equity shares aggregating to Rs 40 crore, and an offer for sale of up to 26.08 million equity shares by BanyanTree Growth Capital II, LLC, a Mauritius-based structured private equity, according to the draft red herring prospectus (DRHP).
The Offer is being made through the book-building process, wherein not more than 50% of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the offer shall be available for allocation to non-institutional bidders, and not more than 35% of the offer shall be available for allocation to retail individual bidders.
As per the DRHP, the proceeds from the fresh issue will be used for prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company besides general corporate purposes.
GPT Healthcare, founded by Dwarika Prasad Tantia and Dr Om Tantia started with a 8 bed hospital at Salt Lake, Kolkata in 2000. Today it operates four full service multispecialty hospitals, with a total capacity of 561 beds and attends to over 35 specialties and super specialties such as internal medicine, diabetology, gastroenterology, orthopaedics and joint replacements, interventional cardiology, neurology, neurosurgery, paediatrics and neonatology.
Dr. Om Tantia, has over 4 decades of experience as a surgeon and is a specialist in the field of laparoscopic surgery. He has been the president of the Association of Minimal Access Surgeons of India along with multiple accolades to his credit, including the honorary professorship bestowed by the Indian Medical Association.
GPT Healthcare competes with listed industry peers which includes Global Health Limited, Krishna Institute of Medical Sciences Limited, Jupiter Life Line Hospitals Limited, Yatharth Hospital & Trauma Care Services Limited, Kovai Medical Center & Hospital Limited and Shalby Limited.
Its total income increased 7.11% from Rs 342.40 crore in fiscal year 2022 to Rs 366.73 crore in fiscal year 2023, primarily due to the increases in income from hospital services, aided by increase in patient volume; income from nursing school, income from pharmacy sales, as well as income from sale of wind power and the net profit stood at Rs 39.01 crore for fiscal 2023 versus Rs 41.66 crore a year ago.
For the three months ended June 30, 2023, total income stood at Rs 97.63 crore and net profit at Rs 9.98 crore.
JM Financial is the sole book running lead manager and Link Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.
