The initial public offering (IPO) of multi-speciality healthcare provider Jupiter Life Line Hospitals received strong response from investors with the overall subscription at 63.72 times at close. Friday was the last day of bidding.

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The qualified institutional buyers (QIB) category was subscribed the most at 187.32 times, followed by the non-institutional category at 34.75 times. The retail part of the issue was subscribed 7.73 times on the final day.

According to data from NSE, the investors made bids for 54 crore equity shares, compared to the 84 lakh equity shares offered for the subscription.

According to market analysts, the company's shares are commanding a premium of Rs 280 in the unlisted market.

However, it is important to note that grey market premiums are just an indicator of how the company's shares are stacked up in the unlisted market and are subject to change rapidly.

The multi-speciality healthcare provider sold its shares in the range of Rs 695-735 apiece during the three-day bidding process.

The IPO comprises a fresh issue of equity shares worth Rs 542 crore and an offer for sale (OFS) of 44.5 lakh equity shares by promoter group entities and other shareholders.

The company aims to be debt free post the IPO. Proceeds raised by the company will be used for repaying debts amounting to Rs 510.4 crore, and the remaining for general corporate purposes.

Analysts had assigned a 'Subscribe' rating to the issue considering the company is well-positioned with good growth prospects. The IPO also seems to be fairly valued across various valuation parameters when compared with its peers.

ICICI Securities, Nuvama Wealth Management and JM Financial acted as the book-running lead managers to the issue, while KFin Technologies was the registrar. The equity shares are proposed to be listed on both BSE and NSE.

Jupiter Life Line Hospitals Limited is among the key multi-speciality tertiary and quaternary healthcare providers in the Mumbai Metropolitan Area (MMR) and western region of India and currently operates three hospitals under the “Jupiter” brand in Thane, Pune, and Indore, with a total bed capacity of 1,194 hospital beds and 1,306 doctors including specialists, physicians, and surgeons as of March 31, 2023.