Shares of Jupiter Life Line Hospitals Ltd. began trading on Dalal Street on Monday, September 18, at a 32 percent premium to their IPO price. The stock began trading at Rs 973, compared to its issue price of Rs 735. Post listing, the stock went up to as high as Rs 1,028.5, which is a 40 percent premium to its issue price.

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The company's Rs 869 crore IPO had received a strong response from investors during the three-day issue, which closed on September 8. The overall issue was subscribed nearly 64 times.

This included the retail category receiving bids for shares eight times the quota reserved for the segment, while the non-institutional investors’ category booked shares at an impressive 36 times.

The quota that was set aside for qualified institutional bidders (QIBs) was subscribed a total of a stellar 181.89 times.

With this, Jupiter Life Line Hospitals became the 23rd listing of 2023. Most of the issues that have been listed in 2023 so far are trading above their IPO price. You can read more on that here.

Jupiter Life Line Hospitals had raised Rs 260.7 crore from 39 anchor investors ahead of its IPO. This included marquee names like the Government of Singapore, Abu Dhabi Investment Authority, Fidelity Funds, Goldman Sachs, Nomura Funds, HSBC Global, Florida Retirement System, and Natixis International Funds.

Proceeds raised by the company will be used for repaying debts amounting to Rs 510.4 crore, and the remaining for general corporate purposes. It intends to be debt-free using the IPO proceeds.

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.

It 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.

(Edited by : Amrita)

First Published:Sept 18, 2023 10:00 AM IST