GPT Healthcare Ltd, the company that operates and manages mid-sized multi-specialty hospitals under the ILS Hospitals brand, is set to launch its initial public offering (IPO) on February 22. The IPO will close on February 26 and the shares are expected to be listed on February 29.
The IPO comprises a fresh issue of 0.22 crore shares aggregating to Rs 40 crore and an offer for sale of 2.61 crore shares aggregating to Rs 485.14 crore by the promoters and existing investors, including private equity firm BanyanTree Growth Capital¹. The price band for the IPO has been fixed at Rs 177 to Rs 186 per share. The minimum lot size is 80 shares and the maximum is 1040 shares for retail investors.
The company intends to use the net proceeds from the fresh issue for repayment or prepayment of certain borrowings, funding capital expenditure requirements, and general corporate purposes. The company will not receive any proceeds from the offer for sale.
GPT Healthcare is one of the leading hospital chains in eastern India, with four hospitals in Kolkata, Howrah, Durgapur, and Agartala, having a total capacity of 1,031 beds. The company offers a wide range of medical services across over 35 specialties, including internal medicine, surgery, obstetrics and gynaecology, cardiology, neurology, nephrology, urology, gastroenterology, oncology, orthopaedics, and critical care.
The company reported a revenue of Rs 292.51 crore and a profit after tax of Rs 38.64 crore for the fiscal year ended March 31, 2020. The company’s revenue and profit grew at a compound annual growth rate (CAGR) of 15.6% and 25.8%, respectively, from fiscal 2018 to fiscal 2020.
JM Financial Limited is the book running lead manager for the IPO, while Link Intime India Private Ltd is the registrar for the issue. The IPO has reserved 50% of the net offer for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors.
The grey market premium for the IPO is currently nil, indicating that the shares are trading at the issue price in the unofficial market. Investors who are interested in the IPO can check the subscription status, allotment status, and listing date on the company’s website or the registrar’s website.
