The initial public offering (IPO) of GPT Healthcare Ltd, which opens for subscription on February 22, on Monday fixed a price band at ₹177-186 per share. The IPO will close for subscription on February 26 and the bidding for anchor investors will open for a day on February 21.
The grey market premium (GMP) of the company remained nil even after the price band was announced.
The grey market is an unofficial ecosystem where shares start trading before the allotment in the IPO and continue till the listing day. Most investors track the GMP to get an idea of the listing price.
The public offer consists of a combination of a fresh issue of equity shares aggregating to ₹40 crore and an offer for sale (OFS) of up to 2.6 crore equity shares by private equity firm BanyanTree Growth Capital II.
Under the OFS, BanyanTree, which holds 2.6 crore shares or 32.64% stake in Kolkata-based GPT Healthcare, is divesting its entire shareholding in the company.
GPT Healthcare will utilise ₹30 crore proceeds from the fresh issue to pay debt and general corporate purposes.
The issue will mobilise ₹501.67 crore at the lower end of the price band and ₹525.14 crore at the upper end.
Founded by Dwarika Prasad Tantia, Dr Om Tantia and Shree Gopal Tantia, GPT Healthcare started with an eight-bed hospital in Kolkata in 2000. Today it operates four full service multi-specialty hospitals, with a total capacity of 561 beds.
The company operates and manages mid-sized multi-specialty hospitals under the ILS Hospitals brand.
The company competes with listed industry peers, including Global Health Ltd, Krishna Institute of Medical Sciences Ltd, Jupiter Life Line Hospitals Ltd, Yatharth Hospital & Trauma Care Services Ltd and Shalby Ltd.
Half of the issue has been reserved for qualified institutional buyers, 35 per cent for non-institutional investors and the remaining 15 per cent for retail investors. Investors can bid for a minimum of 80 equity shares and in multiples of 80 equity shares thereafter.
The firm’s total income rose 7% to ₹361 crore in FY23 from ₹337 crore in FY22.
JM Financial is the sole book-running lead manager to the IPO. The equity shares of the company are proposed to be listed on both the BSE and the NSE.
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