The company had filed preliminary IPO papers with Sebi in May this year and received a regulatory nod last week.
The IPO comprises a fresh equity issue of up to Rs 542 crore and an offer for sale (OFS) of 44.55 lakh shares. The price band for the IPO will be announced soon.
Under the OFS, Devang Vasantlal Gandhi will offload up to 1.25 million equity shares, while Devang Gandhi jointly with Neeta Gandhi will sell 9 lakh equity shares.
Other selling shareholders include Nitin Thakker, Anuradha Ramesh Modi, Bhaskar P Shah, Rajeshwari Capital Market, Vadapatra Sayee Raghavan, Sangeeta Ravat jointly with Hasmukh Ravat among others.
Earlier this month, Jupiter Hospital mobilised Rs 123 crore from institutional investors in the pre-IPO round and accordingly, the fresh issue size was reduced.
The proceeds from the issue will be utilized to the extent of Rs 463.90 crore for repayment, in full or in part, of borrowings availed from banks by the company and material subsidiary and general corporate purposes.Jupiter Hospital began as a single hospital in Thane in 2007 and has been operating for over 15 years as a corporate quaternary care healthcare service provider in the western regions of India. It currently operates in Thane, Pune and Indore under the Jupiter brand.
Jupiter Hospitals has a strategic focus on the western India healthcare market. It is currently in the process of developing a multispecialty hospital in Dombivli, Maharashtra, which is being designed to accommodate over 500 beds. The construction of the hospital began in April 2023 and will be spread across 600,000 sq feet.
ICICI Securities, Nuvama Wealth Management and JM Financial are the book-running lead managers and KFin Technologies is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.
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