GPT Healthcare, which owns and operates the ILS Hospitals brand in India, is set to launch its Initial Public Offering (IPO) on 22 February.
The company highlighted that bidding for anchor investors will commence a day earlier, on 21 February.
According to a Financial Express report, the company has fixed a price band of Rs177 ($2.13) to Rs186 ($2.24) per share for its Rs502-crore IPO.
The initial share sale process is concluding on 26 February.
The healthcare provider’s IPO consists of a fresh issue of equity shares aggregating to Rs400m, alongside an Offer For Sale (OFS) of up to 26 million equity shares by BanyanTree Growth Capital II.
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BanyanTree, a private equity company, currently holds a 32.64% stake in GPT Healthcare and has decided to divest its entire shareholding through the OFS.
The proceeds from the fresh issue are earmarked for debt repayment and general corporate purposes.
JM Financial is serving as the sole book-running lead manager for the IPO.
The company aims to list its equity shares on both the Bombay Stock Exchange and the National Stock Exchange.
GPT Group’s healthcare arm GPT Healthcare, which began in 2000 as a hospital with eight beds in Kolkata, currently operates four full-service multi-speciality hospitals with a combined capacity of 561 beds across Eastern India.
The four hospitals operated by GPT Healthcare under its ILS Hospitals brand are located at Salt Lake in Kolkata, Howrah in Eastern India, Dum Dum in Kolkata, as well as in Tripura’s Agartala.
GPT Healthcare aims to grow to more than 1000 beds over the next three years.
The company offers over 35 specialties and super-specialties, including neurology, internal medicine, orthopaedics, joint replacement, interventional cardiology, paediatrics, gastroenterology, neurosurgery, and diabetology.
In the fiscal year (FY) 2023, GPT Healthcare reported a revenue increase of 7.11% to Rs3.67bn from Rs3.42bn in FY22.
However, the company’s net profit in FY23 decreased to Rs390.1m from Rs416.6m in the previous year.
