Jupiter Hospital files DRHP with Sebi for Rs 900-1,100 crore IPO

Private hospital chain Jupiter Hospital has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with stock market regulator Sebi late Thursday.

As per DRHP, the proposed IPO will consist of a fresh Issue of Rs 615 crore and Offer for Sale (OFS) of 44,50,000 shares.

Sources told ET that the total IPO size would be Rs 900 - 1,100 crore, and the company may consider a Pre IPO placement of Rs 123 crore.

The promoters – Dr Ajay Thakker, Dr Ankit Thakker and Western Medical Solutions LLP are not diluting their stake in the IPO.

ET was the first to report about the proposed plan to file DRHP in March this year.

The Mumbai-headquartered company focused on Western India plans to utilise the proceeds for expansion of the hospital network and possible debt reduction.

The company is in the process of setting up a quaternary care hospital in Dombivli, Maharashtra. Construction for the same commenced in April 2023, along with a plan to repay Rs 463 crore of debt besides attending to general corporate expenses.

Jupiter has a capacity of 1194 beds across 3 Hospitals. It is equipped to cater to over 30 specialties such as organ transplant, oncology, orthopaedics, cardiology, paediatrics, neurology, among others.

Jupiter revenue from operations March 31, 2022 stood at Rs 733 cr. For the nine months period ended Dec 31,2022 its revenue stood at Rs 650 crore.

Bankers to the issue are ICICI Securities, Edelweiss Financial Services and JM Financial.