Jupiter Life Line Hospitals IPO subscribed 0.47 times so far on first day
Jupiter Life Line Hospitals IPO Subscription Status: The initial public offering (IPO) of Jupiter Life Line Hospitals Ltd, the multi-specialty tertiary and quaternary healthcare provider, opened for public subscription today. The IPO, which will close on September 8, has so far received decent response from investors.
Jupiter Life Line IPO has been subscribed 0.47 times so far on September 6, the first day of the bidding process. The public issue received bids for 39.29 lakh equity shares as compared to 84.97 lakh shares on the offer, till 2:00 pm.
The issue has received 66% subscription in the retail category and 60% subscription in the Non-Institutional Investors’ (NII) category. Qualified institutional buyers (QIB) have bid for 0.01% shares of their reserved portion so far, as per data available on NSE.
In the IPO, the company has reserved not more than 35% shares for retail investors, 15% for NIIs and the reserved portion for QIBs is 50%.
Jupiter Life Line Hospitals on Tuesday already raised ₹261 crore from anchor investors ahead of the IPO.
Also Read: Jupiter Life Line Hospitals raises ₹261 crore from anchor investors ahead of IPO
Jupiter Life Line IPO price band has been fixed at ₹695-735 per share. The IPO comprises a fresh issue of equity shares worth ₹542 crore and an Offer For Sale (OFS) of 44.5 lakh equity shares by promoter group entities and other shareholders. At the upper end of the price band, Jupiter Life Line IPO issue size is ₹869.08 crore
The lot size for the Jupiter Life Line Hospitals IPO is 20 shares and the minimum investment amount required by retail investors is ₹14,700.
The company will fix the basis of IPO allotment on September 13 and initiate refunds on September 14, while the credit of shares to the demat account of eligible allottees will take place on September 15.
Jupiter Life Line Hospitals shares are likely to be listed on September 18 on stock exchanges BSE and NSE.
The company proposes to utilise the proceeds of the fresh issue to retire debt and for general corporate purposes.
Jupiter Lifeline Hospitals is among the key multi-specialty tertiary and quaternary healthcare providers in the Mumbai Metropolitan Area (MMR) and western region of India with a total bed capacity of 1,194 hospital beds across three hospitals as of March 31, 2023.
Jupiter Life Line IPO Review
Most analysts have recommended subscribing to the Jupiter Life Line IPO for a long term, citing healthy financials and decent return ratios.
Jupiter Life Line Hospitals has delivered healthy financials with 24.5% revenue growth and 34.6% EBITDA growth between FY20-23. Overall EBITDA margin has also improved from 17.8% in FY20 to 22.6% in FY23.
“ROE and ROCE stood at healthy levels of 20.1% and 20.5% in FY23 which are largely in line with average performance of listed peers. The issue is valued at reasonable valuation of 22.4x FY23 EV/EBITDA compared to 30.4x FY23 average EV/EBITDA of listed peers. Thus, we recommend ‘Subscribe’ to the issue,” said Nirmal Bang.
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Jupiter Life Line IPO GMP Today
Jupiter Life Line IPO GMP today, or grey market premium today, is ₹276 per share, as per topsharebrokers.com. This reflects that the Jupiter Life Line Hospitals shares are trading higher by ₹276 than their issue price, in the grey market.
Thus, considering the GMP today and the upper end of the issue price, Jupiter Life Line IPO share listing may take place at ₹1,011 apiece, which is a premium of 37.55% to the issue price.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 06 Sep 2023, 02:12 PM IST
