Jupiter Life Line Hospitals Limited’s Initial Public Offering to open on Wednesday, September 6, 2023, sets price band at ₹695 to ₹735 per Equity Share

Dr. Ankit Thakker, CEO & Dr. Ajay Thakker, CMD addressing the IPO conference 

• Price Band of ₹695 – ₹735 per equity share bearing face value of ₹10 each (“Equity Shares”)
• Bid/Offer Opening Date – Wednesday, September 6, 2023 and Bid/Offer Closing Date – Friday, September 8, 2023.
• Minimum Bid Lot is 20 Equity Shares and in multiples of 20 Equity Shares thereafter.
• The Floor Price is 69.50 times the face value of the Equity Share and the Cap Price is 73.50 times the face value of the Equity Share.

 

Mumbai, September 1, 2023:  Jupiter Life Line Hospitals Limited (the “Company”) 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 (Source: Report titled “An assessment of the healthcare delivery market in India with a focus on West India” (the “CRISIL Report”) dated August 2023 and prepared by CRISIL Research). The Company has fixed the price band at ₹695 to ₹735 per Equity Share for its maiden public offer. The initial public offering (“IPO” or “Offer”) of the Company will open on Wednesday, September 6, 2023, for subscription and closes on Friday, September 8, 2023. Investors can bid for a minimum of 20 Equity Shares and in multiples of 20 Equity Shares thereafter.

The IPO consists of a fresh issue of equity shares of face value of ₹10 each aggregating up to Rs 5,402.01 million and an offer-for-sale (OFS) of up to 4.45 million equity shares. The promoters of the Company are not selling any shares in the OFS.

Led by founder, Chairman and Managing Director, Dr. Ajay P Thakker with over 3 decades of experience in the field of medicine and healthcare and Dr. Ankit Thakker, Executive Director and Chief Executive Officer who has a more than a decade experience in the healthcare sector. The Company commenced operations in 2007 with a hospital in Thane, Maharashtra 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 three hospitals in Thane, Pune and Indore under the “Jupiter” brand.

Jupiter Hospitals has a strategic focus on the western India healthcare market. It currently is 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 Limited, Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited), and JM Financial Limited are the book running lead managers and KFin Technologies Limited is the Registrar to the Offer. The Equity Shares are proposed to be listed on BSE and NSE.

 

DISCLAIMERS: JUPITER LIFE LINE HOSPITALS LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offer of its Equity Shares and has filed the DRHP dated May 10, 2023 with SEBI on May 11, 2023. The DRHP is available on the website of SEBI at www.sebi.gov.in, websites of the Stock Exchanges i.e., BSE at www.bseindia.com and NSE at www.nseindia.com and is available on the websites of the BRLMs, i.e. ICICI Securities Limited at www.icicisecurities.com, Nuvama Wealth Management Limited at www.nuvama.com and JM Financial Limited at www.jmfl.com. Potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see the section titled “Risk Factors” of the RHP. Potential investors should not rely on the DRHP filed with SEBI for making any investment decision instead shall rely on RHP. Specific attention of the investors is invited to “Risk Factors” beginning on page 29 of the RHP. The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Equity Shares are only being offered and sold (i) within the United States only to persons reasonably believed to be °qualified institutional buyers” (as defined in Rule 144A under the Securities Act, “Rule 144A”) in transaction not subject to, the registration requirements of the Securities Act, and (ii) outside the United States in offshore transactions in compliance with Regulation S under the Securities Act and pursuant to the applicable laws of the jurisdictions where those offers and sales are made. There will be no public offering of the Equity Shares in the United States.

DISCLAIMER CLAUSE OF SEBI:

 IT IS TO BE DISTINCTLY UNDERSTOOD THAT SUBMISSION OF THE DRAFT RED HERRING PROSPECTUS TO SEBI SHOULD NOT, IN ANY WAY, BE DEEMED OR CONSTRUED THAT THE SAME HAS BEEN CLEARED OR APPROVED BY SEBI. SEBI DOES NOT TAKE ANY RESPONSIBILITY EITHER FOR THE FINANCIAL SOUNDNESS OF ANY SCHEME OR THE PROJECT FOR WHICH THE OFFER IS PROPOSED TO BE MADE OR FOR THE CORRECTNESS OF THE STATEMENTS MADE OR OPINIONS EXPRESSED IN THE DRAFT RED HERRING PROSPECTUS. THE BOOK RUNNING LEAD MANAGERS, ICICI SECURITIES LIMITED, EDELWEISS FINANCIAL SERVICES LIMITED* AND JM FINANCIAL LIMITED HAVE CERTIFIED THAT THE DISCLOSURES MADE IN THE DRAFT RED HERRING PROSPECTUS ARE GENERALLY ADEQUATE AND ARE IN CONFORMITY WITH THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2018. THIS REQUIREMENT IS TO FACILITATE INVESTORS TO TAKE AN INFORMED DECISION FOR MAKING AN INVESTMENT IN THE PROPOSED OFFER.

 

IT SHOULD ALSO BE CLEARLY UNDERSTOOD THAT WHILE THE COMPANY IS PRIMARILY RESPONSIBLE FOR THE CORRECTNESS, ADEQUACY AND DISCLOSURE OF ALL RELEVANT INFORMATION IN THE DRAFT RED HERRING PROSPECTUS AND EACH OF THE SELLING SHAREHOLDERS ARE, SEVERALLY AND NOT JOINTLY, RESPONSIBLE ONLY FOR THE STATEMENTS SPECIFICALLY CONFIRMED OR UNDERTAKEN BY THEM IN THE DRAFT RED HERRING PROSPECTUS IN RELATION TO THEMSELVES FOR THEIR RESPECTIVE PORTIONOF THE OFFERED SHARES, THE BRLMS ARE EXPECTED TO EXERCISE DUE DILIGENCE TO ENSURE THAT THE COMPANY DISCHARGES ITS RESPONSIBILITY ADEQUATELY IN THIS BEHALF AND TOWARDS THIS PURPOSE, THE BRLMS HAVE FURNISHED TO SEBI, A DUE DILIGENCE CERTIFICATE DATED MAY 10, 2023, IN THE FORMAT PRESCRIBED UNDERSCHEDULE V (FORM A) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2018, AS AMENDED.

 

THE FILING OF THE DRAFT RED HERRING PROSPECTUS DOES NOT, HOWEVER, ABSOLVE THE COMPANY FROM ANY LIABILITIES UNDER THE COMPANIES ACT, 2013 OR FROM THE REQUIREMENT OF OBTAINING SUCH STATUTORY AND/OR OTHER CLEARANCES AS MAY

BE REQUIRED FOR THE PURPOSE OF THE PROPOSED OFFER. SEBI FURTHER RESERVES THE RIGHT TO TAKE UP, AT ANY POINT OF TIME, WITH THE BOOK RUNNING LEAD MANAGERS, ANY IRREGULARITIES OR LAPSES IN THE DRAFT RED HERRING PROSPECTUS.

 

*Pursuant to an order passed by Hon’ble National Company Law Tribunal, Mumbai Bench dated April 27, 2023, the merchant banking business of Edelweiss Financial Services Limited has demerged and is now transferred to Nuvama Wealth Management Limited(“Nuvama”) and therefore the said merchant banking business is part of Nuvama.

 

DISCLAIMER CLAUSE OF BSE:

BSE Limited (“the Exchange”) has given vide its letter dated July 3, 2023, permission to this Company to use the Exchange’s name in this offer documents as one of the stock exchanges on which this company’s securities are proposed to be listed. The Exchange has scrutinized this offer document for its limited internal purpose of deciding on the matter of granting the aforesaid permission to this Company. The Exchange does not in any manner:

 

1. a)                warrant, certify or endorse the correctness of completeness of any of the contents of this offer document; or
2. b)                warrant that this Company’s securities will be listed or will continue to be listed on the Exchange;
3. c)                 take any responsibility for the financial or other soundness of this Company, its promoters, its management or any scheme or project of this Company

 

and it should not for any reason be deemed or construed that this offer document has been cleared or approved by the Exchange. Every person who desires to apply for otherwise acquires any securities of this Company may do so pursuant to independent inquiry, investigation and analysis and shall not have any claim against the Exchange whatsoever by reason of any loss which may be suffered by such person consequent to or in connection with such subscription/acquisition whether by reason of anything stated or omitted to be stated herein or for any reason whatsoever

 

DISCLAIMER CLAUSE OF NSE (The Designated Stock Exchange):

As required, a copy of this Offer Document has been submitted to National Stock Exchange of India Limited (hereinafter referred to as NSE). NSE has given vide its letter Ref.: NSE/LIST/2366 dated June 30, 2023, permission to the Issuer to use the Exchange’s name in this Offer Document as one of the Stock Exchanges on which this Issuer’s securities are proposed to be listed. The Exchange has scrutinized this draft offer document for its limited internal purpose of deciding on the matter of granting the aforesaid permission to this Issuer. It is to be distinctly understood that the aforesaid permission given by NSE should not in any way be deemed or construed that the offer document has been cleared or approved by NSE; nor does it in any manner warrant, certify or endorse the correctness or completeness of any of the contents of this offer document; nor does it warrant that this Issuer’s securities will be listed or will continue to be listed on the Exchange; nor does it take any responsibility for the financial or other soundness of this Issuer, its promoters, its management or any scheme or project of this Issuer Every person who desires to apply for or otherwise acquire any securities of this Issuer may do so pursuant to independent inquiry, investigation and analysis and shall not have any claim against the Exchange whatsoever by reason of any loss which may be suffered by such person consequent to or in connection with such subscription /acquisition whether by reason of anything stated or omitted to be stated herein or any other reason whatsoever

For further details in relation to the Company, BRLM, Company Secretary and Compliance Officer of the Company, availability of application forms and RHP, please refer to statutory advertisement published on September 1, 2023.