Mumbai: Private hospital chain Jupiter Hospital will file draft red herring prospectus (DRHP) for a Rs 900-1,100-crore initial public offering (IPO) with stock market regulator Sebi early next month, people aware of the development said.
The proposed IPO will have both fresh issue of shares and offer for sale components, they said. The Mumbai-headquartered company focused on Western India plans to utilise the proceeds for expansion of the hospital network and possible debt reduction.
It does not have private equity investors. Jupiter has appointed ISEC, JM Financial and Edelweiss as bankers to the issue, people cited above said. The company did not reply to ET’s request seeking a comment.
Founded by radiologist turned entrepreneur Ajay Thakker, Jupiter began operations with a state-of-the-art multi-speciality hospital in Thane in 2007. The hospital has a capacity of 350 beds. The company added a hospital in Pune (400 beds) in 2017 and acquired another in Indore (500 beds) in 2020.
Jupiter also set up Fortune Park Lake City hotel in collaboration with ITC Group of Hotels next to its flagship hospital in Thane for promoting medical tourism. Jupiter posted revenue of Rs 737 crore for 2021-22 with profit before tax of Rs 77 crore.
Unlike most other Indian hospitals that operate on an asset light model or lease land from the government, Jupiter owns all its hospital assets built on open market land with no government interference. Jupiter has over 30 specialties and over 1,350 doctors and 5,000 support staff.