GPT Healthcare has filed its draft red herring prospectus (DRHP) with the capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). This is the multispecialty hospital chain’s second attempt to go public.
In January 2021, the Kolkata-based company had filed preliminary papers with SEBI to raise ₹450-500 crore through the issue. The company had received the markets regulator’s nod to float the issue but did not go ahead with the launch.
According to the DRHP, the IPO comprises a fresh issue of equity shares aggregating to ₹40 crore, and an offer for sale of up to 2.6 crore equity shares by BanyanTree Growth Capital II, LLC, a Mauritius-based structured private equity.
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Currently, promoter GPT Sons holds a 67.34 per cent stake in GPT Healthcare, and the rest of the shareholding sits with BanyanTree Growth Capital. The company will utilise the proceeds from the fresh issue for payment of debt and general corporate purposes. JM Financial is the new and sole merchant banker for the issue, while Link Intime India is the registrar to the offer.
GPT Healthcare, operates and manages four full service multispecialty hospitals under the ILS Hospitals brand with a total capacity of 561 beds. It attends to over 35 specialties and super specialties such as internal medicine, diabetology, gastroenterology, orthopaedics and joint replacements, interventional cardiology, neurology, neurology, neurosurgery and paediatrics.
According to the DRHP, the company competes with listed industry peers, including Global Health Ltd, Krishna Institute of Medical Sciences Ltd, Jupiter Life Line Hospitals Ltd, Yatharth Hospital & Trauma Care Services Ltd, Kovai Medical Center & Hospital Limited and Shalby Ltd.
GPT Healthcare’s reported a net profit of ₹9.98 crore in the April-June quarter, on revenue of ₹96.2 crore, compared to a net profit of ₹7.67 crore on revenue of ₹82.5 crore in the year-ago period.
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Updated: 17 Oct 2023, 08:31 PM IST