GPT Healthcare IPO price band has been fixed in the range of ₹177 to ₹186 per equity share of face value of ₹10. GPT IPO lot size is 80 equity shares and in multiples of 80 equity shares thereafter.
GPT Healthcare IPO raised ₹157.54 crores from anchor investors on Thursday, February 22. The company notified the exchanges that it allocated 84,69,996 equity shares at ₹186 apiece.
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GPT Healthcare IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.
GPT Healthcare Ltd operates a chain of mid-sized full service hospitals under the ‘ILS Hospitals’ brand and provide integrated healthcare services, with a focus on secondary and tertiary care.
Between March 31, 2022, and March 31, 2023, GPT Healthcare Limited’s profit after tax (PAT) dropped by -6.37% while its revenue climbed by 7.11%.
GPT Healthcare IPO details
GPT Healthcare IPO, which is worth ₹525.14 crore, comprises a fresh issue of ₹40 crore, and an offer-for-sale (OFS) of 26,082,786 equity shares of ₹10 aggregating up to ₹485.14 crore by the investor selling shareholder, BanyanTree Growth Capital II, LLC.
The company intends to use the net proceeds to finance the following goals: general corporate objectives; full or partial repayment or payback of some existing loans obtained by the company from banks and financial institutions.
GPT Healthcare IPO’s book running lead manager is JM Financial Limited, and the issue’s registrar is Link Intime India Private Ltd.
Also Read: GPT Healthcare IPO: 10 key risks from the RHP you should know before subscribing
GPT Healthcare IPO GMP today
GPT IPO GMP or grey market premium is + 19. This indicates GPT Healthcare share price was trading at a premium of ₹19 in the grey market, as per investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the GPT Healthcare IPO expected listing price is indicated at ₹205 apiece, which is 10.22% higher than the IPO price of ₹186.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Also Read: GPT Healthcare IPO subscribed 36% till now on Day 1; check GMP and other details
GPT Healthcare IPO Review
Anand Rathi Share and Stock Brokers Ltd
The brokerage stated that GPT Healthcare offers comprehensive healthcare services, emphasising secondary and tertiary care, and runs a chain of mid-sized full-service hospitals under the same brand.
In the future, the firm hopes to fortify its current hospitals by introducing additional services and specialisations, strengthening its competence in a few chosen areas, and further balancing the specialist mix.
“At the upper price band, company is valuing at P/E of 39.1x with a market cap of ₹15,262 million post issue of equity shares and return on net worth of 23.7% in FY23. On the valuation front, we believe that the company is fairly priced. Thus, we recommend an “Subscribe – Long Term” rating to the IPO,” the brokerage said.
Hensex Securities
The brokerage states that GPT Healthcare is a significant regional corporate healthcare organisation with a solid presence in the underdeveloped and highly populated healthcare delivery market. It also has a well-diversified specialty mix and location mix, as well as the capacity to draw in, develop, and hold on to top-notch medical professionals.
“However, the healthcare delivery market in India is expected to grow at a CAGR of 9%–11% between fiscal years 2024 and 2028 and reach ₹9.2-9.3 trillion in fiscal year 2028. We suggest a ‘Subscribe’ to the issue with long-term investment perspective,” the brokerage said.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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Published: 23 Feb 2024, 09:04 AM IST