GPT Healthcare IPO: Issue Booked 8.52 Times, QIB Portion Subscribed 17.3 Times on Final Day

GPT Healthcare Ltd opened its initial public offering (IPO) for bidders on February 22, 2024. The company will close the issue on February 26, 2024. The mid-sized multi-specialty hospital has fixed the price band of its public issue between Rs 177 to Rs 186 per equity share. The company aims to raise 525.14 crore from its public offer, with only Rs 40 crore expected via the issuance of fresh shares. The offer for sale (OFS) reserves the remaining Rs 485.14 crore.

About the company

GPT Healthcare Limited, the Healthcare arm of GPT Group, owns and operates multispeciality neighborhood tertiary care hospitals in Eastern India under the brand name ILS Hospitals. Currently, the company runs four hospitals, totaling more than 560 beds across Eastern India. It envisions expanding to 1000+ beds within the next three years.

IPO Subscription Status

At 5:03 PM, investors booked the issue 8.52 times or 16,84,22,080 shares, compared to the available 1,97,63,327 shares. The Qualified Institutional Buyers (QIBs) portion experienced a subscription rate of 17.3 times against the allocation of 56.46 lakh shares. The Non-Institutional Investors (NIIs) portion saw a subscription of 11.02 times, while the retail portion was subscribed 2.44 times.

Price Band

The mid-sized multi-specialty hospital has fixed the price band of its public issue between Rs 177 to Rs 186 per equity share.

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Issue Size

Investors have the option to bid for a minimum of 80 equity shares and in multiples thereof. The minimum investment required for retail investors is Rs 14,160. At the upper end, the bidding amount will increase to Rs 14,880.

IPO Reserve Portion

• Qualified Institutional Investors (QIBs): 50 percent of the net offer
• Non-Institutional Investors (NIIs): 15 percent of shares
• Retail Investors: 35 percent of the net issue

Objectives of the Issue

The company will utilize the net proceeds from the issue for repayment or prepayment of certain outstanding borrowings and general corporate purposes.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.