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The initial public offering (IPO) of GPT Healthcare will open for subscription on Thursday. Ahead of the issue opening, the company’s shares are trading at par with their issue price with no premium or discount in the grey market.

The Kolkata-based company has fixed a price band of Rs 177-186 per share for its Rs 525-crore IPO, which closes on February 26. Investors can make bids for 80 shares in one lot and multiples thereafter.

50% of the issue will be available for allocation on a proportionate basis to qualified institutional buyers, 15% for non-institutional bidders, and 35% for retail investors.

The IPO, with a face value of Rs 10, consists of a fresh issue of equity shares aggregating to Rs 40 crore, and an offer for sale (OFS) of up to 2.6 crore equity shares by BanyanTree Growth Capital II, LLC, a Mauritius-based structured private equity.

The proceeds from the fresh issue will be used for prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company besides general corporate purposes.

GPT Healthcare operates four full-service multispecialty hospitals, with a total capacity of 561 beds, and attends to over 35 specialties and super specialties such as internal medicine, diabetology, gastroenterology, orthopedics and joint replacements, interventional cardiology, neurology, neurosurgery, pediatrics and neonatology. The company competes with listed industry peers such as Global Health, Krishna Institute of Medical Sciences, Jupiter LifeLine Hospitals, and Yatharth Hospital, among others.Its total income increased 7% year-on-year (YoY) to Rs 367 crore in fiscal 2023, primarily due to a rise in income from hospital services. Net profit for the same period, however, fell to Rs 39 crore versus Rs 42 crore a year ago.

The company’s revenue from operations (ex-Covid) grew at a CAGR of 53.87% over FY21-23 and the ROCE stood at 26.09% for FY23.

For the three months ended June 2023, total income stood at Rs 97.63 crore and net profit at Rs 9.98 crore.

JM Financial is the sole book-running lead manager and Link Intime India is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.

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