GPT Healthcare Ltd. Launches IPO Worth Rs 525 Crore for Expansion Plans

East-India based hospital chain GPT Healthcare Ltd. is set to make its mark in the stock market with the launch of its initial public offering (IPO) worth Rs 525 crore, aimed at fueling its expansion plans.

The IPO, scheduled for release on Feb. 22, comprises a fresh issue of Rs 40 crore and an offer for sale of 2.61 crore shares, amounting to around Rs 485 crore.

The price range for the IPO has been set at Rs 177 to Rs 186 per share, with a minimum application lot size of 80 shares.

Of the total IPO size, 50% has been earmarked for qualified institutional buyers, 35% for retail individual investors, and the remaining 15% for non-institutional investors.

The net proceeds from the IPO will be directed towards funding the company’s expansion initiatives.

GPT Healthcare Ltd. currently operates a network of mid-sized full-service hospitals under the brand name ILS Hospitals, with locations in key areas such as Dum Dum, Salt Lake, Howrah in West Bengal, and Agartala in Tripura.

As of September 30, 2023, the company manages a total of four multispecialty hospitals, boasting a collective bed capacity of 561 beds.

With a wide range of healthcare services spanning over 35 specialties and super specialties, each hospital also houses integrated diagnostic services and pharmacies.

The company’s financial performance showcases an average revenue per occupied bed of Rs 32,979 as of September 2023, with a bed occupancy rate standing at 59.92%.

Looking ahead, GPT Healthcare Ltd. has outlined plans to establish two new greenfield projects in Raipur, Chhattisgarh, and Ranchi in Jharkhand, with projected bed capacities of 152 beds and 140 beds respectively.

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