Jupiter Life Line Hospital shares make strong D-St debut; list at 32% premium

Shares of Jupiter Life Line Hospitals made a strong debut at Dalal Street on Monday as the hospital chain was listed at Rs 973 apiece on National Stock Exchange (NSE), a premium of 32 per cent, compared to the issue price of Rs 735. Similarly, the stock made its debut at a premium of 31 per cent at Rs 960 on BSE.

The listing of Jupiter Life Line Hospital has been on the expected line. A day before it listing, the company was commanding a premium of Rs 230-235 apiece in the grey market. The unofficial market was singaling a listing pop of 30-32 per cent for the investor on its debut.

The initial public offering (IPO) of Jupiter Life Line Hospital was open for bidding between September 6-8 as the company sold its shares in the price band of Rs 695-735 apiece with a lot size of 20 shares. The company raised a little more than Rs 869-crore from its primary offering, which included a fresh share sale of Rs 542 crore and offer-for-sale (OFS) of Rs 327 crore.

The issue was overall subscribed 64.80 times, thanks to qualified institutional bidders (QIBs), whose portion was booked 181.89 times, while the non-institutional investors' category was subscribed 36 times. The quota reserved for retail investors was subscribed only 8 times during the three-day bidding process.

Jupiter Life Line Hospitals is among multi-specialty tertiary and quaternary healthcare providers in the Mumbai Metropolitan Area and western region of India with a total bed capacity of 1,194 hospital beds across three hospitals as of March 31. Jupiter Life Line Hospitals currently operates three hospitals in Thane, Pune and Indore under the 'Jupiter' brand.

ICICI Securities, Nuvama Wealth Management and JM Financial were the lead managers to the issue, while Kfin Technologies India had been appointed as the registrar to the issue. 

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