GPT Healthcare gets SEBI approval for US$67 million IPO

INDIA – GPT Healthcare, a provider of integrated healthcare services, has received approval from the Securities Exchange Board of India (SEBI) to launch its initial public offering (IPO).

The Kolkata-based firm, which operates and manages hospitals under the ILS Hospitals brand, plans to raise between US$ 60,405,525 and US$ 67,117,250.

The IPO will include a fresh issue of equity shares worth US$ 2,349,103.75 and an offer-for-sale (OFS) of 29,887,486 equity shares, according to the draft red herring prospectus (DHRP) filed by the company.

BanyanTree Growth Capital II, LLC, a closed private equity fund based in Mauritius, will sell 26,082,786 equity shares, while GPT Sons Pvt Ltd, the company’s promoter, will sell 3,804,700 equity shares.

GPT Sons currently owns 67.34 percent of GPT Healthcare, while BanyanTree Growth Capital II, LLC owns 32.64 percent.

The proceeds from the IPO’s fresh issue portion will be used to purchase medical equipment worth US$1771895.40, as well as for general corporate purposes.

Dam Capital Advisors Ltd and SBI Capital Market Ltd are the IPO’s lead investment bankers.

Currently, the company operates and manages small to medium-sized hospitals in Eastern India, providing integrated healthcare services and a focus on secondary and tertiary care. The corporation operates four multi-specialty hospitals with a total capacity of 556 beds.

Its expansion plans now include Varanasi, Patna, Raipur, Guwahati, Kanpur, and Cuttack. Its current facilities are in Kolkata’s Dumdum, Salt Lake, and Howrah, as well as Agartala, Tripura.

GPT Healthcare recently signed an MoU and a long-term lease agreement to begin operations of a 140-bed hospital in Ranchi in 2025.

For the new facility, the company pooled investments worth US$6,711,725. The Ranchi hospital is scheduled to open in 2025.

The proceeds from the new share issuance will be used to purchase medical equipment as well as for general corporate purposes.

GPT Healthcare, based in Kolkata, operates a network of mid-sized hospitals in eastern India under the ‘ILS Hospitals’ brand, offering integrated healthcare services with a focus on secondary and tertiary care.

It operated four multi-specialty hospitals with a total capacity of 556 beds as of September 30, 2021.

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