GPT Healthcare, which operates and manages mid-sized multispecialty hospitals under the ILS Hospitals brand, has refiled draft papers with capital market regulator Sebi to raise funds through an Initial Public Offering (IPO).
The IPO comprises a fresh issue of equity shares aggregating to Rs 40 crore, and an offer for sale of up to 2.6 crore equity shares by BanyanTree Growth Capital II, LLC, a Mauritius-based structured private equity, according to the draft red herring prospectus filed on Monday.
Proceeds from the fresh issue will be used for payment of debt and general corporate purposes.
Kolkata-based GPT Healthcare had in January 2021 filed preliminary papers with Securities and Exchange Board of India (Sebi) to raise Rs 450-500 crore through the issue.
The company had received the capital markets regulator's nod to float the issue but it didn't go ahead with the launch.
GPT Healthcare, which started with an eight-bed hospital in Kolkata in 2000, 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, orthopaedics and joint replacements, interventional cardiology, neurology, neurology, neurosurgery and paediatrics, as per the DRHP.
The company competes with listed industry peers, including Global Health Ltd, Krishna Institute of Medical Sciences Ltd, Jupiter Life Line Hospitals Ltd, Yatharth Hospital & Trauma Care Services Ltd, Kovai Medical Center & Hospital Limited and Shalby Ltd.
Its total income increased 7.11 per cent to Rs 366.73 crore in FY23 from Rs 342.40 crore in FY22. The company's net profit declined to Rs 39.01 crore for FY23 from Rs 41.66 crore a year ago.
The company had reported a net profit of Rs 9.98 crore in the June quarter while the total income was at Rs 97.63 crore.
JM Financial is the sole book-running lead manager to the issue. The equity shares are proposed to be listed on the BSE and the NSE.