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BanyanTree-backed GPT Healthcare gets Sebi nod for $67 mn IPO

GPT Healthcare Ltd, which runs the chain of ILS Hospitals, has received clearance from the Securities and Exchange Board of India (SEBI) to file its initial public offering (IPO), the company said in a statement.   

The IPO is expected to fetch between Rs 450 to Rs 500 crore (around $60-67 million) and the funds from the fresh issue will be used to purchase medical equipment aggregating to Rs 13.2 crore and general corporate purposes, it said.

GPT Healthcare had filed draft papers for its IPO in October.    

The IPO consists of a fresh issue of Rs 17.50 crore and an offer for sale (OFS) of up to 29.89 million shares by shareholders and promoters. As a part of the OFS, BanyanTree Growth Capital II, LLC, a Mauritius-based structured private equity, will sell up to 26.08 million shares and GPT Sons Private Limited, the promoter will offload up to 3.80 million shares, it said.

In 2014, GPT Healthcare had raised an undisclosed amount in private equity funding from BanyanTree Growth Capital.

DAM Capital and SBI Capital Markets are the lead managers to the issue.

GPT Healthcare operates a chain of mid-sized multispeciality hospitals in eastern India under the ILS Hospitals brand and provides integrated healthcare services with a focus on secondary and tertiary care. it has inked an MoU (memorandum of understanding) and a long-term lease agreement for a 140-bed hospital in Ranchi, with a Rs 50-crore investment. In 2025, the company plans to open a hospital in Ranchi. Varanasi, Patna, Raipur, Guwahati, Kanpur, and Cuttack are among the other cities where it is considering expanding, according to a statement.  

As of September 2021, the firm had four multi-speciality hospitals with a total capacity of 556 beds. 

Founded by Dr Om Tantia in 2000, he has 40 years of experience in minimal access surgery. Each of its hospitals also provides integrated diagnostic services and pharmacies. It also provides outpatient services, including consultation for a range of ailments and preventive health screenings. 

It offers a comprehensive range of healthcare services including internal medicine and diabetology, nephrology (including renal transplants), laparoscopic and general surgery, gynaecology and obstetrics, critical care, gastroenterology, orthopaedics and joint replacements, interventional cardiology, neurology, neurosurgery, paediatrics and neonatology, according to press statement. 

For the fiscal year 2021, total income stood at Rs 248.86 crore against Rs 216.08 crore a year ago. Net profit for the period stood at Rs 21.09 crore versus Rs 10.96 crore a year ago. As on September 2021, total borrowings stood at Rs 113.25 crore. 

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