Jupiter Life Line Hospitals, a multi-specialty hospital chain, has successfully raised Rs 123 crore in a pre-IPO (initial public offering) round from institutional investors. The company has also received approval from the Securities and Exchange Board of India (Sebi) to proceed with its inaugural public offering.

During this pre-IPO round, Jupiter issued 1.67 million shares at a price of Rs 735 per share, as stated in a public announcement. Noteworthy investors who participated in this round include SBI Magnum Children's Benefit Fund, SBI Optimal Equity Fund, SBI Healthcare Opportunities Fund, Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Europe Holdings LLC, Neuberger Berman Strategic India Equity Master Fund Holdings Ltd, High Conviction Fund - Series 1, Ashoka India Equity Investment Trust PLC, Think India Opportunities Master Fund LP, and DC Ikka Ltd.

In May, Jupiter submitted its preliminary documents to Sebi to initiate the process of raising funds through an IPO. The proposed IPO comprises a fresh issuance of equity shares valued at up to Rs 615 crore, as well as an offer-for-sale (OFS) of up to 4.45 million equity shares by the promoter group and other selling shareholders. The completion of the pre-IPO placement has led to a reduction in the size of the fresh issuance.

The funds garnered from this maiden public offering will be employed for debt repayment and general corporate purposes. Jupiter Hospitals currently operates under the Jupiter brand across Thane, Pune, and Indore, collectively providing 1,194 beds as of December 2022.

The company is strategically concentrating on the Western India healthcare market and is actively involved in the development of a multi-specialty hospital in Dombivli, Maharashtra. This facility is designed to accommodate more than 500 beds.

After experiencing a financial loss in the fiscal year 2020-21, Jupiter Hospitals rebounded and reported a profit of Rs 51.13 crore in the fiscal year 2021-22. Furthermore, its revenue from operations exhibited a significant growth of 51 percent, reaching Rs 733.12 crore in FY22 from Rs 486.16 crore in FY21. In the nine-month period ending on December 31, 2022, the company achieved a profit after tax of Rs 57.15 crore, alongside an operational revenue of Rs 650.24 crore.

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