GPT to open IPO: GPT Healthcare Ltd, which operates and manages mid-sized multi-specialty hospitals under the ILS Hospitals brand, is set to launch its initial public offering (IPO) on February 22, with the bidding process scheduled to conclude on February 26.

According to the Red Herring Prospectus (RHP), bidding for anchor investors will open for a day on February 21. The IPO comprises a fresh issue of equity shares aggregating to Rs 40 crore, along with an Offer for Sale (OFS) of up to 2.6 crore equity shares by private equity firm BanyanTree Growth Capital II.

BanyanTree, which currently holds a 32.64 per cent stake in Kolkata-based GPT Healthcare, is divesting its entire shareholding in the company. The proceeds from the fresh issue will be utilised for debt payments and general corporate purposes.

GPT to increase operations 

Established in 2000 with an eight-bed hospital in Kolkata, GPT Healthcare now operates four full-service multi-specialty hospitals with a total capacity of 561 beds. The company faces competition from listed industry peers such as Global Health Ltd, Krishna Institute of Medical Sciences Ltd, Jupiter Life Line Hospitals Ltd, Yatharth Hospital & Trauma Care Services Ltd, and Shalby Ltd.

In FY23, GPT Healthcare's total income rose by 7.11 per cent to Rs 366.73 crore from Rs 342.40 crore in FY22. However, its net profit declined to Rs 39.01 crore for FY23 from Rs 41.66 crore a year earlier. JM Financial is the sole book-running lead manager for the IPO, and the equity shares are proposed to be listed on the BSE and the NSE.

GPT Healthcare IPO price bands are yet to be announced.

(with PTI inputs)