Kolkata-based GPT Healthcare refiles DRHP with SEBI to raise funds for its Initial Public Offering

Kolkata: Eastern India-focused ‘GPT Healthcare’, which operates and manages mid-sized multispecialty hospitals under the ‘ILS Hospitals’ brand, has refiled its Draft Red Herring Prospectus (DRHP) with capital market regulator SEBI to raise funds for its initial public offering (IPO).

An issued statement read that the IPO, with a face value of Rs 10, consists of a fresh issue of equity shares aggregating to Rs 40 crore, and an offer for sale of up to 26.08 million equity shares BanyanTree Growth Capital II, LLC, a Mauritius-based structured private equity, according to the draft red herring prospectus (DRHP).

The offer is being made through the book-building process, wherein not more than 50 per cent of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, and not less than 15 per cent of the offer shall be available for allocation to non-institutional bidders and not more than 35 per cent of the offer shall be available for allocation to retail individual bidders.

As per the DRHP, the proceeds from the fresh issue will be used for prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company besides general corporate purposes. GPT Healthcare, founded by Dwarika Prasad Tantia and Dr Om Tantia, started with an eight-bed hospital at Salt Lake, Kolkata in 2000. Today, it operates four full service multispecialty hospitals, with a total capacity of 561 beds and attends to over 35 specialties, super specialties such as internal medicine, diabetology, gastroenterology, orthopaedics, joint replacements, among others.