Healthcare startup GPT Healthcare gets approval from SEBI to file IPO worth $67 million
- ByTejika Bajaj | January 4, 2022
Banyan Tree backed healthcare startup GPT Healthcare has recently received an approval from SEBI (Securities Exchange Board of India) to file its IPO (Initial Public Offering). The company had submitted its draft papers in the month of October and is now ready to mark its debut in the stock market.
The IPO of the healthcare startup is expected to bag anywhere around INR 450-500 crore ($60-67 million). The IPO would consist of a fresh issue of INR 17.50 crore and a supplementary offer for sale of up to 29.89 million shares by both the shareholders as well as promoters.
Sources reveal that the startup is likely to utilize the funds that it extracts from the listing for purchase of medical equipment worth INR 13.2 crore and the remaining funds would be deployed for general corporate purposes.
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, said the company officials.
Founded by Dr Om Tantia in 2000, GPT Healthcare is a startup that operates a chain of mid-sized multispeciality hospitals in eastern India under the brand name of ILS Hospitals and provides various integrated healthcare services which focus on secondary and tertiary care. It offers a comprehensive range of healthcare services including internal medicine and diabetology, nephrology (including renal transplants), laparoscopic and general surgery, gynaecology and obstetrics.
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