GPT Healthcare Limited, backed by BanyanTree, receives Sebi approval for an IPO for Rs 500 CR

GPT Group
GPT Group

GPT Healthcare, which owns and manages hospitals under the ILS Hospitals brand, has received permission from the Securities and Exchange Board of India (Sebi) to begin its initial public offering (IPO).

According to the draught red herring prospectus, the initial public offering (IPO) will include a fresh issue of equity shares worth Rs 17.5 crore and an offer for sale of up to 29,887,486 equity shares (DRHP).

BanyanTree Growth Capital II, LLC, a Mauritius-based structured private equity firm, will sell up to 26,082,786 equity shares as part of the OFS, while promoter GPT Sons Private Limited will sell up to 3,804,700 equity shares.

The initial public offering is projected to raise between Rs 450 crore and Rs 500 crore, according to market sources.

GPT Sons Private Limited currently has a 67.34 percent stake in GPT Healthcare, while BanyanTree Growth Capital II, LLC owns a 32.64 percent stake.

The proceeds from the new issuance would be used to buy medical equipment worth Rs 13.2 crore, as well as for general business reasons.

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