Mumbai-based hospital chain Jupiter Life Line Hospitals has secured approval from the capital markets regulator, Sebi, to launch an initial public offering (IPO).

The company plans to issue equity shares with a face value of Rs 10 per share, including a fresh issuance of up to Rs6.15bn ($74.34m) and an offer-for-sale of up to 4.45 million units by the promoter group and other selling shareholders.

According to the Draft Red Herring Prospectus (DRHP), the IPO proceeds will be used to repay borrowings availed from banks by the company and its material subsidiary, amounting to Rs4.63bn ($56.08m).

Additionally, the funds will be allocated for general corporate purposes.

The IPO's book running lead managers include ICICI Securities, Edelweiss Financial Services, and JM Financial, while KFin Technologies is the registrar for the offer.

The company aims to list its shares on both the BSE and NSE stock exchanges.

Meanwhile, the hospital chain has secured Rs1.23bn ($14.87m) from institutional investors in a pre-IPO round.

The pre-IPO placement involved issuing 1.67 million shares to institutional investors at Rs735 ($8.89) apiece.

Jupiter Life Line Hospitals, established in 2007, has been operating for over 15 years as a quaternary care healthcare service provider in western India.

It currently operates in Thane, Pune, and Indore.

The hospital chain is focused on the healthcare market in western India and is in the process of constructing a multispecialty hospital in Dombivli, Maharashtra, with plans for over 500 beds.