The IPO of Indian multispecialty hospital chain Jupiter Life Line Hospitals is set to open for subscription on 6 September.

This offering will end on 8 September, with anchor investor bidding commencing on 5 September.

The IPO includes a fresh equity share issue of Rs5.42bn ($65.61m) and an offer for sale (OFS) of 4.45 million equity shares by promoter group entities and other shareholders.

As part of the OFS, Devang Vasantlal Gandhi intends to sell a maximum of 1.25 million equity shares, while Devang Gandhi, along with Neeta Gandhi, plans to collectively offload 0.9 million equity shares.

Recently, Jupiter Hospitals secured Rs1.23bn ($14.89m) from institutional investors during the pre-IPO round, leading to a subsequent reduction in the size of the fresh issue.

The funds raised from the IPO will be used to retire debt and for general corporate purposes.

Jupiter Hospital operates under the Jupiter brand in Thane, Pune, and Indore cities, with a total bed capacity of 1,194 as of December 2022.

Besides, the company is developing a multispecialty hospital in Dombivli, Maharashtra, designed to accommodate over 500 beds.

ICICI Securities, Edelweiss Financial Services, and JM Financial are the lead managers for the IPO, and the equity shares are planned to be listed on the BSE and NSE stock exchanges.