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Bolstering presence in the Western region through expansion

Jupiter Life Line Hospitals Limited (JLHL) was established on November 18, 2002. JLHL is a prominent multi-specialty tertiary and quaternary healthcare provider in the Mumbai Metropolitan Area (MMR) and the western region of India. As of March 31, 2023, they manage three hospitals under the "Jupiter" brand located in Thane, Pune, and Indore, with a combined bed capacity of 1,194 hospital beds. As of March 31, 2023, they have a dedicated team of 1,306 doctors, including specialists, physicians, and surgeons, serving a current operational bed capacity of 961 beds.

Each of their hospitals at Thane, Pune and Indore has been certified by NABH and has been accredited in the field of medical testing by NABL.Their hospitals follow an 'all-hub-no-spoke' model, where each hospital operates as a comprehensive healthcare facility, independently providing a wide range of services from diagnostics to surgery and rehabilitation. Both the Thane and Pune hospitals are newly established "greenfield" projects. Importantly, all three hospitals are situated on land they own outright.

Furthermore, they are actively working on a new multi-specialty hospital project in Dombivli, Maharashtra. This facility is designed for more than 500 beds and construction commenced in April 2023.

JLHL’s proposed issue size is INR 869.08 cr out of which INR 542 cr is a fresh issue and the remaining INR 327.08 cr is OFS. The proposed fresh issue will be utilized for

INR 510.4 cr for repayment/pre-payment, in full or part, of borrowings availed from banks by our Company and Material Subsidiary • And the balance amount would be used for general corporate purposes

At the IPO price of INR 735(upper price band), JLHL is valued at P/E of 59.9x. Considering the growth opportunities in the company and strong fundamentals, we recommend a SUBSCRIBE rating

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