IPO Synopsis
IPO synopsis:
GPT Healthcare has filed its DRHP with SEBI for an IPO worth Rs.450 crore- Rs.500 crore. The IPO comprises of a fresh issue worth Rs. 17.5 crore and an offer for sale of up to 29.89 million equity shares. The book running lead managers to the issue are SBI Capital Markets Ltd and DAM Capital Advisors Ltd. The promoters of the company are GPT Sons holding 67.34% stake, Dwarika Prasad Tantia holding, Om Tantia and Shree Gopal Tantia. GPT Sons are estimated to offload aroud 38 lakh equity shares in the OFS and BanyanTree Growth Capital II and LLC will collectively offload 2.61 crore equity shares.
Objective of the issue:
Rs.13.214 crore of the net proceeds is to be utilized for the purchase of medical equipment.
About GPT Healthcare Ltd
About the company:
Founded in 2000 by Dwarika Prasad Tantia and Dr. Om Tantia, GPT Healthcare started with a hospital in Salt lake, Kolkata. Now, it operates three hospitals under the ILS Hospital brand in West Bengal and 1 in Tripura as well, with a bed capacity of 556 beds. The hospitals offers 35 specialty and super specialty healthcare services along with integrated diagnostic services.
The first hospital founded in 2000, in Kolkata with a capacity of 8 beds has now grown to 85 beds, as of 31 September, 2021. The second hospital was set up in 2011 in Tripura, Agartala, has a capacity of 205 beds. The hospital in Dum Dum, founded in 2013 has a bed capacity of 150 beds and is also authorized to perform renal transplants. The hospital in Howrah, commissioned in 2019 with 116 beds.
GPT Healthcare Ltd Financial Status
Financials:
|
Particulars (In Rs Cr) |
FY21 |
FY20 |
FY19 |
|
Revenue from operations |
242.75 |
211.84 |
171.87 |
|
PAT |
21.09 |
10.95 |
14.95 |
|
EPS |
2.64 |
1.37 |
1.87 |
|
Particulars (In Rs Cr) |
FY21 |
FY20 |
FY19 |
|
Total Assets |
317.17 |
308.45 |
257.65 |
|
Total Borrowings |
122.92 |
113.81 |
87.42 |
|
Equity Share Capital |
57.94 |
57.94 |
57.94 |
Peer comparison:
|
Company (FY20) |
Operating Income (In Rs Cr) |
Operating margin |
RoCE |
Interest coverage |
PAT (In Rs Cr) |
|
Apollo Hospitals Enterprise Ltd |
11253 |
14.10% |
17.00% |
3.4 |
432 |
|
Fortis Healthcare Ltd |
4560 |
12.20% |
7.00% |
3.6 |
91.5 |
|
Healthcare Global |
1096 |
15.70% |
1.00% |
1.2 |
-125 |
|
Max Healthcare Group |
4023.6 |
15.00% |
- |
1.4 |
- |
|
Narayana Health Ltd |
3131.4 |
14.20% |
16.00% |
5.1 |
119 |
|
Shalby Hospitals |
483.6 |
17.20% |
6.90% |
13 |
25.3 |
|
Krishna Institute of Medical Sciences Ltd |
1126.2 |
22.60% |
22.50% |
5.8 |
115.1 |
|
AMRI Hospitals |
558.1 |
-6.20% |
-6.30% |
-0.2 |
-151.2 |
|
GPT Healthcare Ltd |
211.8 |
17.00% |
14.10% |
2.9 |
11 |
|
Medica Hospitals |
444.5 |
9.70% |
22.90% |
0.9 |
24.1 |
|
Neotia Healthcare Initiative Ltd |
147.6 |
13.40% |
9.30% |
2.5 |
5.1 |
|
Peerless Hospitex Hospital and Research Center Ltd |
217.4 |
11.30% |
19.50% |
11.5 |
15.1 |
|
Apollo Gleneagles Hospital Ltd |
716.2 |
6.40% |
8.30% |
12.1 |
11.5 |
The Key points are-
IPO Key Points
-
Strengths
1. They are very well positioned in markets which are under penetrated in terms of healthcare delivery, in prominent locations with dense populations
2. GPT Healthcare has many healthcare delivery verticals and serve across various economic segments
3. The hospitals are right-sized according to the needs of the region and sub-region
4. They engage a large pool of talented doctors and nurses and are able to retain them for the long term
-
Risks
1. The company is highly dependent on the revenues of the West Bengal hospitals and if the earnings from these hospitals are hampered, it will affect the entire business
2. Certain lands on which the hospitals stand, are leased by the company for a long term, any impact on the ownership will materially affect the business operations
3. Healthcare professionals engaged on a consulting basis are very important for the efficient functioning of the business
How to apply for IPO?
-
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current IPO section -
Enter the number of lots and price at which you wish to
apply for -
Enter your UPI ID and click on submit. With this, your
bid will be placed with the exchange -
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your UPI app -
Approve the mandate request on your UPI and funds
will be blocked
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