GPT Healthcare
Book Building issueMainboard₹525 Cr issue
+16.21%
Listing gain over issue price
Issue size
₹525 Cr
1 lot at cut-off
₹14,880
Lot size
80shares
Open
22 Feb 2024
Close
26 Feb 2024
Allotment
27 Feb 2024
Listing
29 Feb 2024
Listing performance
Issue price
₹186
Listed at
₹216.15
Listing-day close
₹200.75
Latest price
₹130.96
Close on 23 Oct 2026
Listing gain
+16.21%
Return since issue
-29.59%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 22 Feb 2024 – 26 Feb 2024
- Listing date
- 29 Feb 2024
- Face value
- ₹10 per share
- Issue price
- ₹186 per share
- Lot size
- 80 shares
- Issue type
- Book Building issue
- Total issue size
- ₹525 Cr
- Market cap at offer price
- ₹1,526 Cr
- Promoter holding
- 67.34% → 65.57% pre-issue → post-issue
- ISIN
- INE486R01017
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- GPT Centre, JC-25, Sector III, Salt Lake, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 84,69,996 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 80 shares per lot, in multiples, at ₹186
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 80 | ₹14,880 |
| Retail (max) | 13 | 1,040 | ₹1,93,440 |
| S-HNI (min) | 14 | 1,120 | ₹2,08,320 |
| S-HNI (max) | 67 | 5,360 | ₹9,96,960 |
| B-HNI (min) | 68 | 5,440 | ₹10,11,840 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
84,69,996
Anchor portion
₹158 Cr
at ₹186 per share
Valuation and performance
Valuation at offer price
₹186 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.88 | 0.00 |
| P/E (×) | 38.11 | — |
| Price to book (×) | 9.06 | — |
| Market cap | — | ₹1,526 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period
- Return on net worth
- 23.77%
- ROCE
- 26.09%
- Debt / equity
- 0.39
- PAT margin
- 10.64%
- NAV per share
- ₹20.54
- Price to book
- 9.06
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About GPT Healthcare
GPT Healthcare Limited is a regional corporate healthcare provider in Eastern India with four multispecialty hospitals located in Dum Dum, Salt Lake, and Howrah in West Bengal, and Agartala in Tripura. Originally incorporated as Jibansatya Printing House Private Limited in 1989, the company was converted to a public limited company on September 15, 2021, with a name change to GPT Healthcare Limited. As of September 30, 2023, the company operates 561 beds offering comprehensive healthcare services across over 35 specialties and super specialties. The company generates revenue primarily from inpatient services (approximately 82% of hospital revenue), outpatient services, and diagnostic services. According to the CRISIL Report, it is one of the key regional corporate healthcare companies in Eastern India in terms of number of beds and hospitals as of Fiscal Year 2023.
Company Analysis
from RHPGPT Healthcare Limited operates a chain of mid-sized multispecialty hospitals providing integrated secondary and tertiary care services across Eastern India under the ILS Hospitals brand.
GPT Healthcare Limited is a regional corporate healthcare provider in Eastern India with four multispecialty hospitals located in Dum Dum, Salt Lake, and Howrah in West Bengal, and Agartala in Tripura. Originally incorporated as Jibansatya Printing House Private Limited in 1989, the company was converted to a public limited company on September 15, 2021, with a name change to GPT Healthcare Limited. As of September 30, 2023, the company operates 561 beds offering comprehensive healthcare services across over 35 specialties and super specialties. The company generates revenue primarily from inpatient services (approximately 82% of hospital revenue), outpatient services, and diagnostic services. According to the CRISIL Report, it is one of the key regional corporate healthcare companies in Eastern India in terms of number of beds and hospitals as of Fiscal Year 2023.
Healthcare delivery / Hospital servicesSecondary and tertiary careDiagnostic services
Objects of the Issue
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company 300.00 million p.27
- General corporate purposes p.27
- Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company from banks and financial institutions p.57
- General corporate purposes p.57
- Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company from banks and financial institutions ₹ 300.00 million p.125
- General corporate purposes p.125
- General corporate purposes and working capital requirements p.458
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹ 10 each aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹ 10 each aggregating up to ₹ 400.00 million
- Offer for Sale
- Up to 26,082,786 Equity Shares of face value of ₹ 10 each aggregating up to ₹ [●] million by BanyanTree Growth Capital II, LLC
- Price Band
- [●] per Equity Share (Floor Price ₹ [●]; Cap Price ₹ [●])
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10 per Equity Share
Business Model
The company generates revenue through hospital operations providing secondary and tertiary care services. Revenue comes from inpatient services (82.33% of hospital revenue in FY23), outpatient services, diagnostic services, and pharmacies. Patients pay through cash on-site and credit arrangements including third-party payers such as private and public insurers, including government health schemes like Ayushman Bharat, CGHS, and West Bengal Swasthya Sathi.
Business Segments
Secondary and tertiary care inpatient services provided across 561 beds in four hospitals
Outpatient consultation and integrated diagnostic services including CT Scan, MRI, USG, PET Scan and laboratory services
Medical services in internal medicine and diabetology
Nephrology and renal transplant services
Laparoscopic and general surgical services
Gynecology and obstetric services
Critical care services
Gastroenterology services
Interventional cardiology services
Neuroscience services
Orthopedic and joint replacement services
Pediatric and neonatal services
Provision of hospital beds and medical care for patients admitted to the hospital including surgical procedures, medical treatment, and critical care services
Provision of consultations, diagnostic services, and treatment for patients not admitted to the hospital
Provides internal medicine and diabetology services
Provides nephrology services and renal transplant procedures
Provides laparoscopic and general surgical procedures
Provides gynaecological and obstetric services
Provides gastroenterological services
Provides orthopaedic and joint replacement services
Provides interventional cardiology procedures
Multispecialty hospital with focus on general and laparoscopic surgery, internal medicine and diabetology, obstetrics and gynaecology, and gastroenterology. Flagship facility with 85 beds, 17 ICU/HDU beds, three operation theatres equipped with surgical robot, Yag Laser, and diagnostic equipment including CT scan, digital X-ray, USG.
Hospital with 155 beds specializing in nephrology, internal medicine and diabetology, critical care and interventional cardiology. Licensed to perform renal transplants. 53 ICU/HDU beds, four operation theatres, one catheterization laboratory with MRI, CT scan, X-Ray, USG, endoscopic ultrasound, ventilators.
Multispecialty hospital with 116 beds specializing in pulmonology, internal medicine, orthopaedics and clinical cardiology. Commissioned in 2019, strategically located near Howrah station. 43 ICU/HDU beds, three operation theatres, one catheterization laboratory with MRI, CT scan, Digital X-Ray, USG, ventilators.
Hospital with 205 beds specializing in internal medicine and diabetology, obstetrics and gynaecology, interventional cardiology and gastroenterology. Only NABH accredited hospital in Agartala, Tripura. 66 ICU beds, eight operation theatres, one catheterization laboratory with MRI, CT scan, digital X-ray, USG, ventilators, IUI set-up.
Operation of multidisciplinary private hospitals providing inpatient and outpatient services including accommodation, theatre charges, medical professional services, equipment, radiology, laboratory services, and pharmaceutical goods
Operation of a nursing institute in Agartala providing academic services
Rendering of medical and healthcare services including inpatient services, outdoor patient services
Rendering of academic/educational services for nursing education
Sale of medicines and consumables
Rendering of inpatient and outpatient medical services, including accommodation, theatre, medical professional services, equipment, radiology, laboratory and pharmaceutical goods used
Provides academic education programs
Sale of medicines and medical consumables
Generation and sale of electrical power
Multi-specialty hospital services including inpatient, outpatient, diagnostic and ancillary services across four hospital locations in Tripura and West Bengal
SWOT Analysis
Strengths
- • Diversified specialty service portfolio generating 90%+ of revenues(p.47)
- • Strong insurance coverage exceeding asset values(p.60)
- • Established multi-specialty hospital network in Eastern India(p.48)
- • Key regional corporate healthcare company with strong foothold in under-penetrated markets(p.134)
- • Right-sized, full-service hospitals with strategic locations driving high return on capital(p.134)
- • Well diversified specialty and location mix(p.134)
- • Strong track record of operating and financial performance with revenue growth of 7% in FY23 and 39% in FY22(p.134)
- • Strong profitability with RoNW of 23.77% in FY23 and RoCE of 26.09%(p.135)
- • Improved bed occupancy from 48% in FY21 to 58.92% in FY23(p.137)
- • Key regional corporate healthcare company with strong foothold in under-penetrated Eastern India markets(p.200)
- • Experienced founder and leadership team with 40+ years medical expertise and established healthcare track record(p.200)
- • Strong revenue growth trajectory with CAGR of 53.87% ex-COVID between FY2021-FY2023(p.200)
- • Right-sized hospitals with capital efficiency; capital cost per bed of ₹5.41 million vs industry average above ₹10 million in tier-I cities(p.201)
- • High proportion of private/cash patients (94.74% in FY2023) providing shorter receivables cycle and stable cash flow(p.201)
- • Highest outpatient revenue per patient (₹4,158 in FY2023) among key regional peers(p.209)
- • Quick achievement of EBITDA break-even; Howrah Hospital achieved positive EBITDA within 8 months(p.202)
- • NABH accreditation at Dum Dum and Agartala hospitals; Agartala only NABH accredited in city and one of 11 in North-East India(p.202)
- • Regional market leadership in Eastern India with 561 operational beds across 4 NABH-accredited hospitals(p.217)
- • Strong reputation in specialized tertiary care, particularly cardiac surgery and neurosurgery attracting medical value tourists(p.217)
- • Advanced medical technology infrastructure including robotic surgical systems with proven track record(p.218)
- • Consistent profitability and strong EBITDA margins across majority of hospitals (21–28%)(p.220)
- • High occupancy rates and patient throughput demonstrating operational efficiency(p.219)
- • Integrated procurement and standardized medical consumables across network reducing costs(p.217)
- • Minimal dependence on government schemes with 92–95% revenue from cash and private insurance patients(p.225)
- • Experienced promoter team with long operating history(p.266)
- • Stable low attrition in key management personnel relative to industry(p.264)
- • Strong revenue growth trajectory(p.281)
- • Profitable operations with growing profit margins(p.281)
- • Diversified hospital network across multiple geographies(p.286)
- • Multidisciplinary hospital network across geographies(p.351)
- • Strong revenue growth from healthcare services(p.347)
- • Improved profitability and debt reduction(p.336)
- • Strong debt service capacity(p.336)
- • Leading regional healthcare provider with significant scale and capacity(p.398)
- • Strong geographic presence in high-growth, underserved Eastern India markets(p.398)
- • Demonstrated consistent revenue and profitability growth(p.400)
- • Capital-efficient hospital development model with significantly lower capex per bed than industry(p.403)
- • Long-term land security and minimal lease renewal risks(p.403)
- • High and improving operational metrics with strong occupancy and ARPOB growth(p.400)
- • Strong EBITDA generation and margins with improvement trajectory(p.400)
Weaknesses
- • High dependence on specialty departments creating concentrated revenue risk(p.48)
- • Promoters lack verified educational documentation(p.47)
- • Pending critical regulatory approvals for operational compliance(p.52)
- • Significant outstanding litigation including medical negligence claims(p.68)
- • Promoter guarantees on borrowings creating personal liability exposure(p.55)
- • Leasehold properties with renewal risks(p.57)
- • Heavy reliance on third-party service providers without direct control(p.54)
- • High leverage with debt-to-equity ratio of 0.39 as of March 31, 2023(p.137)
- • Concentration of facilities in specific geographic locations with 561 total bed capacity spread across limited hospitals(p.137)
- • Declining profitability margin with PAT margin declining from 12.17% in FY22 to 10.64% in FY23(p.137)
- • Outstanding borrowings of Rs 463.02 million as of December 31, 2023 requiring repayment/prepayment(p.126)
- • Howrah Hospital significantly underperforming with lowest bed occupancy rates (39.14% in FY2023)(p.209)
- • Agartala Hospital also experiencing low and volatile bed occupancy rates (44.96% in FY2023, down from 49.34% prior year)(p.209)
- • Geographic concentration risk; all four hospitals located in Eastern India region only(p.200)
- • Limited bed capacity relative to market; only 561 beds across four hospitals serving large regional population(p.200)
- • High employee attrition rates; nursing attrition at 22.45% in FY2023(p.211)
- • Geographic concentration of hospitals in Eastern India (West Bengal and Tripura)(p.217)
- • Unequal hospital performance with Howrah Hospital significantly underperforming (EBITDA margin 2.61%, occupancy 39%)(p.219)
- • Dependence on key medical professionals for specialized procedures and reputation(p.224)
- • Limited number of renal transplant surgeries indicating specialized program concentration risk(p.224)
- • Promoter unable to produce bachelor's degree creating governance concerns(p.247)
- • Significant reliance on debt financing with substantial borrowings(p.280)
- • High concentration of promoter shareholding limiting public float(p.311)
- • Significant related-party transactions and family business structure(p.264)
- • Property titles held in old entity name creating administrative burden(p.299)
- • High employee benefit obligations and compensation expenses(p.281)
- • High dependence on bank borrowings secured by personal guarantees(p.341)
- • Significant concentration of long-term debt obligations(p.336)
- • High proportion of secured lending backed by specific assets(p.317)
- • Outstanding aged receivables indicating collection challenges(p.368)
- • Significant dependence on limited number of revenue-generating specialties(p.400)
- • High doctors' payout representing substantial portion of revenue(p.404)
- • Newly commissioned Howrah Hospital still operating at lower margins than mature hospitals(p.403)
- • Exposure to regulatory and licensing risks in healthcare sector(p.398)
Opportunities
- • Planned geographic expansion to Eastern India and Northern regions(p.48)
- • Growing health insurance penetration in India driving demand(p.60)
- • Expansion via asset-light models reducing capital intensity(p.48)
- • India's healthcare spending as % of GDP at only 3.3%, trailing developing peers, with government targeting increase to 2.5-3% by 2025(p.154)
- • Significant gap in per capita health expenditure at $74 versus developed countries at $6,000-$12,000, indicating growth potential(p.154)
- • Rising health consciousness with health spending growing at 8.6% CAGR from FY12 to FY22(p.153)
- • Urbanization trend with 40% of population expected to live in urban areas by 2030, creating concentrated demand centers(p.152)
- • Rising per capita income at 4.1% CAGR from FY12 to FY23 driving consumer health spending(p.152)
- • Significant shortfall in healthcare infrastructure with India's bed density of 15 per 10,000 people versus global median of 29(p.155)
- • Healthcare delivery market in India expected to grow at 9-11% CAGR through FY2028, reaching ₹9.2-9.3 trillion(p.201)
- • Private sector share of healthcare market expanding from 64% in FY2018 to expected 70% by FY2028(p.201)
- • Eastern and North-East India severely under-penetrated with only 5 doctors per 10,000 population vs 11.5 in West India and 17.3 in South India(p.203)
- • West Bengal has only 14 hospital beds per 10,000 persons vs 40 in Karnataka and national average of 14.5-15(p.203)
- • Strong medical value travel opportunity; 57% of medical tourists visiting India from Bangladesh, concentrated in Eastern India(p.214)
- • East and North-East region population of 388 million (28% of India's population) with GSDP growing at 5.1% CAGR FY2012-2022(p.201)
- • Planned greenfield expansion into Raipur (152 beds, 2025) and Ranchi (140 beds, 2026) using asset-light model(p.215)
- • Opportunity to add high-ARPOB specialties (urology, neurology, interventional cardiology, oncology) and expand existing capabilities(p.214)
- • Growing medical value travel segment with proportion of medical tourists increasing from 2.20% to 6.38% in India(p.217)
- • Government support for medical tourism through financial assistance and National Medical Wellness Tourism Board(p.217)
- • Geographic expansion into adjacent markets with asset-light and hybrid models reducing capital requirements(p.217)
- • Expansion into underserved markets (Ranchi, Raipur) with minimal competitive presence(p.228)
- • Growing demand for tertiary and quaternary care services and preventive healthcare(p.218)
- • Development of digital health platform (ILS-MyHealth) to improve patient experience and operational efficiency(p.218)
- • Expansion into new hospital locations in underserved markets(p.304)
- • Nursing education and healthcare training institute growth(p.286)
- • Leveraging capital from IPO for expansion and debt reduction(p.286)
- • Increasing capital work in progress for future revenue capacity(p.280)
- • Expansion of healthcare services with new hospital development(p.366)
- • Growing healthcare demand in tier-2 and tier-3 cities(p.351)
- • Revenue diversification through nursing education(p.347)
- • Strong cash generation for reinvestment and debt repayment(p.348)
- • Organic expansion into adjacent underserved markets with favorable demographics(p.402)
- • Growth potential from maturing Howrah Hospital and similar new facilities(p.402)
- • Leverage specialized capabilities in high-revenue specialties like nephrology(p.400)
- • Expansion of pharmacy revenue through strategic inventory management(p.404)
Threats
- • Government price controls on medical procedures and drugs(p.51)
- • Stringent and evolving healthcare regulatory requirements(p.51)
- • Competition from government and private hospitals(p.72)
- • Dependence on external construction partners for expansion projects(p.49)
- • Low health insurance penetration limiting affordability(p.61)
- • Cyclical healthcare demand and pandemic risks(p.72)
- • Rising medical equipment and supply costs affecting profitability(p.67)
- • Regulatory non-compliance history creating future uncertainty(p.54)
- • Private sector accounts for 66% of healthcare expenditure creating dependency on out-of-pocket spending vulnerability(p.154)
- • High out-of-pocket healthcare spending burden on consumers with 50-60 million people falling into poverty annually due to healthcare expenditure(p.154)
- • India's healthcare infrastructure remains inadequate relative to population needs, creating competitive pressure(p.155)
- • Intense competition in healthcare sector with multiple listed peers showing higher P/E multiples and operational metrics(p.135)
- • Severe shortage of medical professionals in Eastern India; only 5 doctors per 10,000 population vs 17 globally and 7 nationally(p.177)
- • Government price capping on medical devices and consumables restricting margins; stents, implants, and 23 other devices price-controlled(p.179)
- • Outstanding receivables from government schemes impacting cash flows; though expected to improve under PMJAY(p.179)
- • Intense competition from larger pan-India hospital chains (Apollo, Fortis, Max Healthcare) with significantly more beds and resources(p.168)
- • Healthcare sector dependent on discretionary spending; patient volumes cyclical and subject to economic downturns(p.172)
- • Intense competition from large national and international hospital chains in key markets(p.228)
- • Regulatory compliance burden including multiple clinical establishment acts and licensing requirements(p.231)
- • Dependence on supply chain for medical equipment and consumables subject to disruption(p.226)
- • Rising healthcare inflation and cost pressures on operations including labor and equipment costs(p.218)
- • Exposure to litigation and malpractice claims inherent to healthcare business(p.229)
- • Changing government pricing policies for healthcare services affecting revenue models(p.233)
- • Restrictive covenants in financing arrangements limiting dividend capacity(p.275)
- • Regulatory changes affecting healthcare operations and compliance costs(p.275)
- • Reputational risk from promoter-related litigation and education credential issues(p.266)
- • Dependence on director expertise with age-related succession risk(p.266)
- • Regulatory changes in healthcare sector and compliance requirements(p.325)
- • Competition from organized healthcare players(p.321)
- • Volatility in interest rates affecting borrowing costs(p.335)
- • Dependence on insurance TPA reimbursements and patient demographics(p.356)
- • New hospitals require gestation period before profitability affecting overall margins(p.402)
- • High exposure to interest rate and borrowing cost fluctuations(p.425)
- • Vulnerability to healthcare industry cyclicality and demand fluctuations(p.401)
- • Dependence on medical professional availability and retention in Eastern India(p.404)
- • Exposure to healthcare regulatory changes and compliance risks(p.398)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| GPT Sons Private Limited | Corporate Promoter | 67.34% | — |
| Dwarika Prasad Tantia | Promoter | Negligible | — |
| Dr. Om Tantia | Promoter | Negligible | — |
| Shree Gopal Tantia | Promoter | Negligible | — |
| Dwarika Prasad Tantia | Promoter, Chairman and Whole-time Director | — | — |
| Shree Gopal Tantia | Promoter | — | — |
| GPT Sons Private Limited | Corporate Promoter | — | — |
| GPT Sons Private Limited | Promoter | 67.34% | — |
| BanyanTree Growth Capital II, LLC | Investor Selling Shareholder | 32.64% | — |
| Dwarika Prasad Tantia | Promoter/Chairman | — | — |
| Dr. Om Tantia | Promoter/Managing Director | — | — |
| Dwarika Prasad Tantia | Promoter/Chairman and Whole-time Director | — | — |
| Dr. Om Tantia | Promoter/Managing Director | — | — |
| GPT Sons Private Limited | Holding Company/Promoter Group | — | — |
| GPT Sons Private Limited | Promoter | 67.34% | — |
| Dwarika Prasad Tantia | Promoter | Negligible | — |
| Dr. Om Tantia | Promoter | Negligible | — |
| Shree Gopal Tantia | Promoter | Negligible | — |
| GPT Sons Private Limited | Holding Company/Promoter | 67.34% | — |
| Dwarika Prasad Tantia | Promoter | Negligible | — |
| Om Tantia Tantia | Promoter | Negligible | — |
| Shree Gopal Tantia | Promoter | Negligible | — |
| GPT Sons Private Limited | Promoter Group | — | — |
| Dwarika Prasad Tantia | Promoter | — | — |
| Dr. Om Tantia | Promoter | — | — |
| Dwarika Prasad Tantia | Promoter | — | — |
| Dr. Om Tantia | Promoter | — | — |
| Anurag Tantia | Promoter | — | — |
| BanyanTree Growth Capital II, LLC | Investor Selling Shareholder | — | — |
Leadership
Dwarika Prasad Tantia · Chairman and Whole-time Director
Dr. Om Tantia · Managing Director
Ankur Sharma · Company Secretary and Compliance Officer
Kriti Tantia · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
GPT Healthcare IPO FAQs
What is the lot size of GPT Healthcare IPO?
The minimum lot size of GPT Healthcare IPO is 80 shares. One lot costs ₹14,880 at the cut-off price.
When does GPT Healthcare IPO open and close?
GPT Healthcare IPO opened for subscription on 22 Feb 2024 and closed on 26 Feb 2024.
What is the listing date of GPT Healthcare IPO?
GPT Healthcare IPO listed on 29 Feb 2024.