GPT Healthcare, which owns the ILS Hospitals chain, has received approval from the capital markets regulator Securities and Exchange Board of India (Sebi) to raise up to Rs 500 crore through an initial public offering (IPO).

According to the Draft Red Herring Prospectus (DRHP), the Initial Public Offering (IPO) consists of a fresh issuance of equity shares worth Rs 17.5 crore and an Offer For Sale (OFS) of up to 2.98 crore equity shares by a promoter entity and an investor (DRHP).

The OFS involves GPT Sons selling up to 38.05 lakh equity shares and BanyanTree Growth Capital II LLC selling up to 2.61 crore equity shares. The IPO will be the private equity firm's final exit from the company.

According to an update filed with the Sebi  on Monday, GPT Healthcare, which submitted the DRHP in August, received its observations on December 29, 2021. The issue of an observations letter denotes the Sebi's approval of the IPO.  The IPO is anticipated to raise between Rs 450 crore and Rs 500 crore, according to market sources.

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