GPT Healthcare, which operates the ILS Hospital chain has filed the Draft Red Herring Prospectus (DRHP), with the Securities and Exchange Board of India (SEBI), to raise funds through an initial share sale.

The initial public offering (IPO) comprises fresh issuance of equity shares worth Rs 17.5 crore and an offer of sale (OFS) of up to 2.98 crore equity shares by a promoter entity and an investor, according to the DRHP.

The OFS consists of up to 38.05 lakh equity shares by GPT Sons and up to 2.61 crore equity shares by BanyanTree Growth Capital II LLC. The funds raised will be used to purchase medical equipment and general corporate purposes.

GPT Healthcare operates a chain of four mid-sized hospitals, three in Kolkatta and one in Agartala in eastern India under the "ILS Hospitals brand and provides integrated healthcare services, with a focus on secondary and tertiary care. All the units have a total bed capacity of 556 beds.

GPT Healthcare's multispeciality hospitals are specialized in advanced surgical procedures, gynaecology and maternity services, paediatrics, orthopaedics, neuro and cardiac sciences, psychiatry and others.

DAM Capital and SBI Capital Markets are the lead managers to the issue.