Shares of Medanta hospital chain operator - Global Health - made a strong stock market debut on Wednesday. The stock opened for trading at Rs 398.15 on the BSE marking an upside of 18.5 per cent from issue price of Rs 336 per share. On the National Stock Exchange, Global Health shares opened for trading at Rs 401, up 19.34 per cent from the IPO price.
The stock rose as much as 26 per cent on the BSE and National Stock Exchange after getting listed.
Global Health sold shares in the price band of Rs 319-336 per share during the three-day share sale via IPO which ended on November 7. Retail investors were allowed to make bid for minimum one lot of 44 shares in the IPO up to maximum of 13 lots. At the upper end of the price band, cost of one lot of Global Health shares was Rs 14,784.
Global Health shares were in high demand during the IPO which was subscribed 9.58 times. Qualified institutional buyers (QIBs) which include big financial institutions like banks, mutual funds and insurance companies showed keen interest in the IPO. The portion reserved for them was subscribed 28.64 times, shares set aside for non-institutional investors (NIIs) was subscribed 5.16 times and pie set aside for retail investors was booked 0.88 times.
The company had reserved 50 per cent of the IPO for QIBs, 15 per cent for NIIs and 35 per cent for retail shareholders.
Global Health raised Rs 2,205 crore from the IPO which comprised of fresh issue of Rs 500 crore and an offer for sale (OFS) worth Rs 1,705 crore.
The company will use proceeds from fresh issue for repayment/prepayment of borrowings, in full or part, of the subsidiaries, GHPPL and MHPL and for general corporate purposes.
Global Health Limited is one of the largest private multi-speciality tertiary care providers operating in the North and East regions of India. The company has key specialities in cardiology and cardiac science, neurosciences, oncology, digestive and hepatobiliary sciences, orthopaedics, liver transplant, and kidney and urology.
Global Health has a network of four hospitals currently in operation (Gurugram, Indore, Ranchi and Lucknow) under the "Medanta" brand. The company established "The Medanta Institutional Tissue Repository" in 2017 to promote biomarker and other tissue-based research.
Global Health's promoter Dr. Naresh Trehan is renowned cardiovascular surgeon.
