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Shares of Medanta operator Global Health Ltd. debuted on Indian bourses today as the shares provided significant gains on their opening day.
Global Health Ltd. is the parent company of Medanta, a chain of private multi-specialty tertiary care providers. It is the largest such chain in North and East India in terms of bed capacity.
The hospital chain has a network of 5 hospitals and 6 clinics in 7 major cities. It provides healthcare services in over 30 services, engages over 6,000 medical professionals including 1,300 doctors, and has an installed bed capacity of over 2,400.
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Prior to the launch of the IPO, the company attracted several investors for its anchor book. Government of Singapore, Nomura, Axis Mutual Fund (MF), HDFC MF, Aditya Birla Sun Life MF, SBI MF, ICICI Prudential MF, Kotak MF, Max Life Insurance Company, and SBI Life Insurance Company invested Rs 662 crores as anchor investors to the issue.
QIBs showed a fair amount of interest in the Rs 2,200 crores issue as their portion of the issue, which was 50% of the net issue, was subscribed 28.64x times! However, NIIs and RIIs weren't as enthusiastic as their portions were subscribed 4.02x times and 0.88x times respectively. All in all, the entire issue was subscribed 9.58x times.
Each share was allotted to applicants at a price of Rs 336 per share. The Grey Market Premium (GMP) today showed a Rs 30 premium as the expected premium from the listing was in the range of 9-15%.
The shares smashed all estimates as they listed at Rs 401 per share, a premium of over 19%!! The stock briefly breached the Rs 400 mark but recovered soon as it ultimately closed at Rs 415.30 per share, up almost 24% from the issue price.
The initial investment of Rs 14,784 (44 shares x Rs 336 per share) grew to Rs 18,273(44 shares x Rs 415.30 per share) in a single trading session.
Analysts feel the stock is a worthwhile long-term investment as allottees are advised to hold on for greater gains.
Article by Aman Agarwal
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