Medanta operator Global Health IPO: GMP, subscription status on day 2 of issue
2 min read . Updated: 04 Nov 2022, 11:07 AM IST
Premium- Medanta operator Global Health IPO was subscribed 26% on the first day of the offer on Thursday
The Initial Public Offering (IPO) of Global Health, which operates hospitals under the Medanta brand, received 26% subscription on the first day of offer on Thursday. The public issue that opened for public subscription on November 3, 2022 will conclude on Monday, November 7, 2022.
As of 11:05 am on day 2 on Friday, the issue has been overall subscribed 0.35 times with retail investors' category booked 0.17x, NIIs 0.52x and QIBs 0.54x, BSE data showed.
Medanta operator Global Health IPO has a fresh issue of up to ₹500 crore and an offer for sale of up to 5,07,61,000 equity shares. Its price range is at ₹319-336 a share. Global Health on Wednesday said it has mobilised ₹662 crore from anchor investors. At the upper end of the price band, the company is expected to fetch ₹2,206 crore through the IPO. Proceeds from the fresh issue will be used to pay debt and general corporate purposes.
As per market observers, Global Health shares are available at a premium (GMP) of ₹15 in the grey market today. The company's shares are expected to list on leading stock exchanges BSE and NSE on Wednesday, November 16, 2022.
“Global Health’s identity is Medanta brand and the reputation of Dr Trehan besides the flagship ‘’Medanta The Medicity’’ hospital, Gurugram. At the upper price band, it is valued at ~21x FY22 EV/EBITDA. We assign SUBSCRIBE rating on the back of improving financials, decent valuation and growing investors interest in the hospitals space," said brokerage ICICI Securities in an IPO note.
Founded by Dr Naresh Trehan, a renowned cardiovascular and cardiothoracic surgeon, Global Health is a leading private multi-speciality tertiary care providers in the north and east regions of India.
It provides healthcare services in over 30 medical specialties and engage over 1,300 doctors spanning an area of 4.7 million square feet (sq ft). Core specialties include cardiology, cardiac science, neurosciences, oncology, digestive and hepatobiliary sciences, orthopaedics.
Its flagship Gurugram facility was ranked as the best private hospital in India for three consecutive years in 2020, 2021 and 2022, and was the only Indian private hospital to be featured in the list of top 200 global hospitals in 2021.
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