GPT Healthcare shares close above Rs 200 on debut, climb 8%

GPT Healthcare's stock closed its first trading session above Rs 200 mark with nearly 8 percent gains on February 29, after moving in a Rs 10-15 range for major part of the day.

The stock opened higher at Rs 215 on the NSE, up 15.6 percent over the issue price of Rs 186. It climbed up to Rs 219.9 in morning but remained rangebound for rest of the session with day's low at Rs 196.10.

The stock finally settled 7.9 percent higher at Rs 200.70, with volume of 2.07 crore equity shares, while on the BSE, it was up 7.93 percent at Rs 200.75, with volume of 11.58 lakh equity shares.

The Eastern India-focused multi-specialty hospital chain has raised Rs 525.14 crore through its initial public offering, which was subscribed 8.52 times during February 22-26.

The IPO was comprised of a fresh issuance of shares worth Rs 40 crore by GPT Healthcare and an offer-for-sale (OFS) of 2.6 crore shares worth Rs 485.14 crore by private equity fund Banyan Tree Growth Capital II, LLC which exited the company post issue.

The price band for the offer was Rs 177-186 per share.

The healthcare services provider operates four multispecialty hospitals under its ILS brand in Dum Dum, Salt Lake and Howrah in West Bengal, and Agartala in Tripura with a total capacity of 561 beds.

Also read: GPT Healthcare lists at 16% premium to IPO price: Should you buy more, hold, or sell?