Global Health IPO ends with good subscription

Published on Nov 08, 2022 11:10

The initial public offer (IPO) of Global Health (Medanta) received bids for 44,79,85,648 shares as against 4,67,42,397 shares on offer. The issue was subscribed 9.58 times.

The Qualified Institutional Buyers (QIBs) category was subscribed 28.64 times and the Non Institutional Investors (NIIs) category was subscribed 4.02 times.

However, the Retail Individual Investors (RIIs) category was subscribed just 88%.

The issue opened for bidding on Thursday (3 November 2022) and it closed on Monday (7 November 2022). The price band of the IPO was fixed at Rs 319 to 336 per share.

The issue comprises of both, fresh issue of equity shares worth up to Rs 500 crore and an offer for sale of Rs 1,705.57 crore.

Of the net proceeds from the fresh issue, the company will invest Rs 375 crore in two subsidiaries, GHPPL and MHPL, in the form of debt or equity for repayment/prepayment of borrowings and remaining amount will be used for general corporate purposes.

Ahead of the IPO, Global Health on Wednesday, 2 November 2022, raised Rs 661.67 crore from anchor investors. The board allotted 1.96 crore shares at Rs 336 per share to 52 anchor investors.

Global Health is one of the largest private multi-speciality tertiary care providers operating in the North and East regions of India. Under the Medanta brand, the company has a network of five hospitals currently in operation in Gurugram, Indore, Ranchi, Lucknow and Patna. It also has one hospital in Noida, which is under construction.

The company reported a net profit of Rs 58.71 crore and net sales of Rs 617.21 crore in the quarter ended on 30 June 2022.