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Feb 15, 2018 06:54 PM IST | Source: Moneycontrol.com

Aster DM Healthcare IPO subscribed 1.3 times on final day

Proceeds of the fresh issue would be used towards repayment of debt, purchase of medical equipment, and for general corporate purposes.

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Healthcare services provider Aster DM Healthcare initial public offering has oversubscribed 1.3 times on final day, as per data available on the NSE website.

The IPO, which aims to raise Rs 980 crore, has received bids for 4.87 crore equity shares on Thursday against issue size of 3.73 crore shares, excluding anchor investors' portion.

The reserved portion of qualified institutional investors has subscribed 2.09 times, non-institutional category 55 percent and retail investors has seen a subscription of 1.2 times.

The company already raised Rs 294 crore, out of total issue size of Rs 980 crore, from anchor investors on Friday.

The IPO comprises of fresh issue of equity shares worth up to Rs 725 crore and an offer for sale of up to 1,34,28,251 shares by the company's promoter Union Investments.

Aster DM in consultation with merchant bankers kept a price band for the issue at Rs 180-190 per share.

Proceeds of the fresh issue would be used towards repayment of debt, purchase of medical equipment, and for general corporate purposes.

Aster DM is one of the largest private healthcare service providers which operate in multiple GCC states based on number of hospitals and clinics, according to the Frost & Sullivan report. It currently operates in all of the GCC states, which comprise the United Arab Emirates, Oman, Saudi Arabia, Qatar, Kuwait and Bahrain, in Jordan, in India and the Philippines.

Equity shares are proposed to be listed on BSE and National Stock Exchange of India.

Kotak Mahindra Capital Company, Axis Capital and Goldman Sachs (India) Securities are the global co-ordinators and book running lead managers to the offer. ICICI Securities, JM Financial & YES Securities (India) are the book running lead managers.
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