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Dec 05, 2017 08:12 PM IST | Source: PTI

Shalby IPO subscribed 20% on Day 1

The initial share sale of Shalby will be open for public subscriptions till December 7.

The initial public offer of Shalby Ltd, Ahmedabad-based multi-specialty hospital chain, was subscribed 20 per cent on the first day of the three-day bidding today.

The IPO, which aims to raise Rs 504 crore, received bids for over 29.32 lakh shares against the total issue size of more than 1.45 crore scrips, indicating a subscription of 20 per cent, data available with National Stock Exchange (NSE) showed.

The initial share sale of Shalby will be open for public subscriptions till December 7.

ALSO READ - Shalby Hospitals: High debt levels, aggressive pricing offers little comfort

Shalby, on Monday, raised over Rs 150 crore from anchor investors.

The IPO comprises a fresh issue of equity shares aggregating up to Rs 480 crore and an offer for sale of up to 10 lakh equity shares by the selling shareholder.

The price band has been fixed at Rs 245-248 per share. At the upper end, the public issue would fetch Rs 504 crore.

Proceeds of the IPO will be utilised towards repayment of borrowings availed by the company besides purchasing medical equipment for existing, recently set-up as well as upcoming hospitals.

In the recent months, healthcare services firms Alkem Laboratories, Dr Lal Pathlabs, Narayana Hrudayalaya, Thyrocare and Eris Lifesciences have tapped the primary market through IPO route.

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