Birla Pacific Medspa IPO fully subscribed

The initial public offer (IPO) of Yash Birla Group company Birla Pacific Medspa has been subscribed 1.18 times.

The IPO, through which the company expects to mop up Rs 65 crore, received bids for over 7.69 crore shares, compared to 6.52 crore equities on offer for subscription.

The QIB portion was subscribed 1.04 times whereas the portion reserved for retail investors got subscribed to the tune of 1.82 times.

Of the total bids received, 373.93 lakh bids were received at cut-off price.

Out of the proceeds of the IPO, the company proposes to utilise Rs 49 crore for establishing 55 'Evolve' outlets, around Rs 6 crore for brand building and the balance for meeting working capital, issue and other preliminary expenses.

The company is considering locations in Delhi, Bangalore, Ahmedabad, Pune, Chennai, Hyderabad, Jaipur and Goa for the centres, among other cities.

Prior to the IPO, the promoter holding in Birla Wellness & Healthcare Pvt Ltd stood at 64.77%.

Other major stakeholders in the company include Pacific Healthcare (India) Pte Ltd, Singapore, which holds 7.20%, Pachealth Medical Services Pvt Ltd (5.22%) and Bennett, Coleman & Company Ltd (22.81%).