Chandan Healthcare IPO subscribed 6.62 times on final day, check share allotment date

Chandan Healthcare IPO

Pathology and radiology testing services provider Chandan Healthcare's Rs 107.36 crore initial public offering has been subscribed 6.62 times on February 12, the final day of bidding.

The diagnostic services provider opened its maiden public issue on February 10, to raise funds through a combination of fresh issuance of 44.52 lakh shares worth Rs 70.79 crore and an Offer For Sale of 22.99 lakh shares worth Rs 36.57 crore by promoters and investors.

Investors have bought 3.24 crore equity shares against the offer size of 49.03 lakh shares via 7,099 applications, subscription data published on National Stock Exchange (NSE) showed.

Non-Institutional Investors and Qualified Institutional Buyers picked 19.23 times and 7.57 times their allotted quotas, respectively, while retail investors booked 2.4 times the portion set aside for them. The interest was low in the reserved portion for Employees, which remained undersubscribed at 20.8 percent.

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Chandan Healthcare will finalise the IPO share allotment by February 13, and trading of equity shares will commence on the NSE Emerge on February 17.

On February 7, the company had raised Rs 29.40 crore by allotting 18.48 lakh equity shares to anchor investors at the upper price band. In total, 14 institutional investors participated in the anchor book, including Fortune Funds, Negen Undiscovered Value Fund, Saint Capital Fund, Vardan Signature Growth Fund, Bfly India Opportunities Fund, Niveshaay Hedgehogs Fund, and Kingsman Wealth Fund.

Chandan Healthcare is valued at Rs 389 crore at the upper price band, and intends to use fresh issue proceeds to set up a flagship diagnostic centre and central reference laboratories in Uttar Pradesh.

Unistone Capital is acting as the book running lead manager to the issue.