The initial public offer of Dr Agarwal's Health Care saw a muted response on the first day of bidding (January 29). The IPO received bids for 38.09 lakh shares, as against the offer of 5.35 crore shares, according to data available on NSE.
The portion reserved for retail investors was subscribed only 11 percent, while that kept for Non-institutional investors was booked only 6 percent. Qualified Institutional Buyers are yet to make any substantial bid.
The Rs 3,027-crore initial share sale of India's largest eye care hospital chain by revenue will remain open for subscription from January 29 to January 31, with a price band of Rs 382-402 per share. The IPO comprises of fresh issue of shares worth Rs 300 crore, and an offer-for-sale of 6.78 crore shares worth Rs 2,727.26 crore by existing shareholders. The allotments are expected to be announced on February 3. Notably, this is set to be the last mainboard IPO of the current month.
Grey Market Premium:
Ahead of listing, the unlisted shares of the company were trading with a grey market premium of nearly 3 percent at Rs 414, as per data on Investorgain.
Before the IPO opened for bidding, the company raised Rs 875.5 crore via anchor book on January 28. Marquee names who made investment in the company via anchor book included Goldman Sachs, Morgan Stanley, Tocu Europe, Government of Singapore, Monetary Authority of Singapore, Government Pension Fund Global, Fidelity, Nomura, Polar Capital Funds, The Prudential Assurance Company, and HSBC Global.
Notably, the company recently announced that it will start working on a merger with its listed subsidiary Dr Agarwal's Eye Hospital immediately after listing and plans to complete the process within 12 months.
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