The initial public offering of Gujarat Kidney and Super Speciality got fully subscribed after opening for public bidding on December 22. The Rs 251-crore IPO has been booked 1.47 times (147 percent) on Day 1.
The maiden public issue of the healthcare company received bids for nearly 1.95 crore shares, as against the offer size of 1.32 crore shares, according to data on NSE. Retail investors led the subscription numbers, booking their reserved portion nearly 5 times (470 percent).
Non Institutional Investors (NII) have fully booked (197 percent) the portion kept for them, while Qualified Institutional Buyers (QIB) have subscribed 34 percent of their reserved portion.
Ahead of listing, the unlisted shares of the company were trading with 2.63 percent grey market premium (GMP) over the IPO price, according to data on Investorgain. The GMP has fallen from the 6.14 percent quoted yesterday and 8.77 percent quoted by the site on December 18.
According to IPO Watch, the unlisted shares of the company were trading with 6.14 percent GMP over the IPO price.
Gujarat Kidney and Super Speciality launched its initial public offering today to raise Rs 250.80 crore from the primary markets entirely through a fresh issue of up to 2.20 crore shares and no offer for sale (OFS) component. This means the entire fresh issue proceeds will go to the company and not the existing investors.
The company has fixed a price band of Rs 108-114 per share for the IPO which will remain open for public bidding between December 22 and December 24. The allotments are likely to be finalized by December 29, and the shares are scheduled to be listed on stock exchanges BSE and NSE on December 30.
Investors can bid for a minimum of 128 shares, requiring an investment of Rs 14,592 at the upper price band, and in multiples thereafter.
A day before the IPO opened for public bidding, Gujarat Kidney and Super Speciality announced that it has raised more than Rs 100 crore from 10 anchor investors on December 19.
The company finalised allocation of 87.73 lakh equity shares to anchor investors at the upper price band. Craft Emerging Market Fund through its two sub funds - Citadel Capital Fund and Elite Capital Fund - is the largest investor in the company's anchor book, acquiring 39.47 lakh shares for Rs 45 crore.
This follows Khandelwal Finance and Venus Investments which picked up 13.16 lakh shares for Rs 15 crore, and 8.77 lakh shares for Rs 10 crore, respectively.
The company, that operates seven multi-speciality hospitals and four pharmacies in the state with total capacity of 490 beds, plans to spend Rs 77 crore from the fresh issue proceeds for the acquisition of Parekhs Hospital in Ahmedabad, Rs 12.4 crore for part-payment of purchase consideration for the already acquired Ashwini Medical Centre, and Rs 10.78 crore for acquisition of additional shareholding in subsidiary Harmony Medicare.
Further, Rs 30.09 crore will be utilised for setting up of a new hospital in Vadodara, Rs 6.8 crore for buying robotics equipment, Rs 1.2 crore for partial debt repayment, and the remainder funds for inorganic growth & general corporate purposes.
Nirbhay Capital Services is acting as the merchant banker for the Gujarat Kidney and Super Speciality IPO.
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