KRM Ayurveda that operates network of hospitals and clinics has received healthy demand for its initial public offering from investors as the offer subscribed 3.22 times on January 22, the second day of bidding.
Investors have bid 1.35 crore equity shares in the last two days, against offer size of 41.98 lakh shares via 5,009 applications. Non-institutional and retail investors took the lead, bidding 6.48 times and 4.65 times their allotted quotas, respectively, while the portion set aside for qualified institutional buyers was subscribed 0.3 percent.
The Delhi-based company that operates six hospitals and five clinics in the country is raising Rs 77.49 crore via initial share sale of 57.4 lakh shares. The price band for the offer, which comprises of entirely fresh issue, is Rs 128-135 per share.
KRM Ayurveda will spend Rs 13.67 crore of IPO proceeds for construction and development of telemedicine operational facilities, Rs 12.5 crore for repaying debt, and Rs 18 crore for working capital requirements.
Further, remainder amount will be utilised for purchase of CRM software and hardware infrastructure, human resources, and general corporate purposes.
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The IPO subscription will remain open till January 23. The company will finalise IPO share allotment by January 27, while its shares will be available for trading on the NSE Emerge effective 29.
NEXGEN Financial Solutions is acting as the merchant banker for the KRM Ayurveda IPO.
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