Healthcare firm Sangani Hospitals gained nearly 5 percent at close but failed to sustain opening levels on August 17, the first day of listing.
The stock settled its first session on the NSE SME at Rs 41.85, up 4.63 percent over the issue price of Rs 40. It traded with a volume of 12.6 lakh shares on debut.
It opened at Rs 44 and hit a high of Rs 44.50 in early trade, before losing some momentum. It stuck around Rs 41.80 for a major part of the session.
In late trade, Sangani Hospitals shares went above Rs 42, but failed to hold the same and finally closed at Rs 41.85, down 4.88 percent from the opening price.
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The Gujarat-based multi-speciality healthcare provider mopped up Rs 15.17 crore via an initial public offering last week. The offer comprised only a fresh issue of 37.92 lakh shares by the company.
The price band for the issue was Rs 37-40 per share.
Promoted by Dr Ajaykumar Sangani and his brother Rajeshkumar Sangani, the organisation will utilise issue proceeds for expansion in Sangani Hospital at Keshod and Sangani Super Speciality Hospital at Veraval in Gujarat.
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Apart from two hospitals, the Sangani Group also has two pathology laboratories and two medical stores, at Keshod and Veraval.
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