Narayana Hrudayalaya IPO Subscribed 7% on Day 1

Mumbai: The initial public offer of healthcare services major Narayana Hrudayalaya Ltd (NHL) was subscribed 7 per cent on the first day of the issue on Thursday.

The Rs 613-crore IPO received bids for 12,34,860 shares against the total issue size of 1,71,66,309 shares, data available with NSE till 1700 hours showed.

The portion set aside for qualified institutional buyers (QIBs) and non-institutional investors was subscribed 10 per cent each. The retail investor category saw a subscription of 13 per cent, according to BSE data.

Narayana Hrudayalaya has raised Rs 184 crore from 15 anchor investors, including the Singapore government, at the upper price band.

The IPO, which opened for subscription today, closes on December 21 and the company has set a price band of Rs 245- 250 for the sale.

Post-IPO, promoters will have 65 per cent stake in the company.

The IPO includes an offer of sale of up to 2.45 crore equity shares from promoters and other existing shareholders, representing 14.04 per cent stake in the company.

The book running lead managers to the offer are Axis Capital, IDFC Securities and Jefferies India.

Narayana Hrudayalaya is the third company from the healthcare sector to launch IPO this month after diagnostic chain Dr Lal PathLabs and pharmaceutical firm Alkem Laboratories.

Devi Shetty set up the hospital in 2000 and operates a chain of 23 multi-specialty, tertiary and primary healthcare facilities and eight heart centres, and 24 primary care facilities across 31 cities, with 5,442 operational beds and a potential to reach a capacity of up to 6,602 beds.