Shalby IPO subscribed 2.82 times on final day
The portion of shares reserved for institutional investors in the Shalby IPO was subscribed 4.47 times
Mumbai: The Rs504.8 crore initial public offering (IPO) of Shalby Ltd, which runs a multi-speciality hospital chain, was subscribed 2.82 times on the last day of the share sale.
As of 6pm, the portion of shares reserved for institutional investors in the Shalby IPO was subscribed 4.47 times, while those set aside for retail and non-institutional investors were subscribed 2.93 times and 0.43 times, respectively. The IPO received bids for 40,866,300 shares against the total issue size of 14,521,686 shares—translating into 2.8 times subscription, data available with NSE till 8pm showed.
Shalby had set a price band of Rs245-248 per share for the IPO. The Shalby share sale includes a fresh issue of Rs480 crore. Majority of funds from the fresh issue (approximately Rs320 crore) will be used for retiring debt, while the rest will be used for purchase of medical equipment for existing, recently set up and upcoming hospitals. Promoter Vikram Shah Burman is selling one million shares, which at the upper end of the price band will fetch Rs24.8 crore.
On Monday, Shalby had raised over Rs 150 crore from anchor investors.
Shalby is the latest in a series of healthcare firms, including Alkem Laboratories Ltd, Dr Lal PathLabs Ltd, Narayana Hrudayalaya Ltd, Thyrocare Ltd and Eris Lifesciences Ltd, which have tapped the capital markets for fundraising.