Medistep Healthcare IPO, Day 2: Check Subscription Status, Latest GMP And More

The initial public offering (IPO) of Medistep Healthcare was subscribed 77.43 times on the second day of bidding as of 5 p.m. on Aug. 11. It received bids for over 27.5 crore shares against 35,55,000 offered, as per the market tracking site Chittorgarh. The non-institutional investors booked the issue 31.53 times, and retail investors subscribed to the issue 123.23 times. 
Investors who want to bid for shares in the IPO must check the following details before making an investment call. 

The grey market premium (GMP) for the Medistep Healthcare IPO stood at Rs 10 as of 4:00 p.m. on Aug. 11, according to InvestorGain. It indicates a listing price of Rs 53 apiece at a premium of 23.26% on the upper limit of the price band.

Note: GMP does not represent official data and is based on speculation.

The Medistep Healthcare IPO is a fixed price issue of Rs 16.10 crore. It comprises entirely a fresh issue of 37.44 lakh shares.

Retail investors can invest by bidding for two lots comprising 6,000 shares, requiring an investment of Rs 2,58,000. High Net-Worth Individuals (HNIs) must bid for at least three lots, amounting to an investment of Rs 3,87,000.

The price for the issue is set at Rs 43 per share.

Investors can bid for shares in the IPO from Aug. 8 to Aug. 12. Share allotment is proposed to be finalised on Aug. 13. The company will transfer shares to the demat accounts of the successful bidders on Aug. 14 and refunds for non-allottees will take place on the same day. 

Shares of the company are tentatively scheduled to be listed on the NSE SME platform on Aug. 18. 

Fast Track Finsec Pvt. is the book-running lead manager of the Medistep Healthcare IPO. Cameo Corporate Services Ltd. is the registrar and Nirman Share Brokers Pvt. is the market maker for the issue.

The company will use proceeds from the IPO to fund capital expenditure for buying plant and machinery, fulfil working capital requirements and for general corporate purposes.

Medistep Healthcare is a pharmaceutical company that manufactures sanitary pads, energy powder and various pharmaceutical products. The company was incorporated in June 2023.