Global Health Ltd. launched its maiden public offering on Thursday to raise as much as Rs 2,250 crore.
The IPO was subscribed 0.26 times, or 26%, as the first day. The bidding was led by institutional investors.
The operator of the hospital chain under the brand name 'Medanta' will offer fresh shares worth Rs 500 crore and an offer for sale of shares worth Rs 1,750 crore.
The New Delhi-based company is seeking a market value of Rs 9,000 crore at the upper end of the price band of Rs 319-336 apiece.
Post-offer, the promoter shareholding will be 33%. The Carlyle Group through Anant Investments is selling its entire stake and exiting its initial investment at more than double its per share investment price.
The company has reserved around 35% of the net offer for retail, 50% for qualified institutional buyers, and 15% for non-institutional buyers.
The company will utilise Rs 375 crore as an investment in the form of debt/equity for repayment and/or prepayment of borrowings, in full or part, in two of its subsidiaries. The remaining IPO amount may be used for creation of additional beds at existing facilities or towards funding capital expenditure for its under-construction facility at Noida.
Subscription Status
The IPO was subscribed 0.26 times or 26% as of 5:00 p.m. on Nov. 3.
Institutional investors: 0.54
Non-institutional investors: 0.18 times.
Retail investors: 0.12 times.
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