Broach Lifecare Hospital shares make debut at 90% premium on BSE SME

Broach Lifecare Hospital Ltd shares listed at a premium of 90% against the issue price on the BSE SME platform on Wednesday, making a strong stock market debut.

According to exchange data, shares of Gujarat-based Broach Lifecare Hospital started trading at ₹47.5 per share against the issue price of ₹25 apiece, reflecting gains of 90%.

The stock rallied 5% to hit the upper circuit limit at ₹49.87 per share. More than 7.5 lakh company shares traded on the BSE SME platform, with a total turnover of ₹3.59 crore. The company's market valuation stood at ₹30.27 crore.

Broach Lifecare raises ₹4.02 crore through IPO

Broach Lifecare Hospital IPO was open for subscription from August 13 to August 16, 2024, on the BSE's SME platform. The ₹4.02-crore public offer comprised a fresh issue of 16.08 lakh shares. The company fixed the price at ₹25 per share. The minimum lot size was 6,000 shares, and the minimum investment required was ₹150,000 for retail investors.

According to exchange data, the IPO of Broach Lifecare Hospital was booked 159 times riding on strong retail investor demand. The IPO attracted bids for 24.24 crore shares against 15.24 lakh shares on offer for subscription.

Broach Lifecare Hospital finalised the share allotment status on August 19, 2024. Investors can check the share allotment status on the BSE and on the website of IPO registrar, Kfin Technologies Limited.

About Broach Lifecare Hospital and IPO objects

Broach Lifecare Hospital has proposed to use the IPO proceeds of ₹2.62 crore for the purchase of machinery ₹75 lakh for the development of a Medical Tourism Web Portal, and ₹19.55 lakh for other general corporate purposes.

Broach Lifecare Hospital operates hospitals under the brand Maple Hospitals. It has an ultra-luxury hospital with 25 beds for inpatient treatment in Bharuch and a 15-bed hospital in Ankleshwar, Gujarat.

It provides round-the-clock services to patients with heart ailments, consisting of noninvasive cardiology services such as 2D echocardiography, electrocardiography, treadmill Test, ambulatory blood pressure measurement, stress test, and dobutamine stress echocardiography.

It plans to install Cath Lab machines to aid it in providing cardiac catheterisation and cardiologists to diagnose and treat various heart disorders.

The hospital also plans to develop web-based software for medical treatment and online consultation for basic diseases. This software will provide information and costs for various surgeries , in addition to booking an appointment. This software will also support the data collection and database for patient history and records for their past treatment for future benefits.

Promoter and promoter group entities held 86.74% of the stake in the company before the IPO. Public shareholders held a 13.26% stake in the company. Promoter holding has come down to 63.77% in the company post the public offer. Jaykumar Narendra Vyas holds the largest 63.75% stake in the company.