GPT Healthcare makes market debut at 15% premium; slips on selling pressure
Upstox
3 min read • Updated: February 29, 2024, 4:53 PM
Summary
The stock dropped around 4.37% from the listing price to trade at ₹205.6 on NSE at 11.20 am due to selling pressure. Around 1.52 crore shares, worth nearly ₹320 crore, were traded on NSE in morning deals.
Kolkata-based hospital chain GPT Healthcare made the stock market debut at a 15% premium to the issue price on Thursday.
Shares of GPT Healthcare, which runs multispeciality ILS Hospitals, were listed at ₹215 apiece on NSE, reflecting a premium of 15.6% to the issue price of ₹186 per share.
However, the stock dropped around 4.37% from the listing price to trade at ₹205.6 on NSE at 11.20 am due to selling pressure. Around 1.52 crore shares were traded on NSE in morning deals while the traded value was ₹320 crore. The market capitalisation of the company stood at ₹1,687 crore.
Shares of GPT Healthcare were listed at around 15% premium at ₹216.15 on BSE also. Around 8 lakh shares changed hands in the first hour of trade while the turnover was ₹16 crore.
The stock later slipped from the listing price to trade at ₹203.95, showing a loss of 5.64%.
GPT Healthcare raised ₹ 525.14 crore from public investors through its initial public offering that closed on February 26. The IPO opened for subscription on February 22. The company hit the capital markets to raise resources for payment of debt and meeting general corporate expenses.
The public offer witnessed a decent demand from investors as it was subscribed around 8.5 times at the close of the bidding on February 26. The company offered 1.97 crore equity shares to public investors at a price band of ₹177 to ₹186 per share.
The public issue of Kolkata-based GPT Healthcare comprised a fresh issue of shares aggregating up to ₹40 crore and an offer for sale (OFS) of up to 26,082,786 equity shares aggregating up to ₹485.14 crore at the upper limit of the price band. GPT Healthcare fixed the lot size at 80 shares for the IPO. For retail investors, the minimum investment was ₹14,880.
Private equity firm BanyanTree Growth Capital II which held 2.6 crore shares representing a 32.64% stake divested its entire shareholding through the OFS in the IPO.
GPT Healthcare IPO subscription and other details
According to NSE exchange data, applications for more than 16.84 crore equity shares were received during the subscription period as against 1.97 crore equity shares on offer.
Qualified institutional investors displayed a strong preference for the offer as the category for QIB segment was subscribed more than 17.3 times. In volume terms, bids for around 9.76 crore (9,76,84,000) equity shares were received compared to 56.46 lakh (56,46,664) shares offered to qualified institutional buyers.
Non-institutional investors (NII) placed applications for 4,66,54,160 equity shares compared to 42,34,999 equity shares offered to them. In total the NII portion was subscribed 11.02 times.
Retail individual investors (RII) placed applications for 2.40 crore (2,40,89,440) equity shares compared to 98.98 lakh (98,81,664) equity shares on offer. The segment was oversubscribed 2.44 times.
A day prior to the launch of the IPO, GPT Healthcare raised ₹157.54 crore from anchor investors on February 21. As many as 15 institutional investors subscribed to shares in the anchor investor round.
Aditya Birla Sun Life Insurance Company Limited, Kotak Small Cap Fund, Societe Generale- Odi, Duro One Investments Limited, India Capital Growth Fund Limited, and Bandhan Small Cap Fund were among the institutional investors that cornered more than 5% of the equity shares set aside for anchor investors.