List of Global Health stocks on NSE, BSE tomorrow: The public issue of Global Health Limited is set to list on Wednesday, 16 November. Ahead of the market launch, Medanta Operator Global Health shares are available in the gray market with a premium of Rs 20 (GMP). IPO watch. The price band for the Global Health IPO has been fixed at Rs 319 to Rs 336. This means that the shares are expected to get a listing of around Rs 356 on debut.
Global Health got more than 9 times subscription for its 467 million shares IPO. Of the total, about 50 per cent of the shares were reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and 35 per cent for retail investors. The lot size for the IPO was 44 shares with a price of Rs 14,784 at the upper band. A retail investor was allowed to bid for a maximum of 13 lots of Rs 1,92,192.
With the finalization of allotment on November 11, the crediting of the shares began on Monday and now the listing is scheduled to happen tomorrow.
The company aims to raise around Rs 2,206 crore from the issue. This includes fresh issue of Rs 500 crore each and offer for sale (OFS) of about 5.08 crore equity shares of promoters. The proceeds from the public issue will be used to pay off the debts and for the general purpose of the company.
Prior to the public issue, Global Health had raised Rs 662 crore from anchor investors against 1.97 crore equity shares of Rs 336 per share. Anchor investors include Government of Singapore, Nomura, Axis Mutual Fund (MF), HDFC MF, Aditya Birla Sun Life MF, SBI MF, ICICI Prudential MF, Kotak MF, Max Life Insurance Company and SBI Life Insurance Company.
Global Health Limited is the company behind the operations of Medanta, the largest private multi-specialty hospital chain founded by renowned cardiovascular surgeon Dr Naresh Trehan.
It owns six hospitals under the brand name of Medanta and engages over 1300 doctors.
What do analysts say?
Partha Nyati, Founder, Tradingo, said: “GHL is one of the largest private multi-specialty tertiary care providers. operating in the North and East regions of India and is operating under the most popular healthcare brand, Medanta. The issuer has good patient volume and cost efficiency, and its financial profile also reflects an increasing trend. Nevertheless, the promoter stake will come down to 33 per cent post the IPO, ultimately, the issue is priced significantly at a P/E of 43 as compared to the average industry P/E of 51.93. A silent listing would be expected as there was not much for the investor on the table in terms of valuations, less than the standard membership numbers, and the nature of the key ratio of OFS in the issue; The current GMP is around Rs 20, about 6 per cent higher than its issue price. As a result, we were assigned only to long-term investors.”
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