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 Global Health IPO has been fixed at Rs 319 to 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 shares started on Monday and now the listing is 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. working in the North and East regions of India And working under the most popular healthcare brand Medanta. The issuer has good patient volume and cost efficiency, and its financial profile is also showing a rising trend. Nevertheless, the promoter shareholding will come down to 33 per cent after the IPO, finally, the issue is fair priced at a P/E of 43 as compared to the average industry P/E of 51.93. A muted listing would be expected as there was not much on the table for the investor in terms of valuations, lower than standard subscription numbers, and the nature of key ratios in the issue being OFS; The current GMP is about 6 per cent higher than the issue price of Rs 20. As a result, we were only assigned long-term investors.”
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