Global Health shares list at premium. Buy/sell/hold?

Market


Shares of Medanta hospital chain operator Global Health made a decent debut on stock exchanges with shares rising to 401 as compared to issue price of 336. Global Health IPO was subscribed 9.58 times. The retail portion of this public issue was subscribed 0.88 times whereas its QIB portion got subscribed 28.64 times. The portion for non-institutional investors was subscribed 4.02 times.

The IPO comprised fresh issuance of shares worth up to 500 crore and an offer-for-sale of up to 5,07,61,000 equity shares. Ahead of the IPO, Global Health had mobilised 662 crore from anchor investors. Proceeds from the fresh issue will be used to pay debt and for general corporate purposes.

Founded by Naresh Trehan, Global Health is a leading private multi-speciality tertiary care provider in north and east regions of India.

Global Health, backed by private equity investors such as Carlyle Group and Temasek, operates a network of five hospitals under ‘Medanta’ brand in Gurugram, Indore, Ranchi, Lucknow and Patna. In addition, one hospital is under construction in Noida.

Manoj Dalmia, Founder & Director at Proficient Equities said that cash-rich investors can hold Global Health shares for long term. “Global Health Limited is one of the largest private multi-specialty tertiary care providers, operating in the North and East regions of India. Posted growth over the years in its scale of operations. The issue is attractively priced based on its financial data. Cash rich investors can hold for long term periods.”

Ravi Singhal, CEO at GCL Securities said that allottees can hold this stock for one-year target of 515. “However, if someone missed to get Medanta shares during allotment process, they can buy this stock at around 380 apiece levels maintaining stop loss at 350. Allottees who have long term perspective may accumulate Medanta shares at 380 levels maintaining strict stop loss at 350.”

Bikaji Foods shares also listed at a premium today. They opened on BSE at 321, delivering 7 per cent listing premium to the lucky allottees. After opening at 321, Bikaji shares surged further and made intraday high of 335 apiece.

 

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