Medanta operator Global Health IPO: GMP rises ahead of shares listing

Market


The finalisation of the share allotment of Medanta operator Global Health IPO has taken place and now all eyes are on the company’s shares listing. The company’s shares are expected to list on the leading stock exchanges BSE and NSE tomorrow i.e., Wednesday, November 16, 2022. As per market observers, Global Health shares are available at a premium (GMP) of 30 in the grey market today, up from 23 in the previous session.

The initial public offering (IPO) of Global Health, which operates a chain of hospitals under the Medanta brand, was subscribed 9.58 times on the last day of the offer that closed on Monday, November 7, 2022. The public issue received bids for 44.79 crore shares against 4.67 crore shares on offer, according to the NSE data.

The initial share sale comprised fresh issuance of shares worth up to 500 crore and an offer-for-sale (OFS) of up to 5,07,61,000 equity shares. The offer had a price range of 319-336 a share. Proceeds from the fresh issue will be used to pay debt and for general corporate purposes. Global Health’s IPO is the largest ever in the hospital space in India till date.

The company mobilised 662 crore from anchor investors ahead of its issue. The company decided to allocate 1.97 crore equity shares at 336 apiece, aggregating the transaction size to about 662 crore. 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 are among the anchor investors.

Founded by Dr Naresh Trehan, a renowned cardiovascular and cardiothoracic surgeon, Global Health is a leading private multi-speciality tertiary care providers in the 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.

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