GPT Healthcare debuts with 16% premium on BSE

Shares of GPT Healthcare made a better-than-expected debut at Dalal Street on Thursday as the stock was listed at Rs 216.15 on BSE, a premium of 16.21 per cent over its issue price of Rs 186 apiece. Similarly, the stock was listed at a premium of 15.59 per cent on the given issue price at Rs 215 on the NSE.

The listing of GPT Healthcare can be said on the better-than-expected lines despite the selling pressure in the broader markets as the company was commanding a premium of Rs 17-18 in the grey market over the issue price, ahead of listing, suggesting a listing pop of 10 per cent to the investors.

GPT Healthcare’s initial public offering (IPO) was priced between Rs 177 and Rs 186 per share, with a lot size of 80 equity shares. The company successfully raised Rs 525.14 crore through its primary offering, comprising a fresh share sale of Rs 40 crore and an offer-for-sale of up to 2.60 crore equity shares. The subscription window for the IPO was open from February 22 to February 26.

The IPO garnered decent interest, with an overall subscription rate of 8.52 times, mostly driven by strong participation from qualified institutional bidders (QIBs) and non-institutional investors (NIIs). QIBs subscribed 17.30 times their quota, while NIIs subscribed 11.02 times. Retail investors also showed enthusiasm, with a subscription rate of 2.44 times.

Established in 1989, Kolkata-headquartered GPT Healthcare operates a network of mid-sized, multi-specialty hospitals in Eastern India under the brand name ILS Hospitals, offering comprehensive healthcare services with a focus on secondary and tertiary care. The company operates four hospitals, with two in Kolkata, one in Howrah, and one in Agartala, Tripura.

During the bidding process, brokerage firms recommended subscribing to the IPO for long-term investment. JM Financial served as the sole book running lead manager for the GPT Healthcare IPO, with Link Intime India acting as the registrar for the issue. Business Today