Medanta operator Global Health IPO receives 49 pc subscription on Day 2 of offer

The Initial Public Offering (IPO) of Global Health, which operates hospitals under the Medanta brand, was subscribed 49 per cent on the second day of offer on Friday.

The three-day IPO received bids for 2,30,07,600 shares against 4,67,42,397 shares on offer, according to NSE data.

The category for non-institutional investors received 96 per cent subscription, while Qualified Institutional Buyers (QIBs) portion got subscribed 56 per cent and Retail Individual Investors (RIIs) 25 per cent.

The IPO has a fresh issue of up to Rs 500 crore and an offer for sale of up to 5,07,61,000 equity shares.

The offer has a price range of Rs 319-336 a share.

Global Health on Wednesday said it has mobilised Rs 662 crore from anchor investors.

At the upper end of the price band, the company is expected to fetch Rs 2,206 crore through the IPO.

Proceeds from the fresh issue will be used to pay debt and general corporate purposes.

Founded by Naresh Trehan, a renowned cardiovascular and cardiothoracic surgeon, Global Health is a leading private multi-speciality tertiary care provider 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 the 'Medanta' brand in Gurugram, Indore, Ranchi, Lucknow and Patna. In addition, one hospital is under construction in Noida.

Credit Suisse Securities (India), Jefferies India, JM Financial and Kotak Mahindra Capital are the managers to the offer.