Medistep Healthcare's IPO Achieves Landmark Subscription Rate

Medistep Healthcare's IPO saw a staggering subscription of 356.34 times on the final bidding day, with significant interest from various investor categories. The funds raised will support manufacturing expansion and working capital requirements. The shares are set to be listed on NSE Emerge with a price of Rs 43 apiece.

Medistep Healthcare has achieved an extraordinary milestone, with its initial public offering (IPO) subscribed 356.34 times on the final day of bidding. This significant oversubscription was driven by robust demand from retail investors, who alone subscribed 219.13 times their allocated category.

The Rs 16.10 crore IPO drew bids for over 1.33 billion shares compared to the 37.44 million shares available, marking one of the most successful public offers in recent times. Institutional buyers and non-institutional investors also showed strong interest, subscribing 130.63 times and 6.59 times respectively, according to the NSE data.

The raised capital will be directed toward manufacturing plant expansions and addressing working capital needs. With shares priced at Rs 43 each, Medistep is poised to debut on the NSE Emerge platform on August 18. Fast Track Finsec managed the book-running, while Cameo Corporate Services acted as the registrar.

(With inputs from agencies.)