Park Medi World Ltd's IPO Debut Faces Initial Setback

Park Medi World Ltd's shares debuted poorly in the stock market, listing nearly 4 percent below the issue price. Despite receiving over 8 times subscription, stocks started below the issue price. Funds will be directed towards debt payment, hospital expansion, equipment purchase, and potential acquisitions.

Shares of Park Medi World Ltd, which operates under the Park brand hospital chain, began trading on Wednesday with a subdued market response, opening at nearly a 4 percent discount to the issue price of Rs 162.

The stock showed a lackluster debut at the BSE, listing at Rs 155.60, showing a 3.95 percent discount to its issue price. Meanwhile, on the NSE, the shares began trading at Rs 158.80, a 1.97 percent drop.

The IPO, raising Rs 920 crore, was oversubscribed more than 8 times, leading to a company valuation of Rs 6,949.77 crore. Proceeds are assigned to debt reduction, hospital expansion, equipment purchase, and unspecified acquisitions.

(With inputs from agencies.)