Park Medi World Ltd's IPO Stumbles at Market Debut

Park Medi World Ltd, a hospital chain operator, saw a disappointing stock market debut with shares ending nearly 9% below the issue price of Rs 162. The IPO had received high interest, getting over 8 times subscription, but faced declines in both BSE and NSE markets.

In a disappointing stock market debut, Park Medi World Ltd, known for its Park hospital chain, witnessed a sharp decline in share prices. Despite the Initial Public Offering (IPO) being oversubscribed by over eight times, the shares fell nearly 9% below the initial issue price of Rs 162 on Wednesday.

The company's stock was listed at Rs 155.60 on the BSE, reflecting a 3.95% discount. During the trading session, it slipped further to Rs 146.85 before closing at Rs 148.15, marking an 8.54% drop from the issue price. Over at the NSE, the shares opened at Rs 158.80 and closed at Rs 147.95, a discount of 8.67%.

Valued at Rs 6,399.06 crore, the company's IPO raised a total of Rs 920 crore, with plans to allocate Rs 380 crore for debt repayment, Rs 60.5 crore towards hospital expansion, and other amounts for medical equipment, acquisitions, and corporate purposes. Park Medi World Ltd runs a network of 13 multi-super speciality hospitals across Haryana, New Delhi, Punjab, and Rajasthan.

(With inputs from agencies.)