Manipal Health Enterprises Lists at 10.5% Premium Over IPO Price
By ETF Desk
Manipal Health Enterprises, the hospital arm of the Manipal Education and Medical Group, made a successful stock market debut, listing at a 10.5% premium over its initial public offering (IPO) price. The company's shares opened at ₹1,165.35 on the BSE, outperforming expectations despite a muted grey market premium (GMP).
The IPO of Manipal Health Enterprises was subscribed 1.99 times, with the price band of ₹1,028-1,028 per share. The company raised ₹3,604 crore from the IPO, which was a mix of a fresh issue and an offer for sale (OFS) by existing shareholders. The company plans to use the proceeds from the IPO to repay debt and expand its hospital network.
The strong listing of Manipal Health Enterprises is seen as a positive sign for the healthcare sector, which has been facing challenges due to the COVID-19 pandemic. The company's listing is also expected to boost investor sentiment in the sector, which has been subdued in recent times. Source: Google News – Manipal.