Latest News | Nephro Care India IPO Subscribed Nearly 716 Times
Get latest articles and stories on Latest News at LatestLY. The initial public offering (IPO) of Nephro Care India was subscribed 715.85 times on Tuesday, helped by heavy participation from institutional investors.
New Delhi, Jul 2 (PTI) The initial public offering (IPO) of Nephro Care India was subscribed 715.85 times on Tuesday, helped by heavy participation from institutional investors.
The Rs 41.26 crore initial share sale received bids for 2,23,00,38,400 shares against 31,15,200 shares on offer.
The portion for non-institutional investors received 1,787.56 times subscription, the quota for retail individual investors subscribed 634.12 times, as per the NSE data.
Additionally, the quota for qualified institutional buyers received 245.14 times subscription, and employee portion was subscribed 20.44 times, bringing the overall subscription to 715.85 times.
The Kolkata-headquartered healthcare provider said on Friday raised Rs 11.14 crore from anchor investors.
The IPO comprises fresh issuance of 45.84 lakh equity shares.
Shares were available for public subscription in the range of Rs 85-90 per scrip.
The kidney care provider intends to utilise Rs 26.17 crore of the IPO proceeds for setting-up a multi-speciality healthcare facility -- Vivacity Multi Speciality Hospital -- at Madhyamgram near Kolkata, while the remaining capital will be used for general corporate purposes.
The new hospital is proposed to include 100 in-patient beds, including a 30-bed critical care unit. The new hospital will offer treatment services in various disciplines such as cardiology, medical oncology, gastroenterology, gynaecology, and many others, including an advanced renal transplant unit in East India.
In December 2023, Nephro Care India closed the pre-IPO funding round, which saw the participation of banking veteran and former chairman of HDFC Ltd Deepak Parekh, chairman of HDFC Securities Bharat Shah, and Founder and MD of Macleods Pharmaceuticals Rajendra Agarwal, among others.
In terms of financials, Nephro Care India posted a revenue of Rs 19.75 crore and earned a profit (PAT) of Rs 3.4 crore during the first nine months of FY24.
The shares of the company will be listed on NSE Emerge platform.
Corporate Capital Ventures is the book running lead manager, and Bigshare Services is the registrar for the issue.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)