GPT Healthcare had a solid debut, with its stock listing at a 16.2 percent premium to the IPO price on February 29, surpassing analysts’ expectations of a 5-percent premium. The stock opened at Rs 215 on the NSE and Rs 216.15 on the BSE, compared to the issue price of Rs 186.
Prior to its debut, the stock was trading at a 9 percent premium in the grey market, an unofficial platform where shares are traded before IPO allotment and until listing day. Many investors monitor the Grey Market Premium (GMP) to gauge the potential listing price.
The public issue, amounting to Rs 525.14 crore, was oversubscribed by 8.5 times from February 22 to 26. Qualified institutional investors subscribed 17.3 times the reserved portion, while retail investors and non-institutional investors subscribed 2.4 times and 11 times, respectively.
The IPO’s price band was set at Rs 177-186 per share. GPT Healthcare raised Rs 525.14 crore through a fresh issue of 21.5 lakh shares worth Rs 40 crore and an offer-for-sale of 2.6 crore shares worth Rs 485.14 crore. The proceeds will be used for debt repayment and general corporate purposes.
JM Financial served as the book-running lead manager for the IPO, with Link Intime India Private acting as the registrar. GPT Sons, Dwarika Prasad Tantia, Om Tantia, and Shree Gopal Tantia are the company’s promoters.
GPT Healthcare (ILS Hospitals) is a leading regional corporate healthcare firm in Eastern India by bed count and hospital presence as of fiscal year 2023. The company operates a chain of mid-sized full-service hospitals under its brand, focusing on integrated healthcare services with an emphasis on secondary and tertiary care.
