Diagnostic services provider Metropolis Healthcare on Monday made a strong stock exchange debut by listing at over 9% premium to its IPO price. Metropolis Healthcare shares opened for trade at Rs 960 on BSE, against the issue price of Rs 880. At 11:32 AM, the company s shares were trading at Rs 968.05, up 1.25% from listing. It touched an intraday high of Rs 972.50.
Metropolis Healthcare saw a strong response on the last day of its IPO, with the total issue subscribed by more than 5.8 times. The issue observed bids for 4.41 crore shares as against the issue size of 76.61 lakh, according to NSE data. QIB s invested heavily into the issue, with their portion subscribed around 9 times the portion reserved for them.
While, the non-institutional investor portion was subscribed by more than 3 times of their reserved 20.07 lakh shares, the retail investor part was subscribed around 1.9 times. Employee portion saw the least demand with only 4% of their quota subscribed at the day-end.
As a part of the public offer, Metropolis Healthcare was looking to sell up to 1.36 crore shares at Rs 877-880 a piece in its offer-for-sale, according to the firm s prospectus. While promoter Sushil Kanubhai Shah sold 62.70 lakh shares, CA Lotus Investments — a subsidiary of US-based private equity firm Carlyle Group — sold up to 74.10 lakh shares, as part of the public offer. The company will not receive any proceeds from the issue.
The IPO offer, which opened for subscription on April 3, included a reservation of up to 300,000 shares for subscription by ‘eligible employees’. The company had set a price band of 877-880 per share with a bid lot of 17 equity shares and in multiples of 17 equity shares thereafter.
Metropolis Healthcare is one of the leading diagnostics companies in India by revenue. It has a presence across 19 states in the country with leadership position in west and south India. The firm is connected to 119 cities in India through hub and spoke model comprising central reference lab in Mumbai and 115 clinical labs across key cities. It offers a range of clinical laboratory tests and profiles. In 2017-18, the diagnostic services provider conducted 16 million tests.