Manipal Health Shares Jump 11% in Market Debut Trade

New Delhi: Shares of Manipal Health Enterprises on Wednesday listed with a premium of 11 per cent against the issue price of Rs 590.

The stock started trading at Rs 655, up 11 per cent from the issue price on the BSE. It further jumped 11.86 per cent to Rs 660.

At the NSE, the stock made its market debut at Rs 652, registering a jump of 10.50 per cent.

The company commanded a market valuation of Rs 85,894.13 crore.

The initial public offer of Manipal Health Enterprises was subscribed 4.92 times on the closing day of bidding on Friday last week.

The price band for the IPO was Rs 560-590 per share.

The Bengaluru-based company’s IPO had a fresh issue of equity shares worth up to Rs 8,000 crore and an Offer-for-Sale (OFS) of up to 2.16 crore equity shares by existing shareholders.

The company proposes to utilise Rs 5,378 crore from the fresh issue towards repayment or prepayment of borrowings of its subsidiary, Manipal Hospitals Pvt Ltd.

It has earmarked Rs 574 crore for acquiring the minority stake in step-down subsidiary Sahyadri Hospitals Pvt Ltd, while the remaining funds will be used for general corporate purposes.

Manipal Health operates a pan-India network of multispecialty hospitals offering services ranging from outpatient care to tertiary and quaternary interventions.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)