The price band for the GPT Healthcare IPO has been set between Rs 177 and Rs 186 per equity share, with a face value of Rs 10 each.
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The GPT Healthcare IPO closes today, Monday, February 26, 2024. The issue opened for subscription on February 22nd and closes at the end of the trading day today. While the retail portion of the IPO was fully subscribed on the second day, the overall subscription was reported to be around 85% as of February 23.
Open Date: February 22nd, 2024
Close Date: Today, February 26th, 2024
Price Band: Rs 177 – Rs 186 per share
Listing Date: Tentatively set for February 29, 2024
According to BSE data, the retail portion of the GPT Healthcare IPO was oversubscribed by 1.25 times. The Non-Institutional Investors (NII) portion saw a subscription rate of 79%, while the Qualified Institutional Buyers (QIB) portion was subscribed at 19%.
On the inaugural day, the subscription status of the GPT Healthcare IPO stood at 37%. The retail portion of the issue was subscribed at 66%, the NII portion was booked at 18%, and bids for the QIB portion are still pending.
The price band for the GPT Healthcare IPO has been set between Rs 177 and Rs 186 per equity share, with a face value of Rs 10 each. The IPO lot size comprises 80 equity shares, and investors can subscribe in multiples of 80 equity shares thereafter.
On Thursday, February 22, GPT Healthcare IPO secured Rs 157.54 crores from anchor investors. The company informed the exchanges that it allocated 84,69,996 equity shares at Rs 186 per share.
The GPT Healthcare IPO has allocated up to 50% of the shares in the public issue for qualified institutional buyers (QIB), at least 15% for non-institutional investors (NII), and a minimum of 35% of the offer is reserved for retail investors.
GPT Healthcare Ltd manages a network of mid-sized full-service hospitals branded as ‘ILS Hospitals’ and offers comprehensive healthcare services, emphasizing secondary and tertiary care.
The allocation of shares for the GPT Healthcare IPO is scheduled for February 27, with its listing set to occur on both the NSE and BSE on February 29, 2024.
GPT Healthcare IPO GMP Today
As of today, Monday, February 26, 2024, at 11:00 am, the Grey Market Premium (GMP) for the GPT Healthcare IPO is Rs 9. This means that the IPO is trading Rs 9 above its issue price band of Rs 177 – Rs 186 per share in the unofficial grey market.
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GMP is an unofficial indicator and does not guarantee the listing price of the IPO. It’s important to remember that the GMP is not a reliable indicator of the future performance of the stock.
GPT Healthcare IPO: Should You Subscribe?
Assigning the ‘subscribe long-term’ rating, brokerage Anand Rathi in a note said, “At the upper price band, the company is valuing at P/E of 39.1 times with a market cap of Rs 1,526.2 crore post issue of equity shares and return on net worth of 23.7 per cent in FY23. On the valuation front, we believe that the company is fairly priced. Thus, we recommend an ‘subscribe for long term’ rating to the IPO.”
GPT Healthcare IPO Details
The IPO is a combination of a fresh issue of equity shares aggregating to Rs 40 crore and an Offer For Sale (OFS) of up to 2.6 crore equity shares by private equity firm BanyanTree Growth Capital II.
BanyanTree, which holds 2.6 crore shares or 32.64 per cent stake in Kolkata-based GPT Healthcare, is divesting its entire shareholding in the company.
Proceeds from the fresh issue to the tune of Rs 30 crore will be used for payment of debt and general corporate purposes.
The IPO will mobilise Rs 501.67 crore at the lower end of the price band and Rs 525.14 crore at the upper end.
GPT Healthcare, founded by Dwarika Prasad Tantia, Dr Om Tantia and Shree Gopal Tantia, started with an eight-bed hospital in Kolkata in 2000. Today it operates four full-service multi-specialty hospitals, with a total capacity of 561 beds.
The company competes with listed industry peers, including Global Health Ltd, Krishna Institute of Medical Sciences Ltd, Jupiter Life Line Hospitals Ltd, Yatharth Hospital & Trauma Care Services Ltd and Shalby Ltd.
Half of the issue has been reserved for qualified institutional buyers, 35 per cent for non-institutional investors and the remaining 15 per cent for retail investors. Investors can bid for a minimum of 80 equity shares and in multiples of 80 equity shares thereafter.
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Its total income increased 7.3 per cent to Rs 361.03 crore in FY23 from Rs 337.41 crore in FY22.
JM Financial is the sole book-running lead manager to the issue.
