Yatharth Hospital’s shares debuted on the Bombay Stock Exchange (BSE) at a 1% premium over the initial public offering (IPO) price, riding on the wave of a buoyant domestic market. The stock opened at Rs 304 on the BSE, surpassing the issue price of Rs 300. This positive listing was in line with expectations, given that Yatharth Hospital shares had been trading at a premium of Rs 75 in the grey market ahead of their market debut.
The Yatharth Hospital IPO commenced its subscription on July 26, and by the final day of the subscription period, it was oversubscribed an impressive 37.28 times. This robust demand was primarily driven by strong participation from institutional buyers. Among the categories, Qualified Institutional Buyers (QIBs) oversubscribed by a staggering 86.37 times, non-institutional investors subscribed 38.62 times, and Retail Individual Investors (RIIs) witnessed oversubscription by 8.66 times.
The public issue was priced within a range of Rs 285 to Rs 300 per equity share. At the upper limit of this range, the company’s promoters and shareholders aimed to raise Rs 686.55 crore from the IPO. The IPO comprised a fresh issuance of shares amounting to Rs 490 crore and an offer for sale (OFS) component, involving promoters and shareholders divesting 65.5 lakh equity shares. Following the listing, the promoter’s stake would be diluted from 91.34% to 66.32%.
Yatharth Hospital & Trauma Care Services, a private healthcare provider based in North India, operates with a focus on quality medical services. The first hospital was established in Greater Noida in November 2010, marking the beginning of an ongoing expansion journey. Presently, the organization operates four hospitals across the northern region, boasting a total of 1405 beds. As of March 2023, the hospital’s panel included 609 engaged doctors.