Narayana Hrudayalaya: IPO debut of new year cheers investors!
DSIJ Intelligence / 06 Jan 2016
Narayana Hrudayalaya (NHL) is listed at Rs 291 per share on bourses as on January 6, as a debut opening for the new year. The IPO listed 16.4 per cent higher than its issue band price of Rs 245- 250 per share. Share price of the company increased by 31.6 per cent on bourses in early trades and is trading at Rs 321.85 on an intraday basis.
Narayana Hrudayalaya (NHL) is listed at Rs 291 per share on bourses as on January 6, as a debut opening for the new year. The IPO listed 16.4 per cent higher than its issue band price of Rs 245- 250 per share. Share price of the company increased by 31.6 per cent on bourses in early trades and is trading at Rs 321.85 on an intraday basis.
NHL has a network of 23 hospitals (multi specialty and superspeciality healthcare facilities which provide tertiary care), 8 heart centres (super specialty units which are set-up in a third party hospital) and 24 primary care facilities (including clinics and information centres). The company operates 31 hospitals and 24 primary care facilities across India, with 5442 operational beds and the potential to reach a capacity of up to 6602 beds.
The NHL issue closed on December 21, 2015 and aimed at raising Rs 630 crore at an upper price by issuing a 2.45 crore equity share, of the face value of Rs 10. The company also raised Rs 184 crore from 15 anchor investors, including the Singapore government. It was able to attract bids to the capacity of 8.63 times the value of the shares on offer. Meanwhile, NHL witnessed lower oversubscription levels in comparison with recent Dr Lal Pathlabs and Alkem Laboratories which oversubscribed 33.41 times of the value and 44.29 times of the value respectively.
Financially, NHL reported a revenue of Rs 1372 crore in GY15. The company earned 90.7 per cent from multi specialty and super specialty services, 7.3 per cent from heart centres and the remaining 2 per cent from the management fee received from four managed hospitals, ancillary businesses and other standalone clinics & primary care facilities.
On the geographical segment front, NHL earned 45.6 per cent of revenues from the Karnataka region, 30.2 per cent from eastern region and 12.1 per cent from western and central regions in FY15. The company is planning for new hospitals in the Vaishno Devi shrine in Jammu and Kashmir, Lucknow, Bhubaneshwar and Mumbai.
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