Aster DM Healthcare made a disappointing debut on the bourses on Monday with the stock listing at Rs 182.10, 4.15% below its issue price of Rs 190.
The stock ended the session even lower at Rs 179.85, 5.34% below its issue price. The initial public offering (IPO) of Aster DM Healthcare was subscribed 1.22 times with investors bidding for about 4.81 crore shares of the 3.73 crore shares on offer. The qualified institutional buyers bid for 2.2 crore shares against the 1.05 crore on offer. High Net worth Individuals (HNIs), however, bid for just 44.57 lakh shares of the 80.55 lakh shares, while retail investors offered bids for 2.16 crore shares against the 1.87 crore shares offered. On February 9, Aster DM Healthcare finalised allocation of 1.34 crore shares at Rs 190, aggregating to Rs 294.04 crore to 8 anchor investors.
The anchor investors include First State India Subcontinent Fund, SBI Pharma Fund, SBI Magnum Tax Gain Scheme, Sundaram Mutual Fund, DB International Asia, Karst Peak Asia Master Fund and Société Generale. Global coordinators and book running lead managers to the issue were Kotak Mahindra, Axis Capital and Goldman Sachs. Aster DM Healthcare had planned to raise up to Rs 980 crore from its IPO. The company had set a price band of R180 to Rs 190 per share. The company proposes to utilise the net proceeds of the fresh issue for repayment of debt worth Rs 564 crore, purchase of medical equipments worth Rs 110 crore and for general corporate purposes.