Home / Business and Economy / Manipal Health Surges: IPO Lists with Over 11% Gain!
Manipal Health Surges: IPO Lists with Over 11% Gain!
5 Aug
Summary
- Manipal Health shares debuted with over 11% listing gains.
- IPO price was set between ₹560-590 per share.
- Funds will repay debt and fund business expansion plans.
Manipal Health Enterprises shares debuted on the stock market on Wednesday, August 5, with an impressive listing gain exceeding 11%. The shares opened at ₹652 on the NSE and ₹655 on the BSE, significantly surpassing the IPO price range of ₹560-590 per share.
The IPO comprised a fresh issue of equity shares worth ₹8,000 crore and an offer for sale valued at ₹1,275.22 crore. This substantial fundraising aims to strengthen the company's financial standing.
A key allocation of approximately ₹5,378 crore from the fresh issue will be directed towards debt repayment. Additionally, ₹574 crore is earmarked for acquiring a minority stake in its subsidiary, Sahyadri Hospitals.
The remaining funds will support general corporate purposes and fuel future business expansion initiatives. Kotak Mahindra Capital served as the lead manager, with KFin Technologies as the registrar for the IPO.
