Yatharth Hospital shares disappoint at D-Street debut, stock lists at 2% premium at Rs 306.10

Yatharth Hospital and Trauma Care Services made a muted debut at Dalal Street on Monday as the stock was listed at Rs 306.10, a premium of 2 per cent, against its issue price of Rs 300 per share on the National Stock Exchange (NSE). Similarly, the stock was listed at a premium of 1 per cent at Rs 304 on the BSE.

A day ahead of its listing, shares of Yatharth Hospital were commanding a premium of Rs 70-75 per share, or about 25 per cent, in the grey market. The premium in the unofficial for the company has remained stable around the similar levels, since the closure of the issue. However, the listing has been against the tide.

Yatharth Hospital raised about Rs 687 crore from its initial stake sale and had received a decent response from the investors during the three-day bidding process. The company sold its shares in the range of Rs 285-300 apiece, which was open for bidding between July 26-28.

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The issue was overall subscribed 37.28 times during the three-day bidding. The quota for qualified institutional bidders (QIBs) was booked 86.37 times, while non-institutional investors (NIIs) were subscribed 38.62 times and retail investors' allocation was booked 8.66 times.

Incorporated in 2008, Yatharth Hospital is a hospital chain which operates four-super specialty hospitals located in Noida, Greater Noida, and Noida Extension. The company acquired a 305-bedded multi-specialty hospital in Orchha, Madhya Pradesh to extend its operations and services.

Intensive Fiscal Services, Ambit and IIFL Securities are the book running lead managers to the issue, while Link Intime India has been appointed as the registrar to the issue.

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