First IPO of 2016: Narayana Hrudayalaya ends over 34% up

Healthcare services firm Narayana Hrudayalaya shares debuted smartly on bourses with a premium of over 16 per cent against its issue price of Rs 250.

The stock of healthcare services firm listed at Rs 291 on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) both and gained as much as Rs 344.20, up 37.68 per cent on BSE.

The scrip settled the day at Rs 336.70, up 34.68 per cent against its issue price.

Narayana Hrudayalaya is the first IPO to be listed in New Year and has raised Rs 613 crore from the primary market.

The IPO, which opened for subscription from December 17-21 was subscribed 8.67 times at a price band of Rs 245-250 a share.

The institutional investors category was subscribed 17.22 times. In contrast, the portion set aside for retail investors witnessed 65 per cent subscription, while the non-institutional investors category was subscribed 45 per cent.

Devi Shetty had set up Narayana Hrudayalaya in 2000 and operates a chain of 23 multi-specialty, primary and tertiary healthcare facilities and eight heart centres, and 24 primary care facilities across 31 cities, with 5,442 operational beds and a potential to reach a capacity of up to 6,602 beds.

Prior to this, two other companies from the healthcare sector got listed on the exchanges last month. These companies are diagnostic chain Dr Lal PathLabs and pharmaceutical firm Alkem Laboratories.