GPT Healthcare shares to make market debut today, GMP hints at decent listing gains

GPT Healthcare Ltd is set to make Dalal Street debut on Thursday, February 29 and its grey market premium (GMP) and volatility in the secondary market suggests a decent listing ahead. The GMP of GPT Healthcare has remained volatile ever since the issue opened for bidding. Last heard, the stock was commanding a premium of Rs 17-18 per share in the unofficial market, suggesting a listing pop of around 10 per cent to investors on debut. The premium per cent had slipped in single digits when the issue was closed for bidding.

The initial public offering (IPO) of GPT Healthcare was sold in the price band of Rs 177-186 apiece. The issue raised Rs 525.14 crore, which included a fresh share sale of Rs 40 crore and offer-for-sale of up to 2.60 crore equity shares. The issue ran from February 22 and February 26.

The IPO was overall subscribed 8.52 times. The quota reserved for qualified institutional bidders (QIBs) saw a subscription of 17.30 times and that of non-institutional investors (NIIs) 11.02 times. The allocation for retail investors was subscribed 2.44 times during the bidding process.

The Kolkata-based GPT Healthcare operates a chain of mid-sized, multi-specialty, full-service hospitals in Eastern India under the ILS Hospitals brand, providing integrated healthcare services focusing on secondary and tertiary care. It has four hospitals of which two are located in Kolkata, one in Howrah and one in Agartala (Tripura).

During the bidding, brokerage firms had suggested subscribing to the issue for the long-term gains. JM Financial is the sole book running lead manager of the GPT Healthcare IPO, while Link Intime India is the registrar for the issue. 

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