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Metropolis Healthcare Makes A Strong Market Debut

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On Monday, the shares of Metropolis Healthcare made its stock market debut at Rs 960 on BSE, that is a 9.1 percent premium over its issue price of Rs 880 a share.

Further, the stock jumped as much as 10.2 percent to Rs 939.90 during the morning trade.

Metropolis Healthcare Makes A Strong Market Debut
 

The Rs 1,204-crore IPO (initial public offering) at a price band of Rs 877-880 was subscribed at 5.84 times during its share sale from 3 to 5 April. The company will not receive any proceeds as it was an offer-for-sale by promoter Dr. Sushil Shah and investor CA Lotus Investments (a subsidiary of US-based private equity firm Carlyle Group) who collectively sold 13.68 lakh shares through the IPO.

The diagnostics chain has a laboratory network of 115 clinical laboratories which includes one global reference laboratory located in Mumbai, 14 regional reference laboratories 56 satellite laboratories and 44 express laboratories. It also offers analytical and support services for clinical research.

Ahead of the IPO, Centrum Broking Ltd said that the issue was fairly priced.

Metropolis Healthcare's revenue from operations grew from Rs 475.47 crore to Rs 643.57 crore between FY 2016 and FY 2018, and profit for the years grew from Rs 81.95 crore to Rs 109.75 crore, respectively.

Meanwhile, BSE's Sensex opened as much as 0.22 percent higher to 38,850.65 and the NSE Nifty 50 gained 0.23 percent to 11,669.65.

Read more about: ipo
Story first published: Monday, April 15, 2019, 11:16 [IST]
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