Nephro Care becomes the first SME IPO to draw bids worth over Rs 20,000 crore
Nephro Care becomes the first SME IPO to draw bids worth over Rs 20,000 crore
The initial public offer (IPO) of Nephro Care India, which concluded on July 2, became the first SME offer to draw bids worth over Rs 20,000 crore on the NSE Emerge platform.
The IPO received an overwhelming response from the investors, recording 715.85 times subscription until the last day of bidding. The Kolkata-headquartered healthcare provider aimed to raise Rs 41.26 crore from the issue that was opened for subscription on June 28.
While the quota reserved for qualified institutional buyer (QIB) was subscribed 245.14 times, the HNI quota was subscribed 1,787.56 times, the retail individual investors (RII) quota was subscribed 634.12 times and employee portion was subscribed 20.44 times.
The price band of the issue was fixed at Rs 85-90 per equity share with a face value of Rs 10. The IPO comprises a fresh issue of 45.84 lakh equity shares. The minimum lot size for the application was 1,600 equity shares. The company is proposed to be listed on NSE Emerge.
Corporate Capital Ventures is the sole Book Running Lead Manager and Bigshare Services Private Limited is the registrar to the offer.
The company intends to utilise Rs 26.17 crore of net proceeds from the IPO to set up a multi-speciality healthcare facility, ‘Vivacity Multi Speciality Hospital’, at Madhyamgaram in Kolkata, West Bengal and the company plans to use the remaining capital for general corporate purposes.
The new hospital will be a unit of Nephro Care India and is proposed to include 100 inpatient beds, including a 30-bed critical care unit having ICU, HDU, RTU and NICU facilities. Vivacity will offer treatment services in various disciplines such as cardiology, medical oncology, gastroenterology, gynaecology and many others, including an advanced renal transplant unit in East India.
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