Retail Portion of GPT Healthcare IPO fully subscribed on Day 2

 The Retail Portion of GPT Healthcare Limited IPO subscribed 1.25 times on the second day of bidding.

The issue received bids of 1,67,75,440 shares against the offered 1,97,63,327 equity shares, at a price band of ₹177-186, according to the data available on the stock exchanges. Overall, the issue was subscribed 0. 85 times.

Non-Institutional Investors Portion was subscribed 0.79 times, whereas Qualified Institutional Buyer Portion was subscribed 0.19 times. The issue kicked off for subscription on Thursday, February 22, 2024 and will close on Monday, February 26, 2024.

Leading brokerage firms like Reliance Securities, Nirmal Bang, AnandRathi and SMIFS have given a “Subscribe” rating to GPT Healthcare Ltd, given its strong positioning in underserved and populous healthcare delivery markets. Company’s ‘Right-sized’, full service and strategically located hospitals have led to high return on capital. Its well diversified specialty mix, location mix and ability to attract, train and retain quality medical professionals are other key positives as per the brokerage firms.

GPT is also planning to grow its presence in adjacent markets by setting up two new hospitals in Raipur and Ranchi through a flexible and asset-light strategy for quick break-even.

Revenue concentration from its West Bengal hospitals, any delay in commencement of future projects and unfavourable government policies and regulations are pointed out as key risks of the company by the brokers.

JM Financial Limited is the sole book running lead manager and Link Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.

Company Information

Eastern India focused GPT Healthcare, which operates and manages mid-sized multispecialty hospitals under the ILS Hospitals brand. It was founded by Dwarika Prasad Tantia, Dr Om Tantia and Shree Gopal Tantia started with 8 bed hospital at Salt Lake, Kolkata in 2000. Today it operates four full service multispecialty hospitals, with a total capacity of 561 beds and attends to over 35 specialties and super specialties such as internal medicine, diabetology, gastroenterology, orthopaedics and joint replacements, interventional cardiology, neurology, neurology, neurosurgery, paediatrics and neonatology.

Dr. Om Tantia, has over 4 decades of experience as a surgeon and is a specialist in the field of laparoscopic surgery. He has been the president of the Association of Minimal Access Surgeons of India along with multiple accolades to his credit, including the honorary professorship bestowed by the Indian Medical Association.

Its total income increased 7.3% to Rs 3610.37 million in fiscal year 2023 from  3374.15 million in fiscal year 2022, primarily due to the increases in income from hospital services, aided by increase in patient volume; increase in income from pharmacy sales. For the six months ended September 30, 2023, revenue from operations stood at  2,041.76 million and net profit at  234.85 million.

The table below shows subscription data for all the categories of investors:


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