Vijaya Diagnostic Centre Ends 16% Higher On Stock Market Debut
Shares of Vijaya Diagnostic Centre Ltd. gained on market debut after its initial public offering received subdued investor interest.
The stock listed at Rs 540 apiece, a premium of 1.7% to its IPO price of Rs 531. It hit an intraday high and low of Rs 648 and Rs 532.5, respectively. The stock ended the session at Rs 617 apiece, a premium of 16.2% to its issue price.
The IPO had gotten off to a slow start with the issue being subscribed 0.47 and 0.30 times on its first and second day of bidding, respectively. It was subscribed 4.5 times on the final day, primarily led by demand from institutional investors, becoming the tenth-least subscribed issue so far this year.
The diagnostic services provider was seeking a market value of Rs 5,414.4 crore at the upper end of the price band of Rs 522-531 apiece.
The IPO was an offer-for-sale of up to 35.7 lakh equity shares, or up to 35% of its total shareholding. The company won't receive any proceeds.
The company joined a flurry of IPOs in the Indian market this year. The amount of money raised in IPOs in 2021 has reached nearly $10 billion (around Rs 75,000 crore), already surpassing the totals of the past three years though it’s only September. Newly listed Indian stocks are beating the benchmark Nifty 50 by the most in seven years.