A customer holds a bundle of Indian rupee banknotes while filling in a deposit form in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)  

Shalby Hospitals Falls 4.4% Below IPO Price On Stock Market Debut

Shalby Ltd. made its stock market debut at a discount of 4.4 percent at Rs 237 per share on the BSE Ltd. compared to its issue price of Rs 248 apiece.

The Ahmedabad-based hospital’s Rs 504 crore initial public offering saw moderate demand with bidders subscribing 1.08 times till the final day. Most of the demand came in from qualified institutional buyers.

The company sold shares at Rs 245-248 apiece via the IPO, valuing it around Rs 2,680 crore. It plans to use the proceeds from the share sale for the repayment of borrowings, purchase of medical equipment for the existing and recently set-up as well as upcoming hospitals.