Metropolis Healthcare IPO subscribed 5.83 times on final day

The initial public offering (IPO) of diagnostic chain Metropolis Healthcare was subscribed 5.83 times on the final day of the bidding Friday.

The Rs 1,200-crore IPO received bids for 4.47 crore shares as against 76.61 lakh shares on offer, according to the latest data on the National Stock Exchange.

The category reserved for institutional investors was subscribed 8.88 times, while non-institutional investors segment was subscribed by 3.03 times. The retail investor category was subscribed 2.17 times, according to sources.

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The price range for the IPO with a total issue size of around 1.36 crore shares was fixed at Rs 887-880 per share.

The firm had raised Rs 530 crore by allotting 60,23,293 equity shares to anchor investors.

Promoter Sushil Shah is offloading 62,72,335 shares, while investor CA Lotus Investments, a part of Carlyle Group, is selling 74,12,760 shares through the IPO, which has reserved 3 lakh shares for employees.

The Carlyle Group owns 31 per cent stake in the company and the promoters the rest, which would be diluted by 10-12 per cent through the IPO.

JM Financial, Credit Suisse, Goldman Sachs, HDFC Bank and Kotak Mahindra Capital are the lead managers for the offer.

As of December 31, 2018, the laboratory network of Metropolis Healthcare consisted of 115 clinical laboratories.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)