The intiital public offering of GPT Healthcare subscribed 0.37 times on Day 1 of issue opening, mainly thanks to retail investors.

The ₹525.14-crore IPO of GPT Healthcare comes at a price band of ₹177-186. The issue consists of a fresh issue worth ₹40 crore and an offer for sale (OFS) of up to 2.608 crore shares (worth ₹485.14 crore) by investors selling shareholders worth ₹485.14 crore.

The IPO closes on Monday (February 26) and the market lot is 80 shares.

As against offer of 1.97 crore shares (net-off anchor portion), the issue received bids for 72.72 lakh shares

BanyanTree, which holds 2.6 crore shares, or 32.64 per cent stake, in Kolkata-based GPT Healthcare, is divesting its entire stake in the company through the IPO.

The offer is being made through the Book Building Process, wherein not more than 50 per cent of the offer shall be available for allocation to Qualified Institutional Buyers, 15 per cent to non-institutional bidders and 35 per cent to retail investors.

The IPO was subscribed by 0.66 times by retail investors while and NIIs (high net worth individuals) bid for 0.18 times. QIBs are yet to make any bids.

Raises ₹157.54 crore from anchor investors

As part of the IPO exercise, GPT Healthcare on Wednesday raised ₹157.54 crore from anchor investors. The healthcare major that operates and manages mid-sized multispecialty hospitals under the ILS Hospitals brand has allotted about 84.70 lakh shares at ₹186 a share to foreign and domestic Institutions.

Among the anchor investors were Kotak Mutal Fund, Axis Mutual Fund, Bandhan Mutual Fund, Aditya Birla Life Insurance, Societe Generale, Duro One Investments Limited, India Capital Growth Fund, Copthall Mauritius, LC Pharos Multi Strategy Fund, Subhkam Ventures and DE Shaw.

The company plans to utilise funds for repayment/prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company from banks and financial institutions; and general corporate purposes.

GPT Healthcare provides a wide range of medical services in more than 35 specialties and super specialties, including internal medicine and diabetology, nephrology (including renal transplants), general and laparoscopic surgery, obstetrics and gynaecology, critical care, gastroenterology, orthopaedics and joint replacements, interventional cardiology, neurology, and neurosurgery, paediatrics, and neonatology.

JM Financial Limited is the sole book-running lead manager to the Issue 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