Stocks

Birla Pacific Medspa IPO subscribed 1.18 times

PTI Mumbai | Updated on June 24, 2011

The initial public offer (IPO) of Yash Birla Group company Birla Pacific Medspa has been subscribed 1.18 times.

The IPO, through which the company expects to mop up Rs 65 crore, received bids for over 7.69 crore shares compared with 6.52 crore equities on offer for subscription.

The QIB portion was subscribed 1.04 times whereas the portion reserved for retail investors got subscribed to the tune of 1.82 times.

Of the total bids received, 373.93 lakh bids were received at cut-off price.

Out of the total IPO proceeds, the company proposes to utilise Rs 49 crore for establishing 55 ‘Evolve’ outlets, around Rs 6 crore for brand-building and the balance for meeting its working capital and other preliminary expenses.

The company is considering locations in Delhi, Bangalore, Ahmedabad, Pune, Chennai, Hyderabad, Jaipur and Goa to set up the new centres.

Prior to the IPO, the promoters’ holding in Birla Wellness & Healthcare Pvt Ltd stood at 64.77 per cent.

Other major stakeholders in the company include Pacific Healthcare (India) Pte Ltd, Singapore, which holds 7.2 per cent, Pachealth Medical Services Pvt Ltd (5.22 per cent) and Bennett, Coleman & Company Ltd (22.81 per cent).

Published on June 24, 2011

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