The initial public offering (IPO) of Krishna Institute of Medical Sciences (KIMS Hospitals) was subscribed 19 percent on June 16, the first day of bidding. Investors have put in bids for around 27 lakh equity shares against the offered size of 1.44 crore shares with retail investor leading.
The reserved portion for retail investors has been subscribed to 60 percent and qualified institutional buyers (QIBs) 14 percent. Meanwhile, non-institutional investors submitted the bid for 1 percent of its reserved portion, and the employees' part was bid 4 percent. The company has reserved shares worth Rs 20 crore for its employees.
The IPO comprises a fresh issue of Rs 200 crore and an offer for sale of up to 2.35 crore equity shares. The total issue size comes to Rs 2,143.7 crore.
The 75 percent of issue size has been reserved for qualified institutional buyers, 10 percent for retail, and the balance 15 percent for non-institutional investors.
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Investors can bid for a minimum of 18 equity shares and in multiples of 18 equity shares thereafter. The minimum bid lot comes to Rs 14,850 at the higher end of the price band.
The issue which has a price band of Rs 815-825 per share will close on June 18.
The net proceeds from the fresh issue will be utilised for repayment of certain borrowings (Rs 150 crore) availed by the company and its subsidiaries; and general corporate purposes.
Most brokerages recommend subscribing to the issue on the back of KIMS’ regional dominance in Andhra Pradesh and Telangana, potential growth prospects, strong balance sheet, diversified revenue, and strong financials.
(Edited by : Jomy Jos Pullokaran)
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