Narayana Health IPO gets off to a slow start

Narayana Hrudayalaya Pvt Ltd, which operates a chain of multi- and super-specialty hospitals in the country under the brand name of Narayana Health (formerly Narayana Hrudayalaya), saw a slow start to its initial public offer (IPO) with the issue covered just 7.2 per cent at the end of day 1.

The issue received bids for 1.23 million equity shares against the issue size of 17.16 million equity shares.

While institutional investors and HNIs & corporates stayed away on the first day, retail investors bid for 13 per cent of the shares reserved for them. The issue will close on December 21, 2015.

Earlier, the firm had raised Rs 184 crore ($27.5 million) from a group of anchor investors, including Singapore's sovereign wealth fund GIC.

The public issue entirely comprises an offer for sale where its promoters would get around Rs 100 crore and the rest would go to the two PE investors—PineBridge (formerly AIG Capital) and JPMorgan Partners.

Interestingly, JPMorgan Partners has raised the quantum of shares it proposes to sell in the IPO. Initially it was looking to sell 8.1 million shares but has now offered to offload 12.2 million shares.

For more on the IPO, click here.

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