Narayana Health IPO oversubscribed 7.45 times

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 applications for 8.45 times the issue size or was oversubscribed 7.45 times, led by qualified institutional buyers (QIBs).

QIBs bid for almost 24.4 times the issue reserved for them. While non-institutional investors (HNIs and corporates) bid for 3.6 times of the quota reserved for them, retail investors' portion was oversubscribed 74 per cent on the final day.

The issue that got off to a slow start with 7.2 per cent subscription on day 1, led by retail investors. On day 2, institutional investors too joined in and the issue managed to reach the mark of 30 per cent.

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 later offered to offload 12.2 million shares.

For more on the IPO, click here.

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