Narayana Health IPO covered 30% on day 2

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 its initial public offer (IPO) covered around 30 per cent with one more day to go.

The issue that got off to a slow start with 7.2 per cent subscription on day 1, moved further on day 2 but still has more than two-thirds the distance to go to sail through.

While on the first day, the issue largely saw retail investors apply, on day 2, institutional investors too joined in. Institutional investors' portion was almost half covered while that of retail investors reached the one-third mark. HNIs and corporate investors are yet to latch on to the issue, though.

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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