Bengaluru: Shares of Manipal Health Enterprises made a strong market debut on Wednesday, closing nearly 13% above their issue price and valuing the hospital chain at nearly Rs 88,000 crore.The stock listed at Rs 655 on the BSE, an 11% premium to its IPO price of Rs 590. It later rose to an intraday high of Rs 676 before closing at Rs 666, up 13% from the issue price. On the NSE, the shares touched a high of Rs 675 and ended at Rs 663, representing a gain of more than 12%.The company’s market capitalisation stood at Rs 87,696 crore on the BSE and Rs 87,229 crore on the NSE at the end of its first trading session.About 470 lakh shares changed hands on the NSE, while 43.9 lakh shares were traded on the BSE.Manipal Health’s initial public offering received bids for 44.3 crore shares against the 9 crore shares on offer, translating into an overall subscription of 4.92 times.Institutional investors drove most of the demand. The portion reserved for qualified institutional buyers was subscribed 8.25 times. The employee quota was subscribed 2.19 times, while the non-institutional investor category was subscribed 1.02 times. The retail portion fell slightly short, receiving bids for 0.93 times the shares reserved for it.Bengaluru-based Manipal Health operates 49 hospitals with 13,037 beds across 14 states and Union territories as of March this year. It is India’s largest pan-India multi-speciality hospital network by bed capacity, according to a CRISIL report.
