Medanta IPO Listing Today: Shares of Medanta operator Global Health Ltd is going to list on the NSE, BSE on November 16, 2022. As per the information available on BSE website, Medanta share listing date has been finalised on Wednesday, November 16, 2022 and equity shares of Global Health Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ group of securities in Special Pre-open Session (SPOS).
The lower-than-expected subscription numbers during the initial public offering, a major portion of which was an offer for sale by existing investors, and the muted response in categories other than qualified institutional buyers are expected to result in moderate gains on listing.
The grey market did not indicate a bumper listing, either. Medanta shares traded at a 5-7 per cent premium in the grey market, analysts said. As per the market observers, Global Health IPO GMP (grey market premium) today is Rs 30, which means grey market is expecting that Medanta operator Global Health share price would open around Rs 366 ( RS 336 + Rs 30), which is around 9 per cent higher from Global Health IPO price band of Rs 319 to Rs 330 per equity share. In other words, grey market is also signaling that Medanta share price opening may not give double digit premium to the allottees.
“A mute listing will be expected because there was not much for the investor on the table in terms of valuation, less than standard subscription numbers, and the nature of the major proportion in this issue being an offer for sale. The current grey market premium is around 6 percent above its issue price,” said Parth Nyati, founder of Tradingo.
Global Health is one of the largest private multi-specialty tertiary care providers operating in north and east India under the brand Medanta.
“The issuer has good patient volumes and cost efficiency and its financial profile also shows an increasing trend. Nevertheless, the promoter shareholding would come down to 33 per cent post-IPO. Finally, the issue is fairly priced at a P/E of 43 as compared to the average industry P/E of 51.93,” said Nyati, who had assigned the Medanta IPO only for long-term investors.
On Global Health share price listing price prediction, Ravi Singhal, CEO at GCL Securities said, “Stock market opening bell holds key as the stock may open around Rs 380 in case of strong opening. However, in case of weak market opening, Global Health share may open at around Rs 340 apiece levels.”
Considering the decent response from other categories of investors and the positive market mood, he expects a flat to moderate 5-10 percent gain on listing in a best-case scenario.
Mohit Nigam, fund manager and head of PMS at Hem Securities, expects Medanta shares to list on a flat to positive note.
Global Health recorded a 50 percent growth in revenue from operations in FY22 and 27 percent growth in the first quarter of FY23 from a year ago, led by an increase in patient volumes, bed occupancy and higher average revenue per occupied bed.
Consolidated profit grew almost sevenfold to Rs 196.2 crore in FY22 and 40 percent to Rs 58.7 crore in Q1 of FY23.
On the operating front, its EBITDA (earnings before interest, tax, depreciation and amortisation) grew at around 55 percent CAGR during FY20-FY22, and margin expanded to 21 percent in FY22, from 12 percent in FY20, aided by better operational efficiencies.
The Global Health IPO of Rs 2,205 crore included a fresh issue of only Rs 500 crore, while the rest was an offer for sale by existing investors.
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