Shares of Maitreya Medicare made a strong debut on November 7 at Rs 162.55 apiece on the NSE (National Stock Exchange) SME (Small and Medium Enterprises) platform. This represented a significant premium of 98.23% over the issue price of Rs 82.
At 12:20 pm, the newly-listed stock was trading at Rs 154.45, up 88.35% from the upper band of the IPO (Initial Public Offering) price.
The Rs 14.89 crore IPO of Maitreya Medicare was open for subscription from October 27 to November 1, with a price band of Rs 78 to Rs 82 per share. The IPO comprised a completely fresh issue of 18,16,000 equity shares.
The IPO garnered tremendous interest from investors, with an overall subscription of 410 times. Retail investors’ portion was subscribed 673 times, while non-institutional buyers subscribed 1021 times their allotted quotas. Qualified institutional buyers (QIBs) also showed strong interest, with a subscription rate of 42.6 times.
Incorporated in 2019, Maitreya Medicare Limited is a 125-bed multi-specialty hospital located in Surat, Gujarat. The hospital offers a wide range of healthcare services across more than 18 specialities and super specialities, with a focus on primary, secondary, and tertiary care. In the company’s draft red herring prospectus (DRHP), it has listed Shalby, KMC Speciality Hospital, and Global Health as their peers.
The net proceeds from the IPO will be utilised for equity investments in its subsidiary, Maitreya Hospital Private Limited, to establish a hospital in Valsad, Gujarat. Additionally, some funds will be used to redeem a portion of the issued non-convertible redeemable preference shares, provide funding for working capital requirements, and address general corporate needs.