India: Oncology chain HealthCare Global scrip plunges 20% on market debut

Shares of HealthCare Global Enterprises Ltd, which runs a chain of cancer-care centers, was trading nearly 20% below the issue price on Wednesday on its first day as a public listed company.

The stock opened at Rs.209.80 and touched a high and a low of Rs.211 and Rs.175.45, respectively. At 10:06 am, it was trading at Rs.176 on the BSE, down 19.7% from its offer price. India’s benchmark Sensex index rose 0.73% or 182.79 points to 25,083.25.

The initial public offering (IPO), which closed on 18 March, was subscribed 1.56 times, according to data available on stock exchanges.

The company priced the offer in the band of Rs.205-218 per equity share, and the issue price was fixed at Rs.218. The company raised Rs.650 crore by offering 29.8 million shares to investors.

HCG raised Rs.292.33 crore through issue of shares to 13 anchor investors in a pre-IPO allotment that drew interest from investors like International Finance Corp., Spring Healthcare India Trust, HDFC Standard Life Insurance Co. Ltd, Sabre Partners Trust, BNP Paribas Trust Services Singapore Ltd as trustee of Nikko AM Asia Health Care Fund, Citigroup Global Markets Mauritius Pvt. Ltd, Chennai 2007 C/O Harvard Management Co. Inc, Neptune Investment Funds and five others.

The company will use IPO proceeds to buy medical equipment, invest in information technology software, services and hardware, pre-payment of debt and general corporate purposes.

Also read:

India: HealthCare Global IPO subscribed 1.56 times

India: Oncology chain Healthcare Global IPO to open March 16

India: Healthcare focussed PE fund Quadria to pick 20% in Concord Biotech

This story was first published on livemint.com

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.