Shalby makes weak debut, lists below issue price

On the BSE, the stock listed at Rs 237, a 4.4% below its issue price of Rs 248 per share.

Shalby, a multi-specialty hospital chain, has made a weak debut on the bourses by listing at Rs 237, a 4.4% below its issue price of Rs 248 per share on the BSE. On the National Stock Exchange (NSE), it opened 3% lower at Rs 240 in otherwise strong market.

At 10:03 AM; the stock was trading above its issue price at Rs 252, recovering 6% from its early morning low. It hit high of Rs 254 on the BSE so far. A combined 1.85 million shares changed hands on the counter on the BSE and NSE. The S&P BSE Sensex was up nearly 1% or 330 points at 33562.

The company raised Rs 540 through initial public offering (IPO), was subscribed 2.8 times. The portion set aside for qualified institutional buyers (QIBs) was subscribed 4.34 times, high net-worth individuals 42%, retail investors 2.98 times and employees 1.44 times, the exchange data shows.

Proceeds of the IPO will be utilised towards repayment of borrowings by the company, besides purchase of medical equipment for the existing, recently set-up as well as upcoming hospitals.