Max Healthcare Institute hit an upper circuit of 5% at Rs 112.35 after its debut on the bourses today.
The scrip listed at Rs 107 on the BSE today. Over 2.37 lakh shares of the company were traded in the counter so far.
The stock was listed in the list of 'T' group of securities in on the BSE and it will be in trade-for-trade segment for ten trading days.
The company was listed following a merger of the healthcare assets of Max India into Max Healthcare and demerger of the residual businesses of Max India into Advaita Allied Health Services, a wholly-owned subsidiary of Max India.
The process was part of the Max Group's overall plan to merge its hospital operations with global investment firm KKR-backed Radiant Life Care. Radiant acquired a 49.7% stake in Max Healthcare in June 2019 for around Rs 2,136 crore. After the merger, Radiant will be majority stake in Max Healthcare. Abhay Soi, who was the promoter of Radiant Life Care, will be the chairman and managing director of the merged entity, called Max Health Institute.
The combination of Radiant and Max Healthcare will create the second largest hospital network in India by revenue. The merged entity will operate over 3,500 beds throughout 17 hospitals and medical centers across India, including tertiary and quaternary care facilities offering high end critical and super specialty care supported by strong local brands such as BLK Hospital, Max Saket Hospital, Max Smart Hospital, Max Patparganj Hospital, and Nanavati Hospital. The combined business is expected to provide significant growth potential and compelling business synergies.
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