Shares of cancer-care network operator HealthCare Global Enterprises (HCG) made a weak debut at the bourses today, plunging nearly 22 per cent as compared to the issue price of Rs 218.
The stock which debuted at Rs 209.80, down 3.76 per cent, finally ended at Rs 170.95, reflecting a sharp fall of 21.58 per cent on the BSE. Intra-day, it plummeted 22.47 per cent to Rs 169.
At NSE, shares of the company nosedived 21.55 per cent to close at Rs 171.
The extreme weakness in the stock came despite a strong broader market where the Sensex zoomed 438.12 points to end at 25,338.58.
On the volume front, 28.86 lakh shares of the company changed hands at BSE and over one crore shares were traded at NSE during the day.
At present, the company commands a market valuation of Rs 1,454.37 crore.
HCG was the fourth company after Precision Camshafts, TeamLease Services and Quick Heal Technologies to come out with an IPO this year.
The Rs 650-crore offer of HealthCare Global which was open from March 16-18, was oversubscribed 1.56 times.
The company had fixed the price band at Rs 205-218 for the IPO.
Kotak Mahindra Capital Company, Edelweiss Financial Services, Goldman Sachs (India) Securities, IDFC Securities, IIFL Holdings and Yes Bank were the book running lead managers to the issue.
The Bengaluru-based firm operates one of the largest cancer-care networks in the country under the brand name HCG.
HCG has 14 comprehensive cancer-care centres.
