Diagnostics chain Metropolis Healthcare completed a ₹12 billion (US$174 million) initial public offering, debuting at a 9% premium to the issue price of ₹880 a share. The issue was a secondary sale of shares by Metropolis Healthcare promoter Kanubhai Shah and the company’s private equity investor Carlyle. Shah sold 6.2 million shares, while Carlyle, through its arm CA Lotus Investments, sold 7.4 million shares.
The IPO was 5.8 times covered, receiving bids for 44 million shares against the issue size of 7.6 million shares. The institutional investors’ tranche was covered 8.8 times, and the retail investor book was covered 2.1 times.
“This was one of the first deals after the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (SEBI ICDR), which replaced the SEBI (ICDR) Regulations, 2009,” said Varoon Chandra, a partner at AZB & Partners, the legal counsel to the book running lead managers.
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