Vijaya Diagnostic Centre listed on the stock exchanges today flat with a marginal premium to the IPO price tag amid positive industry momentum. Shares of Vijaya Diagnostic started trading at Rs 542.3 per share, up Rs 11.3 or 2.13% from the upper finish of IPO price tag of Rs 531 per share. The IPO of the South India based diagnostic chain was subscribed 4.58 instances earlier this month as it raised Rs 1,895 crore from investors. The IPO was completely an present for sale (OFS) by current shareholders of the enterprise. Vijaya Diagnostic Centre will join peers such as Dr Lal Pathlabs, Metropolis Healthcare, Krsnaa Diagnostics, and Throcare Technologies on the bourses.
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Vijaya Diagnostic Centre’s IPO was subscribed 13.07 instances by certified institutional purchasers (QIB) for whom half the problem was reserved. Retail investors subscribed to the IPO 1.09 instances whilst non-institutional investors (NII) bid for 1.32 instances the portion reserved for them. Employees of the firm had subscribed to the IPO .98 instances. Ahead of its listing on Dalal Street, shares of Vijaya Diagnostic Centre had been trading with losses in the grey industry.
“At the upper price band, Vijaya Diagnostic Centre Limited is demanding a PE multiple of ~64.3X of FY21 earnings which is lower than the industry average of 90.8X,” domestic brokerage and study firm IIFL Securities stated in a note whilst advising investors to subscribe to the IPO with a extended-term viewpoint. Vijaya Diagnostic Centre has not received any funds from the listing of its stocks on the stock exchanges as the IPO was completely and OFS. Promoters of the enterprise have trimmed their stake in the enterprise by 5%. Vijaya Diagnostic Centre has been registering earnings for the last 3 economic years.