Yatharth Hospital and Trauma Care Services was hit hard by the gray market after the company set the basis for allocating its shares on Wednesday. The listed provider has seen a sharp correction in its gray market premium over the past 24 hours as the correction in the listed space intensifies. The company’s gray market premium was revised down from 85-90 rupees per share to 70-75 rupees on Wednesday. However, the company’s gray market premium remained stable at around 50 rupees per share on July 26, when the issue was opened for tender. According to the analyzes tracking the gray market, the sharp correction in the secondary markets is reducing the premium in the unofficial markets. Hospital stocks have also seen some setbacks from their highs of late, adding pressure on the company’s prospects. Yatharth Hospital’s initial public offering (IPO) valued at Rs.687 crore had received a good response from investors during the three-day bidding process. The issue of a multi-specialty hospital chain drew more than 37.28 total subscriptions, led by qualified institutional bidders, as the company sold its shares in the range of Rs.475-500 apiece between Rs.26-28. Established in 2008, Yatharth Hospital is a chain of hospitals operating four specialty hospitals in Noida, Greater Noida and Noida Extension. The company acquired a 305 bed specialty hospital in Orchha, Madhya Pradesh to expand its operations and services. The majority of brokers were positive about the issue and have proposed to subscribe to the issue. However, select brokerage firms are wary of this issue due to high fixed costs, debt-heavy operating costs, reliance on select specialty facilities, and government deals that eat into margins. Intensive Fiscal Services, Ambit and IIFL Securities are the Lead Bookrunners of the Offering, while Link Intime India has been appointed Registrar of the Offering. The stock is listed on both the BSE and the National Stock Exchange (NSE). Investors who have bid for the offering and have not checked their application status can check the allotment status on the Bombay Stock Exchange (BSE) website at https://www.bseindia.com/investors/appli_check.aspx. You can mark Equity as the issue type and select the company name to continue. One just needs to add the application numbers and PAN card ID before ticking “I’m not a robot” and hitting submit.
Investors can also check the allotment status on Link Intime’s online portal (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar of the issue, and then select the company name from all options when the allotment is complete . Enter either the Application number, Demat Account number or PAN ID and Captcha correctly before clicking Submit.
The Registrar is a legal entity registered with Sebi that qualifies as such and will process all applications electronically and carry out the allocation process in accordance with the Prospectus. The Registrar is responsible for meeting deadlines for updating the electronic crediting of Shares to successful applicants, sending and uploading refunds and dealing with all investor-related matters after the issue is completed. Bidders who failed to receive an allotment at the IPO can see the refunds being initialized on Thursday, August 3rd. Others who would be allotted shares can see the shares credited to their Demat account by Friday, August 4th. The IPO is expected to be listed on Monday, August 7th.
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