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Vijaya Diagnostic Centre IPO subscribed 30% on day 1 of bidding

Vijaya Diagnostic Centre IPO subscribed 30% on day 1 of bidding
September 03
09:33 2021

Currently Vijaya Diagnostic Centre shares traded at a tepid premium of Rs 20 in the grey market, the IPO Watch and IPO Central data showed. This resulted into a trading price of Rs 551 against upper price band of Rs 531 per share.

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The IPO of Hyderabad-based diagnostic chain operator Vijaya Diagnostic Centre has been subscribed 30 percent on September 1, the first day of bidding.

The public offer received bids for 74.79 lakh equity shares against an IPO size of 2.5 crore equity shares, subscription data available on exchanges showed.

Retail investors have put in bids for 46 percent of their reserved portion and employees have bought only 25 percent of their portion so far.

Non-institutional investors applied for 66,108 equity shares against their reserved size of 53.3 lakh shares, while qualified institutional buyers have put in bids for 16.39 lakh equity shares against the reserved portion of 71.07 lakh shares.

The largest integrated diagnostic chain in southern India by operating revenue aims to raise Rs 1,895 crore through its public issue which is a complete offer for sale. The company already mobilised Rs 566.12 crore from anchor investors on August 31, a day before the issue opening.

Hence, accordingly, the issue size has been reduced to 2.5 crore equity shares from 3.56 crore equity shares.

Also read – Vijaya Diagnostic Centre IPO opens: 10 key things to know

The company offers a one-stop solution for pathology and radiology testing services to its customers through its extensive operational network, which consists of 81 diagnostic centres and 11 reference laboratories across 13 cities and towns in the states of Telangana and Andhra Pradesh and in the National Capital Region and Kolkata as on June 2021.

Also read – Vijaya Diagnostic Centre IPO opens: Should you subscribe?

Currently, Vijaya Diagnostic Centre shares are trading at a premium of Rs 20 in the grey market, the IPO Watch and IPO Central data showed. This equates to a trading price of Rs 551 against the upper price band of Rs 531 per share.

“We like the integrated business model of the company due to which company has posted superior financial performance. Company’s OPBDIT margin (operating profit before depreciation, interest and tax) ranked second among other major diagnostics along with negative working capital and high cash flow generation leading to strong net cash position,” said Hem Securities which recommended subscribing to the issue.

“Also company’s strategy of expanding in Telangana and Andhra Pradesh which are expected to grow at CAGR of 12-13 percent by 2023

will be next growth driver for the company,” the brokerage added.

Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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