Maitreya Medicare Limited, a multispecialty hospital based in Surat, Gujarat, had a robust debut on the National Stock Exchange's Small and Medium Enterprises (NSE SME) platform today. The company's stock was listed at ₹162.55 per share, marking a notable premium of 98.23% over the issue price.
The initial public offering (IPO) of Maitreya Medicare was open from October 27 to November 1 and successfully raised ₹14.89 crores ($2 million) through a fresh issue of 18,16,000 equity shares priced between ₹78–82 each. The IPO was oversubscribed by a staggering 410 times overall, indicating strong investor interest in the healthcare provider.
Retail investors showed particularly strong interest in the IPO, with the subscription rate reaching 673 times their quota. Non-institutional buyers also displayed substantial interest, subscribing at an impressive rate of 1021 times their quota. Qualified Institutional Buyers (QIBs) oversubscribed by 42.6 times their quotas.
Established in 2019, Maitreya Medicare is a 125-bed multi-specialty hospital offering more than 18 specialities and super specialities in primary, secondary, and tertiary care. The funds raised from the IPO will be used for equity investments in its subsidiary, Maitreya Hospital Private Limited. The company plans to establish a new hospital in Valsad, Gujarat, redeem non-convertible redeemable preference shares, meet working capital needs and address general corporate requirements as outlined in its Draft Red Herring Prospectus (DRHP).
As of midday trading on Tuesday, the company's shares were trading at ₹154.45 each on the NSE SME platform.
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