Asarfi Hospital share price surges 90% on market debut
In a remarkable market debut, Asarfi Hospital shares witnessed an impressive surge of 90% as they were listed on the BSE SME exchange. The stock opened at ₹98.80 per share, a significant premium of 90% over the initial issue price of ₹52 on the BSE SME exchange.
The Asarfi Hospital IPO subscription period commenced on Monday, July 17, and concluded on Wednesday, July 19, 2023. During this time, the IPO price band was set at ₹51 to ₹52 per equity share.
The IPO comprised a fresh offering of 51.80 lakh equity shares, amounting to a total of up to ₹26.94 crore. The company’s primary objectives for the proceeds included financing capital expenses for the cancer hospital in Ranguni, Jharkhand, as well as acquiring land for general business purposes and the Health Management and Research Institute in Ranchi, Jharkhand, on a leasehold basis.
Hem Securities Limited acted as the Book Running Lead Manager for the public issue, with Cameo Corporate Services serving as the IPO registrar.
For retail investors, the minimum investment amount required was ₹104,000, and the lot size for the Asarfi Hospital IPO was 2,000 shares.
The Asarfi Hospital IPO saw an overwhelming response from investors, with an impressive subscription rate of 195.14 times on day 3. Among the categories, non-institutional bidders showed tremendous interest with a subscription rate of 451.62 times, followed by retail investors at 167.81 times, and qualified institutional buyers (QIBs) at 50.60 times, based on data from chittorgarh.com.
On day 2, the Asarfi Hospital IPO was subscribed 18.01 times, and on day 1, it witnessed a subscription rate of 2.52 times.
Asarfi Hospital has been offering medical services to the residents of Jharkhand, a venture founded by Nayan Prakash Singh and Harendra Singh in honor of their mother, Asarfi Devi.
Situated in Dhanbad, Jharkhand, Asarfi Hospital is a reputable multi-specialty healthcare facility with 250 beds, serving the public for nearly two decades. The organization has earned recognition from the National Accreditation Board for Testing and Calibration Laboratories (NABL Accredited).
About Asarfi Hospital:
Asarfi Hospital Limited, a healthcare facility that serves the people of Jharkhand, was founded in 2005. The company was established by Nayan Prakash Singh and Harendra Singh under the name Asarfi Devi in honor of their mother. Asarfi Hospital, a reputed multi-specialty hospital with 250 beds, is in operation in Dhanbad, Jharkhand. It has been offering the neighborhood’s residents complete medical services for about 20 years. The National Accreditation Board for Testing and Calibration Laboratories (NABL Accredited) has granted hospital accreditation.
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