Aster DM Health IPO subscribed 26% on day 1

The initial public offer of Aster DM Health was subscribed 26 per cent on the first day of its public issue today, according to merchant bankers.

The IPO, which aims to raise Rs 980 crore, received bids for over 72 lakh shares against the total issue size of over 3.74 crore scrips.

The portion reserved for institutional investors was subscribed 51 per cent, non-institutional category 17 per cent and retail investors witnessed a subscription of 16 per cent, the merchant bankers said.

The company had raised Rs 294 crore from anchor investors on Friday.

The initial public offer (IPO) comprises fresh issue of equity shares worth up to Rs 725 crore and an offer for sale of up to 1,34,28,251 scrips by the company's promoter Union Investments.

The price band for the offer, which would be open till February 15, is kept at Rs 180-190 per share.

Proceeds of the issue would be used towards repayment of debt, purchase of medical equipment, and for other general corporate purposes.

Kotak Mahindra Capital Company, Axis Capital and Goldman Sachs (India) Securities, ICICI Securities, JM Financial and Yes Securities will manage the company's public issue.

Aster operates in India, the Philippines, Jordan and all the GCC (Gulf Cooperation Council) states comprising the United Arab Emirates, Oman, Saudi Arabia, Qatar, Kuwait and Bahrain.