Metropolis IPO oversubscribed 3x

The IPO of Metropolis Healthcare received a positive response from QIBs and retail investors on Friday, its last day of subscription.

The public issue of Rs. 1,204 crore has so far been subscribed 3.33 times. The IPO received bids of 2.55 crore equity shares as against an IPO size of 76.61 lakh equity shares.

The portion reserved for qualified institutional investors (QIB) witnessed an oversubscription of 5.76 times while the retail investors part was subscribed 1.71 times. The company had raised Rs. 530 crore by selling the stake to anchor investors ahead of the IPO. The company had allotted 60,23,293 equity shares to 26 anchor investors at Rs. 880 per share. Small Cap World Fund, Fundsmith Emerging Equities Trust, Sundaram Mutual Fund, UTI Equity Fund, Edelweiss Crossover Opportunities Fund are some of the anchor investors of the offer.

The company plans to use the net proceeds from the IPO to retire its debt. The public offer opened for subscription on April 3, at a price band of Rs. 877-880 per share. The Carlyle Group owns 31 per cent stake in the company while the promoter owns the rest.