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KIMS IPO subscribed 56% on Day 2; retail portion booked 1.8 times

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Investors have put in bids for over 73.93 lakh equity shares against the offered size of 1.44 crore shares.

KIMS IPO subscribed 56% on Day 2; retail portion booked 1.8 times
The initial public offering (IPO) of Krishna Institute of Medical Sciences (KIMS Hospitals) was subscribed 56 percent at the end of June 17, the second day of bidding. Investors have put in bids for over 80.52 lakh equity shares against the offered size of 1.44 crore shares.
The issue with a price band of Rs 815-825 per share will close on Friday.
As per the subscription data available on exchanges, the reserved portion for retail investors was subscribed the most, 1.95 times, while the portion for qualified institutional buyers (QIBs) was subscribed 32 percent. Non-institutional investors submitted bids for 9 percent of their reserved portion, and the employees' part saw 66 percent subscription. The company has reserved shares worth Rs 20 crore for its employees.
The IPO includes a fresh issue of 1.44 crore shares and an offer for sale of 2.35 crore equity shares. The total issue size comes to Rs 2,143.7 crore.
The 75 percent of issue size has been reserved for qualified institutional buyers, 10 percent for retail, and the balance 15 percent for non-institutional investors.
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Investors can bid for a minimum of 18 equity shares and in multiples of 18 equity shares thereafter. The minimum bid lot comes to Rs 14,850 at the higher end of the price band.
The net proceeds from the fresh issue will be utilised for repayment of certain borrowings (Rs 150 crore) availed by the company and its subsidiaries; and general corporate purposes.
Most brokerages recommend subscribing to the issue on the back of KIMS’ regional dominance in Andhra Pradesh and Telangana, potential growth prospects, strong balance sheet, diversified revenue, and strong financials.

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