Asarfi Hospital, a Jharkhand-based company, made an impressive entry into the stock market on Wednesday as its shares were listed on the BSE SME Exchange at a remarkable 100% premium.
The IPO, which was open for investment from July 17 to July 19, witnessed a surge in share prices, doubling investors’ money on the first day itself.
Asarfi Hospital Shares Debut with a Bang
Asarfi Hospital created waves in the stock market on Wednesday as its shares were listed on the BSE SME Exchange at an astounding premium of almost 100%.
The listing price was ₹98.80 per share, but shortly after the debut, the shares surged to a high of Rs 103.74, delighting investors with handsome returns.
Impressive IPO Details
The Asarfi Hospital IPO, which opened for investment on July 17, attracted investors until July 19, 2023. The company had set the price band for the IPO at ₹51 to ₹52 per equity share.
The IPO comprised a fresh offer of 51.80 lakh equity shares, raising funds of ₹26.94 crore.
Retail investors were required to make a minimum investment of ₹104,000, with the lot size set at 2,000 shares.
Focus on Healthcare Development
The company has ambitious plans to utilize the funds raised through the IPO.
Asarfi Hospital aims to invest in building a cancer hospital in Ranguni, Jharkhand, to cater to the healthcare needs of the region.
Additionally, the company intends to acquire land on a lease basis in Ranchi, Jharkhand, for general commercial use and to establish an Institute of Health Management and Research.
Asarfi Hospital’s entry into the stock market has been marked by impressive gains for investors, with shares soaring by 100% on the BSE SME Exchange debut.
The company’s focus on healthcare development in Jharkhand reflects its commitment to providing quality medical services and contributing to the growth of the healthcare sector in the region.