Broach Lifecare Hospital shares had a strong start on the BSE SME platform on Wednesday, opening at a 90% premium.
The stock began trading at Rs 47.5, significantly higher than the initial price band of Rs 25 per share.
Shortly after listing, the stock reached its upper circuit limit and hit an intraday high of Rs 49.87, offering investors up to 100% profit on the first day.
Details About the IPO
The Initial Public Offering (IPO) for Broach Lifecare Hospital was open from Tuesday, 13 August, to Friday, 16 August.
This Rs 4.02 crore IPO was a fresh issue, offering 16.08 lakh shares at Rs 25 per share. The allotment of shares was finalized on 19 August.
According to Chittorgarh.com, the IPO was subscribed 159.11 times by the end of the bidding period.
Notably, there was no gray market premium (GMP) for the shares before listing.
Fedex Securities Private Limited was the book-running lead manager, and KFin Technologies Limited served as the registrar for the IPO.
About the Company
Founded in 2023, Bharuch Lifecare Hospital specializes in high-end cardiology services through its boutique hospital.
The hospital in Bharuch has 25 ultra-luxury in-patient beds and advanced diagnostic equipment.
It is also equipped with critical life-saving devices, including intra-aortic balloon pumps, biphasic defibrillators, and ventilators.
The funds raised from the IPO will be used to purchase new medical machinery, develop a medical tourism web portal, and cover general corporate expenses.
