Vijaya Diagnostic makes a tepid debut in stock markets, lists 2% above issue price on BSE

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Shares of Vijaya Diagnostic Centre made a tepid debut in the stock exchanges today listing at around 2 per cent higher than their issue price.

The scrip got listed at Rs 542.30 apiece on the BSE, thereby registering a gain of 2.13 per cent from its offer price of Rs 531, while on the National Stock Exchange (NSE), it opened at Rs 540.00, up 1.70 per cent from the issue price.

However, after the sluggish start, the stock gained momentum and touched an intraday high of Rs 589.40 on NSE and Rs 590.00 on the BSE so far during the first 90 minutes of trade.

At 11:30 am, the scrip was trading at Rs 582.05 on the BSE, up 9.61 per cent from the issue price while on NSE it was at Rs 583.05.

Over 7.93 lakh shares of Vijaya Diagnostic Centre were traded on the BSE during the first 90 minutes of trade, while over 1.37 crore shares exchanged hands on the NSE, data from the respective stock exchanges showed.

The Rs 1,895 crore initial public offering (IPO) of Vijaya Diagnostic Centre was subscribed 4.54 times during its offer period from September 1-3.

Vijaya Diagnostic Centre provides pathology and radiology testing services to customers through an extensive network, which comprises of 80 diagnostic centres and 11 reference laboratories across 13 cities and towns in the states of Telangana and Andhra Pradesh, National Capital Region and Kolkata.

Vijaya Diagnostic shares make muted stock market debut; jump 2% from IPO price on opening

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Vijaya Diagnostic IPO was subscribed 4.58 times earlier this month as it raised Rs 1,895 crore from investors. (Image: REUTERS)

Vijaya Diagnostic Centre listed on the stock exchanges today flat with a marginal premium to the IPO price amid positive market momentum. Shares of Vijaya Diagnostic began trading at Rs 542.3 per share, up Rs 11.3 or 2.13% from the upper end of IPO price of Rs 531 per share. The IPO of the South India based diagnostic chain was subscribed 4.58 times earlier this month as it raised Rs 1,895 crore from investors. The IPO was entirely an offer for sale (OFS) by existing shareholders of the company. Vijaya Diagnostic Centre will join peers such as Dr Lal Pathlabs, Metropolis Healthcare, Krsnaa Diagnostics, and Throcare Technologies on the bourses.

Check Live Price: Vijaya Diagnostic Centre

Vijaya Diagnostic Centre’s IPO was subscribed 13.07 times by qualified institutional buyers (QIB) for whom half the issue was reserved. Retail investors subscribed to the IPO 1.09 times while non-institutional investors (NII) bid for 1.32 times the portion reserved for them. Employees of the firm had subscribed to the IPO 0.98 times. Ahead of its listing on Dalal Street, shares of Vijaya Diagnostic Centre were trading with losses in the grey market.

“At the upper price band, Vijaya Diagnostic Centre Limited is demanding a PE multiple of ~64.3X of FY21 earnings which is lower than the industry average of 90.8X,” domestic brokerage and research firm IIFL Securities said in a note while advising investors to subscribe to the IPO with a long-term perspective. Vijaya Diagnostic Centre has not received any funds from the listing of its stocks on the stock exchanges as the IPO was entirely and OFS. Promoters of the company have trimmed their stake in the company by 5%. Vijaya Diagnostic Centre has been registering profits for the last 3 financial years.

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New Delhi: Shares of healthcare chain Vijaya diagnostic Centre are being listed today at stock market – BSE and NSE. Vijaya diagnostic Centre was opened for subscription on September 1 and the period was closed on September 3. The initial public offering was subscribed 4.54 times.Also Read - JEE Main Results 2021 For Session 4 to be Declared Shortly at jeemain.nta.nic.in | LIVE UPDATES

Vijaya Diagnostic Centre IPO Listing, Share Price- Direct Link