Global Health, the owner of the Medanta hospital network, launched its shares on the NSE on Wednesday for Rs 401 per share, a premium of 19% over its issue price of Rs 336.
On Thursday, the stock’s high was Rs 455.70. The shares were trading at Rs 410 on Friday till the afternoon.
Soon after becoming public, the firm was able to draw both domestic and foreign institutional investors (DIIs) into the business.
According to NSE bulk trades, Nomura India Investment Fund, a worldwide investment firm, purchased 15 lakh Medanta shares on November 16th in a bulk transaction at a cost of $414.57 per share, totaling more than Rs 62 crore.
On the same day, 36.30 lakh shares of the business were purchased by DII Motilal Oswal Mutual Fund for Rs. 401 each.
One of the biggest private, multi-specialty tertiary care providers in North and East India is Global Health. Under the “Medanta brand,” it operates a network of five hospitals in Gurugram, Indore, Ranchi, Patna, and Lucknow.
Analysts are still optimistic about the stock. According to them, despite a sideways trend on Thursday, “Medanta shares managed to draw bulls’ attention. As a result, short-term investors can anticipate this stock to rise to between $465 and $480 per share (an increase of 20%). At the present price, a new entry may be made while keeping the stop loss below $390 per piece. IIFLS Securities
“Medanta has great brand value, new hospital addition, growth in Average Revenue Per Occupied Bed (ARPOB), pick-up in medical tourism, expanding accessibility to healthcare services, and good industry outlook.”
– Financial Services Geojit