Chandan Healthcare IPO subscribed 1.5 times so far on Day 3: Check GMP, price band and other details

The SME initial public offering (IPO) of Chandan Healthcare was fully subscribed on Wednesday with an overall subscription of 1.48 times as of 12:50 pm on the final day of bidding. The company aims to raise Rs 107 crore through the IPO, with the shares set to list on the NSE SME platform on February 17.

The retail portion of the issue was subscribed by 1.32 times, while the issue was subscribed by 4.19 times in the non-institutional investors’ category on the final day of bidding. Meanwhile, the qualified institutional buyers had not made any bids yet.

The IPO issue is a combination of fresh issue of 44.52 lakh shares aggregating up to Rs 70.79 crore and an offer for sale (OFS) of 23 lakh shares aggregating to Rs 36.57 crore.

Chandan Healthcare IPO’s GMP on Day 3

Ahead of listing, the company's shares were trading with a GMP of Rs 3 in the unlisted market on Wednesday, indicating a premium of just 1.9% over the upper end of the IPO price band of Rs 159.

Chandan Healthcare IPO price band

Chandan Healthcare has set a price range of Rs 151-159 per share. Investors can place bids for a minimum of 800 shares per lot and in multiples beyond that.

Proceeds from the IPO

The company plans to utilize the net proceeds from the IPO to establish a new flagship diagnostic centre and central reference laboratories in Uttar Pradesh. The remaining funds will be allocated for general corporate purposes.

Chandan Healthcare IPO allotment and listing date

Chandan Healthcare IPO allotment will be finalised on February 13 and the listing for the shares is scheduled on February 17.

About Chandan Healthcare

Chandan Healthcare runs a diagnostic network in North India with pathology and radiology testing services. As of December 2024, the company has one flagship laboratory, 9 central laboratories, 27 satellite centres, over 300 collection centres and is located in Jaipur and across Uttar Pradesh and Uttarakhand.

In FY25, till December 2024, the company carried out around 55.79 lakh tests on about 17.11 lakh patients, where it derived about 70% of the revenue from the operations in UP.

The company's test menu includes 481 routine pathology tests, covering basic biochemistry and hematology, as well as 1,015 specialized pathology tests, such as immunohistopathology, and molecular pathology. Its radiology facilities have eleven CT scanners and four MRI machines.

For the period ended December 2024, the company's sale of products accounted for 47% of our total revenue and pathology services made up 34.22%, while radiology services accounted for 18.77% of the revenue.

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