Wockhardt share up 3% ahead of hospital chain IPO
Wockhardt shares were on Tuesday up nearly 3 per cent at Rs 373, also the high so far in trade. The stock opened at Rs 361.25 to the previous close of Rs 362.70.
By INDIATIMES NEWS NETWORK |
MUMBAI: Wockhardt shares were on Tuesday up nearly 3 per cent at Rs 373, also the high so far in trade. The stock opened at Rs 361.25 to the previous close of Rs 362.70.
The rise in the share can be attributed to the bounce back in the broad market and the initial public offering of the company’s hospital chain, which opens on Jan 31.
Wockhardt Hospitals is eyeing a mop-up of Rs 800 crore through the IPO, which would be used to set up 17 new hospitals by 2010 and also repay debt.
The issue, for over 2.5 crore shares of Rs 10 each, will be in the price band Rs 280-310 per share. The issue closes on Feb 5. Post public issue, the promoters will have around 71 per cent stake in the company.
The IPO has been assigned grade 4/5 by Fitch, indicating above average fundamentals.
The rise in the share can be attributed to the bounce back in the broad market and the initial public offering of the company’s hospital chain, which opens on Jan 31.
Wockhardt Hospitals is eyeing a mop-up of Rs 800 crore through the IPO, which would be used to set up 17 new hospitals by 2010 and also repay debt.
The issue, for over 2.5 crore shares of Rs 10 each, will be in the price band Rs 280-310 per share. The issue closes on Feb 5. Post public issue, the promoters will have around 71 per cent stake in the company.
The IPO has been assigned grade 4/5 by Fitch, indicating above average fundamentals.
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