Healthcare flops on debut

There is a new entrant on the bourses today. Healthcare Global Enterprises. As against an issue price of Rs.218, it got listed on the BSE at Rs.209.80 and it seems to be headed only southwards since then. Hitting an intra day low a Rs.175.45, the stock is now down 15% at Rs.186 levels. Obviously not a good going for a debutant.

The IPO of HealthCare Global which was open from March 16-18, was subscribed 1.56 times.

The company provides cancer and fertility focussed healthcare services, having 14 comprehensive cancer centres, including its Centre of Excellence in Bengaluru.

In our New Issue Analysis section, we had very clearly advised, "Clear advice is to remain away from HealthCare Global issue, as it is seen too expensive, while much better listed peers at lower valuations are available in healthcare space.”