Shalby, an Ahmedabad head quartered tertiary care multi-specialty hospital chain, operating 11 hospitals, had a very tepid listing today on the BSE. As against the IPO price of Rs.248, it got listed at Rs.237. It did manage to one-time rise over IPO price to Rs.254.65 but could not sustain there for long. It is currently at Rs.244.

The IPO had evoked a good response, getting subscribed 2.82 times; the QIBs portion was subscribed 4.47 times, HNIs was at 42% and retail investors at 2.97 times.

In our IPO Analysis, we had concluded, “While the company seems to be built on a strong foundation, it is yet to reap the fruit of its labour, as new hospitals mature over the next 2-3 years. No doubt it is better among the lot and valuation is also not too aggressive, but immediate upside may be limited. Over the longer term, the stock can be better rewarding.”