Manipal Health Enterprises, one of India’s largest multi-specialty hospital networks, faced a tepid reception on the first day of its initial public offering.
The issue was subscribed just 0.15 times on Wednesday, signaling cautious sentiment among early public investors despite the company’s market position.
The retail segment, which often drives momentum in Indian IPOs, accounted for only 27% of its target on the opening day.
The retail segment, which often drives momentum in Indian IPOs, accounted for only 27% of its target on the opening day.
Non-institutional investors also showed limited enthusiasm, contributing to the overall slow start.
This contrasts with the robust anchor investor round, where the company successfully raised ₹4,167 crore, allotting over 7.06 crore equity shares at the upper end of the price band of ₹590 per share.
The discrepancy between anchor demand and public subscription highlights a potential valuation disconnect or broader risk-off sentiment in the Indian healthcare sector.