Aster’s India listing off to tepid start

Dubai: Private health-care service provider Aster DM Healthcare witnessed its listing get off to a tepid start on Indian bourses on Monday as the share price fell as much as 7.2 per cent in intra-day trade.

Aster shares fell to a low of Rs176.30 (Dh9.99) before regaining some lost ground to close at Rs181.55, 4.45 per cent lower than its listing price of Rs190.

Aster’s initial public offering (IPO) was oversubscribed 1.31 times, with the institutional portion oversubscribed 2.1 times. The retail portion was oversubscribed 1.18 times.

The company plans to use the proceeds to pay off some debt and also finance its business development.

Kotak Mahindra Capital, Axis Capital and Goldman Sachs (India) Securities acted as global coordinators and were among the book-running lead managers to the IPO.

Aster is present in nine countries including the UAE and the other countries in the GCC, as well as India and the Philippines. It has more than 300 clinics that employ 2,161 doctors and more than 19,000 people.