Sahajanand Medical Technologies lists its shares on the stock exchanges today, October 23, after an initial public offering that drew heavy investor demand. The Rs 1,158.60 crore IPO was subscribed 32.96 times, Business Standard reported. Heavy demand in the primary market has now shifted attention to where the stock opens for trading on the exchanges.
The Sahajanand IPO closed for subscriptions on October 20 after three days of bidding. Investors now await the market debut, with trading expected to begin on October 23. Listing-day moves depend on broader market mood and the appetite for medical technology stocks.
Sahajanand IPO grey market premium signals listing price
In the grey market, Sahajanand Medical Technologies shares carried a Rs 16 premium on listing day, down from Rs 55 at the close of bidding, Mint reported. A premium of Rs 16 points to a possible listing price of around Rs 530, roughly 3 per cent above the upper IPO price band of Rs 514, ET Now reported.
The Rs 39 drop in the Sahajanand IPO grey market premium through the days between the close of bidding and the listing reflects thinner activity and wider swings in the unofficial market. Grey market premiums are not official prices, and they can move fast in the hours around a listing.
Sahajanand IPO price band, lot size and subscription
The company set the IPO price band at Rs 489 to Rs 514 per share. At the top of the band, a retail lot of 29 shares cost Rs 14,906. The issue was subscribed 32.96 times overall, Business Standard reported.
The Sahajanand IPO offered a mix of fresh shares and an offer for sale, raising Rs 1,158.60 crore in total. Proceeds are meant to fund the company’s operations and support its growth plans.
What Sahajanand Medical Technologies does
Sahajanand Medical Technologies makes heart stents and related cardiovascular devices. The company exports to more than 60 countries, ET Now reported. Medical devices are a specialist business, and the listing brings a pure-play cardiovascular device maker to the public markets.
For the listing day itself, the Rs 16 grey market premium is the main reference point available ahead of the open. How the stock trades once official dealing begins will be decided by actual buy and sell orders, not by unofficial quotes.