On NSE, the stock debuted at Rs 540, up 1.69 per cent.
The Rs 1,895 crore IPO, which was sold from September 1 to September 3, was subscribed merely 4.54 times, as retail and HNI investors stayed away from the counter.
The category for qualified institutional buyers was subscribed 13.07 times while those for non-institutional investors attracted only 1.32 times subscription. The quota reserved by retail individual investors was subscribed 1.089 times.
Considering the FY-21 adjusted EPS of Rs 8.26 on a post-issue basis, the IPO was sold at a PE of 64.26 with a market cap of Rs 5,414 crore, said analysts. Its peers, Dr Lal Path Labs and Metropolis Healthcare, were trading at a PE of 80.66 and 56.55, respectively.
Vijaya Diagnostic Centre, a leading diagnostic chain in South India, had raised Rs 566 crore from anchor investors. The issue was entirely an offer for sale, which means that the company will not receive any proceeds from the issue.
The diagnostic chain offers a one-stop solution for pathology & radiology testing services. The company offers 740 routine and 870 specialized pathology tests and 220 basic and 320 advanced radiology tests.
