Unihealth Consultancy IPO Final Subscription Details

The IPO of Unihealth Consultancy Ltd closed on Tuesday, 12th September 2023. The IPO had opened for subscription on 08th September 2023. Let us look at the final subscription status of Unihealth Consultancy Ltd at the close of subscription on 12th September 2023. The price band for the IPO was fixed at ₹126 to ₹132 and the stock has a face value of ₹10 per share.

About the Unihealth Consultancy Ltd IPO

The ₹56.55 crore IPO of Unihealth Consultancy Ltd comprises entirely of a fresh issue with no offer for sale (OFS) component. The Fresh Issue portion of Unihealth Consultancy Ltd entails the issue of 42.84 lakh shares at which at the upper band of the price range at ₹132 per share aggregates to ₹56.55 crore. The stock has a face value of ₹10 and retail bidders can bid in minimum lot size of 1,000 share each. Thus, the minimum investment of ₹132,000 in the IPO is the base limit. That is also the maximum that a retail investor can apply for in the IPO.

HNIs / NIIs can invest in a minimum of 2 lots of 2,000 shares worth ₹264,000 as the bare minimum investment. There is no upper limit for the HNI / NII category or even for the QIB category. Let us now turn to the final subscription details of the IPO as of the close of subscription on 12th September 2023.

Final subscription status of Unihealth Consultancy Ltd

Here is the subscription status of the Unihealth Consultancy IPO as at close on 12th September 2023.

The issue was open for retail investors, QIBs and for the HNI / NIIs. There was a broad quota designed for each of the segments viz. the QIBs, the retail and the HNI NII. The table below captures the allocation reservation done for each of the categories out of the total number of shares offered in the IPO. A total of 2,16,000 shares were allocated as market maker portion to Rikhav  Securities Ltd, which will act as a market maker to provide bid-ask liquidity on the counter post listing. Market maker action not only improves liquidity in the counter but also reduces the basis risk.

As can be seen, from the above table, the company had allocated 23.04% of its original issue size to anchor investors. The anchor allotment was done on 07th September 2023 and the anchor allocation was spread across 6 anchor investors. All the anchor allocation was done at the upper end of the price band at ₹132 per share. Out of the 12.18 lakh shares allocated under the anchor portion, Saint Capital Fund was allocated 27.56% of the anchor portion while LSRD Securities was allocated 22.11% and Leading Light Fund was allocated 16.58%. Of the balance, Rajasthan Global Securities Ltd and Vikasa India EIF Fund got 11.05% each of the anchor allocation while Stern Global Fund was allocated the balance 11.64%. The anchor portion is adjusted to the overall QIB quota.

How subscription built up for the IPO of Unihealth Consultancy Ltd

The oversubscription of the IPO was dominated by the HNI / NIIs followed by the retail investors and the QIB investors in that order. The table below captures the day-wise progression of the subscription status of Unihealth Consultancy Ltd IPO.

It is clear from the above table that while the retail portion got fully subscribed on the first day of the IPO itself, the HNI / NII portion got fully subscribed only on the second day while the QIB portion saw flows bunched on the last day of the IPO, which his when it got fully subscribed. However, the overall IPO was fully subscribed on the second day itself although most of the traction was seen on the last day. All the 3 categories of investors viz., HNIs / NIIs, retail and QIB categories saw good traction and build up of interest on the last day of the IPO. There is an allocation of 2,16,000 shares to Rikhav Securities Ltd for market making. The market maker offers two way quotes on the stock post listing using the inventory of shares and ensures that investors do not get overly worried about liquidity and basis risk in the early stages.

The IPO of Unihealth Consultancy Ltd opened for subscription on 08th September 2023 and closed for subscription on 12th September 2023 (both days inclusive). The basis of allotment will be finalized on 15th September 2023 and the refunds will be initiated on 18th September 2023. In addition, the demat credits are expected to happen on 20th September 2023 and the stock is scheduled to list on 21st September 2023 on the NSE SME segment. This is the segment, in contrast to the mainboard, where IPOs of small and medium enterprises (SMEs) are incubated.

A quick word on Unihealth Consultancy Ltd and the SME IPO

Unihealth Consultancy Ltd was incorporated in the year 2010 in Mumbai, to provide quality and affordable healthcare services. The company is based in India but has operational presence in multiple countries across the African continent, where it is largely focused on. The company has several verticals under the banner. These include the Medical Centres vertical, Hospitals vertical, Consultancy Services vertical, Pharma distribution vertical, Medical Consumables vertical, and Medical Value Travel. Under the aegis of Unihealth Consultancy Ltd, the company operates a combined capacity of 200 operational hospital beds across two multi-specialty facilities. These first facility is the UMC Victoria Hospital in Kampala, Uganda with a bed strength of 120 beds.  The second facility is the UMC Zahir Hospital in Kano, Nigeria which has a bed strength of 80 beds. Apart from these 2 hospitals, Unihealth Consultancy Ltd also operates Unihealth Medical Centre, which is a dedicated dialysis facility, in Mwanza, Tanzania.

With its strong global footprint and exposure to global best practices, Unihealth Consultancy Ltd is currently providing project management consultancy services to set up a 300 bed Health City in Undri, Pune. This is being implemented by Unihealth Consultancy on behalf of PHRC Lifespaces Organization. It also has few other healthcare consultancy projects in other African nations like Kenya and Angola. Unihealth has a dedicated subsidiary, Unihealth Pharmaceuticals Private Limited, which undertakes the business of procuring and exporting pharmaceutical and medical consumable products. This company exports all the necessary goods and consumables to its hospital and medical care centre network located in the continent of Africa. Its major client roster is spread across a slew of African nations including Uganda, Nigeria, Tanzania, Kenya, Zimbabwe, Angola, Ethiopia, Mozambique, and the Democratic Republic of Congo; apart from India.

The company has been promoted by Dr Anurag Shah and Dr Akshay Parmar. The promoter holding (including the promoter group) in the company currently stands at 95.32%. However, post the fresh issue of shares and the IPO, the promoter equity holding share will reduce to 68.80%. The fresh issue funds will be used by the company for investing in its JV in Kampala, Uganda as well as the joint venture in Nigeria and Tanzania. Part of the funds raised will also be applied for general corporate purposes. While Unistone Capital Private Ltd will be the lead manager to the issue, Bigshare Services Private Ltd will be the registrar to the issue. The market maker for the issue is Rikhav Securities Ltd.