New Delhi, 17 February (HS): Chandan Healthcare, a company running diagnostic centers in North India, made a strong entry in the domestic stock market today. Under the IPO, the company's shares were issued at a price of Rs 159. Today, its entry on the SME platform of the National Stock Exchange was at the level of Rs 165.10 with a premium of 3.84 percent. Immediately after listing, the company's shares jumped with the support of buyers and reached the upper circuit level of Rs 173.35. In this way, the company's IPO investors made a profit of 9.03 percent on the very first day.

Chandan Healthcare's Rs 107.36 crore IPO was open for subscription between February 10 and 12. This IPO received a decent response from the investors, due to which it was subscribed 7.04 times overall. In these, the reserve portion for qualified institutional buyers (QIBs) was subscribed 7.58 times. Similarly, the reserve portion for non-institutional investors (NIIs) got 18.85 times subscription. Apart from this, the reserve portion for retail investors was subscribed 2.44 times. New shares worth Rs 70.79 crore have been issued under this IPO. Apart from this, 22,99,936 shares with a face value of Rs 10 have been sold through the offer for sale window. The company will use the money raised through the IPO to set up a new flagship diagnostic center in Lucknow, set up new central reference laboratories in Ayodhya and Lucknow and for general corporate purposes. Talking about the financial position of the company, as per the claim made in the prospectus, its financial health has continuously strengthened. In the financial year 2021-22, the company had a net profit of Rs 1.09 crore, which increased to Rs 3.59 crore in the next financial year 2022-23 and Rs 16.36 crore in 2023-24. During this period, the company's revenue grew at a compounded rate of more than 21 percent annually to Rs 177.96 crore. In the current financial year, between April and December 2024, the company has made a net profit of Rs 17.42 crore. Similarly, during this period the company has achieved a revenue of Rs 167.99 crore.

Hindusthan Samachar / Jun Sarkar