April 5, 2019 / 1:41 PM / 4 months ago

India's Metropolis Healthcare $174 million IPO over subscribed

(Reuters) - Metropolis Healthcare Ltd's initial public offering (IPO) to raise as much as 12.04 billion rupees ($174.01 million)was over subscribed 5.8 times at the end of the book-running process, stock exchange data showed bit.ly/2uN67xr on Friday.

Of the 13.7 million shares the Indian diagnostics company intends to sell, promoter Sushil Kanubhai Shah will give up 6.3 million shares, while investor CA Lotus Investments, a unit of U.S.-based private equity firm Carlyle Group, will offload 7.4 million shares.

The IPO includes an anchor portion of about 6 million shares.

Of the remaining shares, investors bid for about 44.6 million shares in the company, or 5.8 times the 7.7 million on offer, as of 0115 GMT.

Interest for Indian equities has seen a rise recently as the country heads for its general elections next week, amid hopes that the current coalition government led by Prime Minister Narendra Modi would return to power, even though investors continued to maintain a cautious stance.

Over the last month, India’s state-owned Rail Vikas Nigam Ltd and the first ever real estate investment trust in India, Embassy Office Parks REIT have seen successful subscriptions.

Reporting by Chandini Monnappa in Bengaluru, Editing by Sherry Jacob-Phillips

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