indian-hospital-operator-sees-modest-demand-for-its-ipo

Indian hospital operator sees modest demand for its IPO

Support from long-term investors who are keen on the sector allows Fortis Healthcare to price its offering close to the top of the range.
April 23, 2007
Indian hospital operator Fortis Healthcare has priced its initial public offering towards the upper end of the indicative range for a total deal size of Rs4.97 billion $119 million, following fairly modest demand from all categories of investors. In total, the deal was about 2.8 times subscribed.

Given that this is only the second IPO of size in India this year after IDEA CellularÆs $555 million offering in February, one might have thought that the investor interest would be greater. Especially since IDEA has risen 53% since its listing, compared with a 1% gain in the Mumbai Sensex index since the beginning of the year.

Fortis, which started its hospital operations in 2001, has...
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