The volatility in the Indian stock market has forced Wockhardt Hospitals to revise the price band to Rs 225 (20 per cent at the lower end) and Rs 260 (16 per cent at the upper end) per equity share (from Rs 280 to Rs 310) for its initial public offering (IPO) of 25.09 million equity shares of Rs 10 each for cash at a price determined through a 100 per cent book-building process.The issue opens on January 31 and closes on February 5.
The Emaar-MGF management, on the other hand, has decided to stick to its price band of Rs 610-690 for 10.26 million shares.The issue will open on February 1. The IRB Infrastructure Developers issue of 51.06 million equity shares (which opens tomorrow) has a price band of Rs 185 to Rs 220.
The proposed IPO of Wockhardt Hospitals has been assigned an IPO grade of 4 out of 5 by rating agency Fitch Ratings India, indicating above-average fundamentals.Wockhardt Hospitals intends to utilise the proceeds from the issue to meet the cost of development and construction of greenfield and brownfield hospitals of the company, pre-pay some of the short-term loans and to meet general corporate expenses.The equity shares are proposed to be listed on the Bombay Stock Exchange and National Stock Exchange.
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