The initial public offer (IPO) of Metropolis Healthcare received bids for 7.01 lakh shares, as per the National Stock Exchange of India (NSE) website data at 17:30 IST today, 3 April 2019. The issue was subscribed 0.09 times.

The issue opened for subscription today, 3 April 2019 and closes on 5 April 2019. The price band for the issue has been fixed at Rs 877 to Rs 880 per share.

Ahead of the opening of the IPO, the board of directors of the company at its meeting held on 2 April 2019, finalised allocation of 60.23 lakh equity shares to anchor investors at Rs 880 per share.

Incorporated in 1980 by Dr. Sushil Shah, Metropolis Healthcare is one of the leading diagnostics companies in India. The company offers a comprehensive range of clinical laboratory tests and profiles, which are used for prediction, early detection, diagnostic screening, confirmation and/or monitoring of the disease. Metropolis also offers analytical and support services to clinical research organizations for their clinical research projects. The company has presence across 19 states in India, as of 31 December 2018, with leadership position in the West and South India.

The IPO comprises offer for sale of 1.36 crore shares by the existing shareholders. The offer for sale comprises sale of shares by promoter Dr Sushil Shah (62.72 lakh shares) and the investor CA Lotus Investments (74.13 lakh shares).

The objects of the issue is to provide the benefits of listing the equity shares on the BSE and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders.

On a consolidated basis, Metropolis Healthcare reported net profit of Rs 85.66 crore and net sales of Rs 559.31 crore in nine-months ended December 2018.