GPT Healthcare IPO GMP: The grey market price  has improved regarding this super specialty hospital company.

1. Introduction:
   • GPT Healthcare Limited debuted its Initial Public Offering (IPO) in the Indian primary market on February 22, 2024, with the subscription window closing on February 26, 2024.
2. Issue Price and Subscription Status:
   • The issue price for GPT Healthcare’s equity shares is set at ₹177 to ₹186 per share.
   • In the initial two days of bidding, the IPO garnered a subscription of 0.85 times.
   • As of day three, the overall subscription increased to 1.09 times, with the retail portion oversubscribed by 1.48 times and the NII segment by 1.36 times. However, the QIB portion lagged behind at 0.19 times subscription.
   • Subscription Status as of February 23, 2024, 5:00 PMQualified Institutional Buyers (QIB): 0.19x
     Non-Institutional Investor (NII): 0.79x
     Retail Individual Investor: 1.24x
     Total: 0.85x
   • As of 5:00 PM on February 23, 2024, the subscription status of GPT Healthcare Limited’s IPO stands as follows:
     • Qualified Institutional Buyers (QIB) segment has been subscribed at 0.19 times.
     • Non-Institutional Investors (NII) have shown a subscription rate of 0.79 times.
     • Retail Individual Investors have exhibited a subscription rate of 1.24 times.
     • Overall, the total subscription stands at 0.85 times.

1. GPT Healthcare IPO GMP :
   • Observers noted a positive shift in GPT Healthcare IPO’s Grey Market Premium (GMP), which rose to ₹9 from zero on Thursday, indicating improved sentiments.
   • Despite a dip of ₹4 from the weekend GMP, the current premium reflects growing interest in the IPO, attributed partly to a trend reversal on Dalal Street.
2. Brokerage Firm Recommendations:
   • Leading brokerage firms including Reliance Securities, Nirmal Bang, Anand Rathi, Mehta Equities, and SMIFS have unanimously endorsed a “Subscribe” rating for GPT Healthcare Ltd.
   • Factors driving this recommendation include the company’s strong market positioning, efficient hospital operations, and a focus on underserved healthcare segments.
   • Anand Rathi particularly highlighted GPT Healthcare’s strategic plans for further hospital development, balanced specialty offerings, and favorable valuation, recommending a long-term investment stance.
3. Expert Insights:
   • Mahesh M Ojha from Hensex Securities emphasized GPT Healthcare’s regional dominance, diverse specialty mix, and its potential for capitalizing on India’s growing healthcare market, expected to reach ₹9.2-9.3 trillion by Fiscal Year 2028.
   • Advising investors to adopt a long-term perspective, Ojha echoed the “Subscribe” sentiment, aligning with other brokerage firms’ assessments.
4. Valuation and Conclusion:
   

   Parameter	Value
   Price/Earnings (P/E) Ratio	39.1x
   Market Capitalization (Post-Issue)	₹15,262 million
   Return on Net Worth (FY23)	23.7%

   • With a P/E ratio of 39.1x and a robust return on net worth, GPT Healthcare’s valuation appears reasonable, reinforcing the case for subscribing to the IPO for long-term investors.
   • In conclusion, GPT Healthcare’s IPO presents an opportunity to invest in a promising healthcare player with a strong market presence, poised to capitalize on India’s evolving healthcare landscape.

Strengths & Risks

• Over the years, the company has grown, with its hospitals’ bed capacities rising from eight in July 2000 to 561 as of September 30, 2023. Over time, the number of medical specialists on the staff has likewise grown. As of September 30, 2023, the corporation employed 1312 medical professionals, up from 945 in 2021.
• In terms of beds and hospitals, GPT Healthcare is among the major regional corporate healthcare organizations in Eastern India, according to a CRISIL analysis for the fiscal year 2023. For the last 20 years, the company has operated in the area.
• A negative outcome could have an effect on the company’s operations because it, along with its directors and promoters, are parties to several legal actions. Sufism, business, cash flows, and the company’s reputation could all suffer as a result of potential lawsuit costs and liabilities.
• For supplies and equipment, the business depends on manufacturers and other third parties. The business, operating results, and cash flows could all suffer if such third parties fail to fulfill their responsibilities.

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