Medistep Healthcare IPO listing: Medistep Healthcare’s share price made an impressive debut on Monday, August 18, but soon slipped to hit its lower circuit despite positive market sentiment.
Medistep Healthcare listed at ₹53 on the NSE on Monday, a premium of 23.3 per cent from its issue price of ₹43. However, the SME stock soon erased gains to hit its 5 per cent lower circuit of ₹50.35. Around 11 AM, the stock was locked in its 5 per cent lower circuit even as the equity benchmark Nifty 50 traded with a solid gain of over a per cent.
The stock’s listing slightly exceeded grey market expectations, as the latest grey market premium (GMP) indicated that it could be listed at a premium of 19 per cent.
Grey markets were expecting a healthy listing after the SME IPO saw a solid subscription of 382 times.
Medistep Healthcare is a pharmaceutical company. Its core business activities are the manufacturing of sanitary pads and energy powder, and the trading and distribution of pharmaceutical, nutraceutical, surgical, and intimate care products.
(This is a developing story. Please check back for fresh updates.)
