Healthcare Global Enterprise (HCG), a provider of specialty healthcare provider focused on cancer and fertility treatment, made a weak stock market debut on Wednesday.
On NSE, its shares plunged as much as 20 per cent to Rs. 175, against the issue price of Rs. 218.
The Rs. 650 crore IPO of HealthCare Global, which was open from March 16-18, was oversubscribed 1.56 times. The company had fixed the price band at Rs. 205-218 for the IPO.
The Bengaluru-based firm operates one of the largest cancer-care networks in the country under the brand name HCG.
HCG has 14 comprehensive cancer-care centres. For the financial year ended March 2015, the company had posted a consolidated net profit of Rs. 0.55 crore on sales of Rs. 524 crore.
At 10:14 a.m., HCG shares were down 17 per cent at Rs. 180, as compared to a 0.80 per cent gain in Sensex.
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