Lotus Managed To Get Full Subscription
Initial public offering (IPO) of Coimbatore-based Lotus Eye Care Hospital (LECHL) has managed to get full subscription after extending the issue date and price revision because of lack of response from investors. The IPO subscribed 1.18 times on closing. It received total of 11.80 million bids, while 4.35 million bids were received at cut-off price.The price band was Rs 36 to Rs 38 a share. The issue would constitute 48.09% of the fully diluted post issue paid-up equity capital of the company.The equity shares are proposed to be listed on Bombay Stock Exchange of India (BSE) and National Stock Exchange (NSE). Keynote Corporate Services is helping the company in the process of raising funds from the market. This issue has been graded by Credit Analysis & Research (CARE) and has been assigned an `IPO Grade 3` indicating average fundamentals.Lotus Eye Care Hospital is the eye care hospital group functioning in South India with specialization in super-specialty service related to eye care. It has network of four eye care hospitals based at Coimbatore (2), Salem (1), Tirupur (1). The company operates in outpatient, daycare and inpatient hospital services and retail sales in the pharmacy and optical. During the financial year 2006-2007, it reported a net profit of Rs 12.87 million on total income of Rs 72.99 million.
