Goodwill Hospital withdraws IPO on poor demand

Goodwill Hospital and Research Centre on Monday withdrew its Rs 62 crore initial public offer (IPO) after poor demand from inve-stors, becoming the first victim of a tough primary market in this year.

The company’s issue, which opened for subscription on December 30, was scheduled to close on Monday. The price band for the IPO was Rs 175-184 a share.

As of January 6, Goodwill Hospital’s issue was subsribed just one per cent, according to data available on the National Stock Exchange (NSE) website.

“The Book Running Lead Manager (BRLM) to the issue has informed the exchange that the book building issue of Goodwill Hospital and Research Centre has been withdrawn,” according to a notice on the NSE webiste.

SPA Merchant Bankers Ltd was the BRLM to the issue.

Goodwill Hospital runs a multi-speciality hospital at Noida called Ojjus Medicare and also provides healthcare services.

Tough market conditions resulted in cancelation of 28 IPOs worth Rs 32,000 crore in 2011.