The scrip was listed at 165.10, a premium of 3.84% over the initial public offer (IPO) price. The stock was currently up 1.48% over its listing price.
The counter hit a high of Rs 173.35 and a low of Rs 165.10. About 27.20 lakh shares of the company changed hands at the counter.
Chandan Healthcare's IPO was subscribed 6.62 times. The issue opened for bidding on 10 February 2025 and it closed on 12 February 2025. The price band of the IPO was set at Rs 151 to Rs 159 per share.
The issue size comprised fresh issue of 26,03,264 and offer for sale (OFS) of 22,99,936 shares by existing promoters.
The company intends to utilize the net proceeds for setting up a new flagship diagnostic center in Jankipuram, Lucknow, Uttar Pradesh, setting up a new central reference laboratory in Ayodhya, Uttar Pradesh, setting up a new central reference laboratory in Ashiyana, Lucknow, Uttar Pradesh and for general corporate purposes.
Ahead of Chandan Healthcare on 7 February 2025, raised Rs 29.39 crore from anchor investors. The board has allotted 18.48 lakh shares at Rs 159 per share to 14 anchor investors.
Chandan Healthcare operates a diagnostic network across North India, providing pathology and radiology services. Their network includes a flagship lab, nine central labs, 27 satellite centers, and over 300 collection centers, spanning more than 23 cities and towns in Uttar Pradesh and over 19 in Uttarakhand. Notably, eight of their labs hold NABL accreditation, and three diagnostic centers are NABH accredited. As of 31 December 2024, the company had 1,142 employees.
The company recorded revenue from operations of Rs 167.47 crore and net profit of Rs 17.41 crore for the period ended 31 March 2024.