New Delhi: The Rs500-crore initial public offering (IPO) of Shalby Ltd, which runs a multi-speciality hospital chain, was subscribed 46% on Wednesday—the second day of the share sale.

According to data from the stock exchanges, as of 5pm, the portion of shares reserved for institutional investors in the Shalby IPO was subscribed 35%, while those set aside for retail and non-institutional investors were subscribed 72% and 2%, respectively. Shalby has set a price band of Rs245-248 per share for the IPO. The offer will close on 7 December.

The Shalby IPO includes a fresh issue of Rs480 crore. The majority of funds from the fresh issue (about Rs320 crore) will be used for retiring debt, while the rest will be used to buy medical equipment for existing, recently set up and upcoming hospitals.

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