RIDING ON BULLISH investor interest, companies in the healthcare, pharmaceuticals and diagnostics sector are rushing to tap the initial public offering (IPO) market. The Covid-19 pandemic, which created special interest in healthcare and related sectors, seems to have been the trigger. According to PRIME Database, which tracks India’s primary capital markets, at least 13 IPOs were launched in the past two years in these sectors. That is a significant rise from earlier years. “There is a pickup in the number of IPOs in the past two years. There were three IPOs in one year on an average over the past five years, but there were seven IPOs per year in the past two years, which is a very good number,” says Pranav Haldea, Managing Director of PRIME Database Group. The most recent IPO, in November 2022, was that of Global Health, which operates the Medanta hospital in Gurugram. The IPO comprised fresh issuance of shares worth up to ₹500 crore and an offer-for-sale of up to 50.76 million equity shares.
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