New Delhi, Feb. 21 -- Shanmuga Hospital shares made a flat market debut on Friday, February 21, as they were listed at Rs.54 apiece on the BSE SME, the same as the IPO price. Post listing, the stock tumbled to Rs.51.30 apiece, 5% lower than the IPO price.

The IPO was open for bidding from February 13 to February 17 and garnered 2.51 times the bids. The retail portion was booked 4.41 times, while the non-institutional investor (NII) portion was subscribed 0.6 times.

The Rs.20.62 crore IPO was entirely a fresh issue of 38.18 lakh shares. The IPO was priced at Rs.54 per share. The company plans to utilize the funds raised for purchasing additional medical equipment and general corporate purposes.

Shanmuga Hospital, located in Salem, Tamil...