Global Health's IPO worth up to Rs 2,206 crore was subscribed 26 percent on Thursday, the first day of the bidding process. The initial share sale of Global Health — which operates the Medanta chain of hospitals — includes fresh issuance of shares worth up to Rs 500 crore, and an offer for sale (OFS) by existing shareholders.

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By the end of the first day of bidding, the IPO received bids for 1.2 crore shares against the 4.7 crore shares on offer, according to provisional exchange data.

The IPO will be available for subscription for two more trading days between 10 am and 5 pm till Monday, November 7.

Potential investors will be able to bid for Global Health (Medanta) shares in a price range of Rs 319-336 in multiples of 44 — which translates to Rs 14,036-14,784 per lot.

Up to 50 percent of the issue is reserved for qualified institutional buyers (QIBs), at least 15 percent for non-institutional investors (or high net worth individuals) and 35 percent for retail investors.

Global Health shares are likely to be listed on bourses BSE and NSE on November 16.

Nirmal Bang suggests subscribing to the Global Health IPO from a long-term perspective.

"Medanta’s operational and financial performance has been strong and the company has weathered the challenge of pandemic... We believe Medanta is being offered at a reasonable valuation with a multiple of 19.9 times the earnings for the year ended March 2022 considering peer valuation," the brokerage said.

Meanwhile, the IPOs of two other companies are open for subscription: Bikaji Foods International and Fusion Micro Finance.

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