Shalby Hospitals made its stock market debut at a discount of 4.4%, at Rs 237 per share on the BSE compared to its issue price of Rs 248 apiece. The share price has recovered somewhat since the debut. 

The Ahmedabad-based hospital had seen lukewarm demand for its Rs 504 crore initial public offering, which was subscribed 1.08 times by the final day. The company sold shares at Rs 245-248 apiece via the IPO, valuing it around Rs 2,680 crore. Shalby is the market leader for joint replacement surgery procedures, with a 15% market share of all such surgeries conducted by private corporate hospitals in India. However a recent ruling setting a price ceiling for knee implants is likely to impact revenues for the firm in the coming quarters.

Shalby said that it plans to use the proceeds from the share sale for bringing down debt, purchase of medical equipment for the existing and recently set-up as well as upcoming hospitals.