Wockhardt Hospital has extended its initial public offer (IPO) closing date to Thursday, 7 February 2008 from the earlier Tuesday, 5 February 2008.

The IPO was subscribed by just 0.05 times on the third day of issue today. The issue received bids for 12.69 lakh shares at 14:00 IST as against 2.50 crore shares on offer. At the end of the second day on Monday, 4 February 2008, no bids were put in by qualified institutional buyers (QIBs) and non-institutional investors. The issue opened for subscription on Friday, 1 February 2008.

The company had lowered the price band of its initial public offering to Rs 225-260 per equity share. The revision was done in the light of current volatile market conditions. The company had earlier fixed the price band for its IPO at between Rs 280-310 per equity share.

The issue proceeds would be used to set up 17 new hospitals by 2010 and also repay debt. Post public issue, the promoters will have around 71% stake in the company.

The company would set up 17 new hospitals across the country by 2010 through green field (6) and brown field (11) projects to take the total number of its healthcare facilities to 32 by 2010.

The new hospitals would be set up in Mumbai, Delhi, Bangalore and Kolkata, while the brownfield hospitals would come up in tier-II cities like Goa, Bhopal, Bhavnagar, Nashik, Ludhiana, Jabalpur, Bhuj, Patna, Hubli and Varanasi.

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