Shares in Espirito Santo Saude, the second-largest Portuguese hospital group, slipped six cents to €3.14 after trading started on Feb 12. The IPO, which raised €150m - of which €25m will go to the company for further expansion - was at the low end of the initial price range. Many will be watching ESS with eagle eyes. It is the first substantial IPO of a European hospital group since 2001. So what does the valuation tell us?