Aashka Hospitals SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 10 Aug 2021 – 24 Aug 2021
- Listing date
- 01 Sep 2021
- Face value
- ₹10 per share
- Issue price
- ₹121 per share
- Lot size
- 1,000 shares
- Total issue size
- ₹102 Cr
- Market cap at offer price
- ₹283 Cr
- Promoter holding
- 91.67% → 61.28% pre-issue → post-issue
- ISIN
- INE0EAX01014
- Registrar
- Accurate Securities & Registry Pvt.Ltd.
- Lead managers
- Fedex Securities Pvt.Ltd.
- Registered office
- Between Sargasan & Reliance Cross Road, Sargasan, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 4,80,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹121
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,21,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,42,000 |
| S-HNI (max) | 8 | 8,000 | ₹9,68,000 |
| B-HNI (min) | 9 | 9,000 | ₹10,89,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹283 Cr |
About Aashka Hospitals SME
Aashka Hospitals Limited, incorporated in 2012 and converted to a public limited company in 2018, operates as an integrated healthcare service provider committed to delivering quality healthcare services including prevention, treatment, and rehabilitation. The company is NABH (National Accreditation Board for Hospitals and Healthcare Providers) certified for tertiary and specialty care level hospital operations in Gujarat. The company generates revenue from inpatient treatments, outpatient consultative services, and government-sponsored health schemes. It operates with a multi-specialty and super-specialty practice model, employing both full-time doctors and consultants on a consultancy basis.
Company Analysis
from RHPAashka Hospitals Limited is a NABH-accredited integrated healthcare service provider offering tertiary and specialty care services in Gujarat, India.
Aashka Hospitals Limited, incorporated in 2012 and converted to a public limited company in 2018, operates as an integrated healthcare service provider committed to delivering quality healthcare services including prevention, treatment, and rehabilitation. The company is NABH (National Accreditation Board for Hospitals and Healthcare Providers) certified for tertiary and specialty care level hospital operations in Gujarat. The company generates revenue from inpatient treatments, outpatient consultative services, and government-sponsored health schemes. It operates with a multi-specialty and super-specialty practice model, employing both full-time doctors and consultants on a consultancy basis.
Objects of the Issue
- Repayment / prepayment, in full or part, of certain borrowings availed by our Company ₹2,000 Lakhs p.20
- Funding of our inorganic growth initiatives ₹2,854 Lakhs p.20
- General corporate purposes ₹1,500 Lakhs p.20
Issue Structure
- Total Issue
- ₹10,164.00 Lakhs
- Fresh Issue
- ₹6,534.00 Lakhs (54,00,000 Equity Shares)
- Offer for Sale
- ₹3,630.00 Lakhs (30,00,000 Equity Shares)
- Price Band
- ₹121.00 per Equity Share (Fixed Price)
- Lot Size
- 1,000 Equity Shares (Application Lot)
- Face Value
- ₹10.00 per Equity Share
Business Model
The company earns revenue from medical and healthcare services delivered through its hospital facility, including inpatient admissions and treatments, outpatient consultative care, pharmacy services, and medical equipment/diagnostic services. Revenue is generated from patients paying directly, through third-party payers (government bodies, private and public insurers, and corporate entities), and through various government-sponsored health schemes including the Central Government Health Scheme, Ex-servicemen Contributory Health Scheme, and Employees' State Insurance Scheme.
Business Segments
SWOT Analysis
- • NABH accreditation for tertiary care(p.19)
- • Integrated healthcare service provider with quality focus(p.19)
- • Revenue growth trajectory(p.20)
- • Profitability improvement(p.20)
- • NABH accreditation for tertiary and apical care level hospital services(p.209)
- • Integrated healthcare provider with multi-specialty services(p.209)
- • Strong revenue growth trajectory(p.211)
- • Improved profitability margins(p.212)
- • Experienced founding promoter with civil engineering and hospital management background(p.209)
- • High dependence on doctors and healthcare professionals(p.25)
- • Loss of medical professionals could materially affect operations(p.25)
- • Conflicts of interest with consultancy doctors(p.26)
- • Delayed payments from third-party payers(p.26)
- • Past defaults on loan repayments(p.29)
- • Unsecured loans repayable on demand from related parties(p.34)
- • Below-target bed occupancy rates(p.28)
- • Geographically concentrated operations(p.36)
- • Significant debt burden relative to equity(p.207)
- • High finance costs impacting profitability(p.204)
- • History of delayed loan payments(p.158)
- • Concentration of shareholding with promoter(p.195)
- • Limited scale and single location operations(p.156)
- • India's rapidly growing healthcare sector(p.19)
- • Rising demand for specialized care services(p.19)
- • India's competitive advantage in healthcare(p.19)
- • Inorganic growth initiatives planned(p.20)
- • Preventative healthcare growth opportunity(p.19)
- • Expansion of hospital capacity and new facilities(p.224)
- • Growing healthcare demand in Gujarat region(p.209)
- • Diversification of services and specialties(p.209)
- • Leveraging capital market to reduce debt burden(p.207)
- • COVID-19 pandemic uncertainty(p.26)
- • Intense competition from other healthcare providers(p.26)
- • Adverse changes in government health scheme regulations(p.25)
- • Stringent regulatory compliance requirements(p.30)
- • Exposure to medical malpractice claims(p.31)
- • Natural and man-made disasters(p.31)
- • 100% revenue dependence on India economy(p.43)
- • Policy changes affecting government schemes(p.44)
- • Intensive competition in hospital and healthcare sector(p.210)
- • Regulatory changes in healthcare sector(p.210)
- • Pending consumer litigation affecting reputation and operations(p.220)
- • Economic and political uncertainty impacting healthcare demand(p.210)
- • Dependence on specialized medical professionals and retention risk(p.209)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Bipinchandra Shah | Promoter | 71.58% | — |
| Dr. Parag Thaker | Promoter Group | 2.78% | — |
| Vaishali Parag Thaker | Promoter Group | 2.22% | — |
| Bipinchandra Shah | Promoter | 71.58% | — |
| Bipinchandra Shah | Promoter | — | — |
| Parag Thaker | Promoter Group | — | — |
| Vaishali Parag Thaker | Promoter Group | — | — |
| Bipinchandra Shah | Promoter/Chairman & Managing Director | — | — |
| Parag Rameshchandra Thaker | Promoter Selling Shareholder | — | — |
| Vaishaliben Paragbhai Thaker | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.