Aatmaj Healthcare
Fixed Price issueSME₹38.40 Cr issue
-6.67%
Listing gain over issue price
Issue size
₹38.40 Cr
1 lot at cut-off
₹1,20,000
Lot size
2,000shares
Open
19 Jun 2023
Close
21 Jun 2023
Allotment
26 Jun 2023
Listing
30 Jun 2023
Listing performance
Issue price
₹60
Listed at
₹56
Listing-day close
₹53.20
Latest price
₹22.80
Close on 23 Oct 2026
Listing gain
-6.67%
Return since issue
-62.00%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Jun 2023 – 21 Jun 2023
- Listing date
- 30 Jun 2023
- Face value
- ₹5 per share
- Issue price
- ₹60 per share
- Lot size
- 2,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹38.40 Cr
- Market cap at offer price
- ₹136 Cr
- Promoter holding
- 88.89% → 63.72% pre-issue → post-issue
- ISIN
- INE0OB201016
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Nirbhay Capital Services Pvt.Ltd.
- Registered office
- Jupiter Hospital, Opp.ICAI Bhavan, Sunpharma Ataladra Road, 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 |
|---|---|---|---|
| Market maker | 3,22,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹60
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,20,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,40,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,60,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,80,000 |
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.
Valuation and performance
Valuation at offer price
₹60 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.41 | — |
| P/E (×) | 11.09 | — |
| Market cap | — | ₹136 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 60.68%
- ROCE
- 69.84%
- Debt / equity
- 0.14
- NAV per share
- ₹60.07
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Aatmaj Healthcare
Aatmaj Healthcare Limited was originally incorporated as a private limited company on March 10, 2014, and converted to a public limited company in December 2022. Founded by Dr. Tushar Suvagiya and Dr. Subhash Padmani with the vision to bring international-standard healthcare to individuals, the company operates hospitals at Vadodara with an aggregate bed capacity of 130 beds extendable to 175 beds. It provides advanced technology-enabled inpatient and outpatient healthcare services across multiple specialties including general medicine, obstetrics & gynaecology, orthopedic and joint replacement, pediatric and neonatology, general surgery, cardiology, urology, nephrology, and ophthalmology, along with pharmacy services. The company generates revenue through patient admissions, consultations, and ancillary healthcare services.
Company Analysis
from RHPAatmaj Healthcare Limited operates multi-specialty hospitals providing inpatient and outpatient healthcare services in Vadodara, Gujarat.
Aatmaj Healthcare Limited was originally incorporated as a private limited company on March 10, 2014, and converted to a public limited company in December 2022. Founded by Dr. Tushar Suvagiya and Dr. Subhash Padmani with the vision to bring international-standard healthcare to individuals, the company operates hospitals at Vadodara with an aggregate bed capacity of 130 beds extendable to 175 beds. It provides advanced technology-enabled inpatient and outpatient healthcare services across multiple specialties including general medicine, obstetrics & gynaecology, orthopedic and joint replacement, pediatric and neonatology, general surgery, cardiology, urology, nephrology, and ophthalmology, along with pharmacy services. The company generates revenue through patient admissions, consultations, and ancillary healthcare services.
healthcarehospital servicesmulti-specialty healthcare
Objects of the Issue
- Repayment/Prepayment in full or part of existing secured debt of the Company ₹900.00 Lakhs p.24
- Funding the Working Capital Requirements of the Company ₹600.00 Lakhs p.24
- Purchase of medical equipments for hospitals of our Company and/or newly acquired or set up hospitals ₹913.11 Lakhs p.24
- Inorganic growth initiatives through acquisitions and other strategic initiatives ₹620.00 Lakhs p.24
- General Corporate Expenses ₹496.89 Lakhs p.24
- Repayment/Prepayment in full or part of existing secured debt of the Company ₹ 900.00 Lakhs p.96
- Funding the Working Capital Requirements of the Company ₹ 600.00 Lakhs p.96
- Purchase of medical equipments for hospitals of our Company and/or newly acquired or set up hospitals ₹ 913.11 Lakhs p.96
- Our inorganic growth initiatives through acquisitions and other strategic initiatives ₹ 620.00 Lakhs p.96
- General Corporate Expenses ₹ 496.89 Lakhs p.96
- Issue Expenses ₹ 310.00 Lakhs p.105
Issue Structure
- Total Issue
- ₹3,840.00 Lakhs
- Fresh Issue
- 64,00,000 Equity Shares of face value of ₹5/- each at ₹60/- per share = ₹3,840.00 Lakhs
- Offer for Sale
- Nil
- Price Band
- Fixed price at ₹60/- per Equity Share
- Lot Size
- 2000 Equity Shares (Application lot) and in multiples thereof; minimum allotment of 2000 Equity Shares
- Face Value
- ₹5/- per Equity Share
Business Model
Revenue is generated through inpatient hospital admissions, outpatient consultative care, diagnostic services, pharmacy operations, and medical procedures. The company operates hospitals on an owned or lease/MOU basis and bills patients directly, through corporate entities covering employee healthcare, and via government-sponsored health schemes including the Central Government Health Scheme.
Business Segments
Multi-specialty hospital services including general medicine, obstetrics & gynaecology, orthopedic and joint replacement, pediatric and neonatology, general surgery, cardiology, urology and uro-surgery, nephrology, ophthalmology, and pharmacy services
Provides hospital bed capacity for patients requiring overnight or longer-term hospitalization, including surgical procedures
Provides medical consultations and outpatient care to patients who do not require hospitalization
Provides surgical procedures and surgical care solutions
Operates a tertiary care hospital with 60 beds offering advanced medical and surgical services including cardiac catheterization, neurosurgery, orthopedic surgery, critical care, pediatric ICU, neonatal ICU, and emergency services
Operates a secondary care hospital with 25 beds (extendable to 35 beds) providing ICU, digital X-ray, laboratories, labor room, and high-risk pregnancy care services
Operates a secondary care hospital with 25 beds (extendable to 35 beds) providing ICU, digital X-ray, laboratories, labor room, and high-risk pregnancy unit services
Operates a secondary care hospital with 20 beds (extendable to 30 beds) providing multi-specialty departments, ICU, and operation theatre services
SWOT Analysis
Strengths
- • Established healthcare provider with advanced technology and accreditation(p.23)
- • Experienced founding promoters with medical backgrounds(p.23)
- • Strong bed occupancy rates demonstrating operational efficiency(p.33)
- • NABH accreditation indicating quality standards compliance(p.36)
- • Diversified revenue from multiple government health schemes(p.31)
- • Diversified specialty service offerings across multiple medical disciplines(p.149)
- • Experienced and professionally qualified management team with international credentials(p.149)
- • High-quality healthcare infrastructure with state-of-the-art technology(p.149)
- • Ability to attract and retain skilled medical professionals(p.149)
- • Strong brand equity and demonstrated capacity to handle patient volume during crises(p.149)
- • NABH accreditation demonstrating compliance with healthcare standards(p.169)
- • Healthcare business model with growing revenue and profitability(p.220)
- • Strong recent financial performance with 28.2% net profit margin(p.281)
- • Significant revenue growth from Covid-19 driven patient surge(p.283)
- • Improvement in current ratio indicating better liquidity management(p.241)
- • Compliant regulatory status with no SEBI/stock exchange disciplinary actions(p.293)
- • Clear litigation status with no material adverse proceedings(p.293)
- • No economic offence proceedings(p.293)
- • Full statutory dues compliance(p.293)
- • Comprehensive regulatory approvals for healthcare operations(p.293)
- • NABH accreditation demonstrating quality standards(p.295)
- • Growing profitability trajectory with positive net worth(p.300)
Weaknesses
- • High dependence on limited medical personnel and risk of talent loss(p.30)
- • Doctors not exclusively bound to company, creating conflicts of interest(p.31)
- • Significant accounts receivable outstanding with collection risk(p.40)
- • Negative cash flows from operations in multiple periods(p.39)
- • History of regulatory non-compliance and delayed statutory filings(p.38)
- • Unsecured loans from directors repayable on demand creating liquidity risk(p.39)
- • Majority of facilities operated through agreements rather than owned(p.39)
- • Delays in EPF payments and GST filing with historical pattern(p.35)
- • Geographic concentration of operations limited to Vadodara, Gujarat(p.150)
- • Dependence on leased properties for two of four hospital facilities(p.134)
- • Small total bed capacity of only 130 beds across all hospitals(p.130)
- • Limited operational history with most recent acquisitions made in 2021-2022(p.135)
- • Lack of formal non-compete arrangements with promoter group entities engaged in similar healthcare business(p.197)
- • No Employee Stock Option Scheme or similar employee incentive plans(p.188)
- • High dependence on director loans and unsecured borrowings from promoters(p.239)
- • Significant increase in short-term borrowings creating refinancing risk(p.214)
- • Negative cash flow from operations in recent period(p.218)
- • Low debt service coverage ratio indicating servicing challenges(p.241)
- • Company has not paid any dividends since incorporation(p.208)
- • Dependence on single facility location in Vadodara(p.293)
- • Outstanding dues to creditors indicating liquidity pressure(p.293)
- • Reliance on licensed trademark from external party(p.297)
- • Domain name registered in personal name of Managing Director(p.297)
- • NABH accreditation expiry creating compliance risk(p.295)
Opportunities
- • High growth trajectory in Indian healthcare sector(p.23)
- • Expanding healthcare workforce creating employment growth(p.23)
- • Rising demand for preventive healthcare and medical tourism(p.23)
- • Government support through increased health expenditure allocation(p.23)
- • Inorganic growth initiatives through acquisitions and strategic partnerships(p.24)
- • Expansion capacity with bed availability extension potential(p.23)
- • Expansion to asset-light model through management contracts with third parties(p.150)
- • Growth in day-care surgery offerings as technological developments enable shorter stays(p.150)
- • Expansion opportunities in high-growth cities within Gujarat(p.150)
- • Growing market for preventative healthcare and lifestyle disease management(p.150)
- • Increase in outpatient and diagnostic revenue through day-care products(p.150)
- • Potential to enhance operational efficiencies through integration and supply chain management(p.150)
- • Potential for expansion of multidisciplinary healthcare services(p.220)
- • Growth in healthcare sector driven by increasing patient demand(p.283)
- • Capital raising through IPO to strengthen balance sheet and reduce leverage(p.288)
- • Improved accessibility to healthcare through cost-effective services model(p.220)
- • Expansion through migration to NSE Main Board after 2-year SME listing period(p.314)
- • Capital growth potential post-IPO to exceed 25 crore rupees(p.314)
- • Three-year market making support ensuring liquidity(p.314)
- • Public capital access via IPO for growth financing(p.300)
Threats
- • COVID-19 pandemic continuing impact uncertainty on healthcare operations(p.32)
- • Intense competition from established and new healthcare providers(p.32)
- • Regulatory changes to government health schemes affecting revenue(p.31)
- • Geographically concentrated operations vulnerable to localized disruptions(p.39)
- • Exposure to medical negligence liabilities and insurance coverage risks(p.45)
- • Natural and man-made disaster risks at facility locations(p.45)
- • Rapid technological changes requiring significant capital investments(p.34)
- • Dependence on third-party suppliers with limited control(p.40)
- • Restrictive debt covenants limiting operational flexibility(p.37)
- • Macroeconomic slowdown affecting healthcare demand and financing(p.52)
- • Regulatory compliance burden from multiple healthcare-specific laws and regulations(p.154)
- • Intense competition from institutionalized hospitals providing secondary and tertiary care(p.150)
- • Dependence on contracted doctors and consultants who may withdraw services(p.130)
- • Vulnerability to healthcare sector cyclicality and economic downturns affecting patient volume(p.149)
- • Requirement to manage biomedical waste and environmental compliance obligations(p.161)
- • Healthcare infrastructure requirements necessitate continuous capital investment(p.150)
- • Regulatory changes in healthcare sector could impact operations and costs(p.279)
- • Intense competition from existing and new healthcare entrants(p.279)
- • Dependence on experienced medical practitioners and staff retention risk(p.279)
- • Healthcare sector subject to economic and fiscal policy changes(p.279)
- • Volatility in raw material costs and supply availability(p.279)
- • Healthcare facility licenses and approvals expiration creating regulatory risk(p.295)
- • Medical Termination of Pregnancy approval validity subject to cancellation(p.295)
- • Mandatory SME Platform listing creating exit constraints(p.314)
- • Regulatory dependency on RBI and government for foreign investor participation(p.313)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dr. Tushar Suvagiya | Promoter | 64.44% | — |
| Dr. Subhash Padmani | Promoter | 2.78% | — |
| Dr. Ravi Apte | Promoter | 2.22% | — |
| Dr. Tushar Suvagiya | Promoter | 64.44% | 46.19% |
| Dr. Subhash Padmani | Promoter | 2.78% | 1.99% |
| Dr. Ravi Apte | Promoter | 2.22% | 1.59% |
| Dr. Ripal Padmani | Promoter Group | 2.78% | 1.99% |
| Mrs. Jayaben Suvagiya | Promoter Group | 5.56% | 3.98% |
| Mr. Karshanbhai Suvagiya | Promoter Group | 5.56% | 3.98% |
| Mrs. Jignasa Suvagiya | Promoter Group | 5.56% | 3.98% |
| Dr. Tushar Suvagiya | Promoter | 64.44% | — |
| Dr. Subhash Padmani | Promoter | 2.78% | — |
| Dr. Ravi Apte | Promoter | 2.22% | — |
| Tushar Suvagiya | Promoter/Managing Director | 64.44% | — |
| Subhash Padmani | Promoter/Key Management Personnel | — | — |
| Jignasa Suvagiya | Promoter Group/Whole Time Director | 5.56% | — |
| Jayshree Kolambekar | Promoter Group | 5.56% | — |
| Jitesh Suvagiya | Promoter Group | 5.56% | — |
| Jayaben Suvagiya | Promoter Group | 5.56% | — |
| Karsanbhai Suvagiya | Promoter Group | 5.56% | — |
| Dr. Tushar Karshanbhai Suvagiya | Promoter | — | — |
| Dr. Subhash Limbabhai Padmani | Promoter | — | — |
Leadership
Dr. Tushar Suvagiya · Managing Director
Mrs. Jignasa Suvagiya · Whole Time Director
Mrs. Radhika Hissaria · Company Secretary & Compliance Officer
Mr. Pratik Gandhi · Chief Financial Officer
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.
Aatmaj Healthcare IPO FAQs
What is the lot size of Aatmaj Healthcare IPO?
The minimum lot size of Aatmaj Healthcare IPO is 2,000 shares. One lot costs ₹1,20,000 at the cut-off price.
When does Aatmaj Healthcare IPO open and close?
Aatmaj Healthcare IPO opened for subscription on 19 Jun 2023 and closed on 21 Jun 2023.
What is the listing date of Aatmaj Healthcare IPO?
Aatmaj Healthcare IPO listed on 30 Jun 2023.