Asarfi Hospital
Book Building issueSME₹26.94 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹26.94 Cr
1 lot at cut-off
₹1,04,000
Lot size
2,000shares
Open
17 Jul 2023
Close
19 Jul 2023
Allotment
24 Jul 2023
Listing
26 Jul 2023
Listing performance
Issue price
₹52
Listed at
₹98.80
Listing-day close
₹103.74
Latest price
₹170.10
Close on 23 Oct 2026
Listing gain
+90.00%
Return since issue
+227.12%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 17 Jul 2023 – 19 Jul 2023
- Listing date
- 26 Jul 2023
- Face value
- ₹10 per share
- Issue price
- ₹52 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹26.94 Cr
- Market cap at offer price
- ₹102 Cr
- Promoter holding
- 83.03% → 61.17% pre-issue → post-issue
- ISIN
- INE0DN001027
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Baramuri, Bishunpur Polytechnic, Jharkhand
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 | 14,76,000 | — | — |
| Market maker | 2,60,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹52
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,04,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,08,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,36,000 |
| B-HNI (min) | 10 | 20,000 | ₹10,40,000 |
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.
Shares allocated
14,76,000
Anchor portion
₹7.68 Cr
at ₹52 per share
Valuation and performance
Valuation at offer price
₹52 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.58 | — |
| P/E (×) | 6.86 | — |
| Market cap | — | ₹102 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 19.16%
- ROCE
- 19.91%
- Debt / equity
- 0.41
- PAT margin
- 11.34%
- NAV per share
- ₹28.86
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Asarfi Hospital
Asarfi Hospital Limited, originally incorporated as a private limited company on October 04, 2005, was converted to a public limited company on February 08, 2012. The company is a 250-bedded multi-specialty hospital serving patients for over one and a half decades in Dhanbad, Jharkhand. Accredited by NABL (National Accreditation Board for Testing and Calibration Laboratories), it operates as an integrated healthcare service provider committed to delivering valued healthcare services that include prevention, treatment and proper rehabilitation. The company derives revenue from inpatient and outpatient services, with substantial contributions from cardiology (27.7%), neurosciences (15.45%) and general medicine (15.53%) services.
Company Analysis
from RHPAsarfi Hospital Limited is a 250-bedded multi-specialty hospital providing integrated healthcare services including prevention, treatment and rehabilitation in Dhanbad, Jharkhand.
Asarfi Hospital Limited, originally incorporated as a private limited company on October 04, 2005, was converted to a public limited company on February 08, 2012. The company is a 250-bedded multi-specialty hospital serving patients for over one and a half decades in Dhanbad, Jharkhand. Accredited by NABL (National Accreditation Board for Testing and Calibration Laboratories), it operates as an integrated healthcare service provider committed to delivering valued healthcare services that include prevention, treatment and proper rehabilitation. The company derives revenue from inpatient and outpatient services, with substantial contributions from cardiology (27.7%), neurosciences (15.45%) and general medicine (15.53%) services.
healthcare servicesmulti-specialty hospital operationsmedical services
Objects of the Issue
- Part Funding of Capital Expenditure of Cancer Hospital at Ranguni, Jharkhand ₹1,221.60 lakhs p.22
- Acquiring Land on Leasehold basis for Health Management and Research Institute at Ranchi, Jharkhand ₹765.43 lakhs p.22
- General Corporate Purpose p.22
- Part Funding of Capital Expenditure for Cancer Hospital at Ranguni, Jharkhand ₹1,221.60 Lakhs p.84
- Acquiring Land on Leasehold basis for Health Management and Research Institute at Ranchi, Jharkhand ₹765.43 Lakhs p.84
- General Corporate Purpose [●] p.84
- Setup of new cancer hospital at Ranguni, Dhanbad, Jharkhand ₹1,221.60 lakhs p.124
- Not specified in this document part
Issue Structure
- Total Issue
- Upto ₹[●] Lakhs
- Fresh Issue
- Upto ₹[●] Lakhs (51,80,000 equity shares of ₹10 face value each)
- Offer for Sale
- Nil
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price)
- Lot Size
- [●] equity shares
- Face Value
- ₹10 each
Business Model
The company generates revenue from inpatient and outpatient healthcare services. Revenue streams include payments from self-payers, insurance companies, third-party administrators (TPAs), corporate entities, and Central and State Government schemes such as AB-PMJAY. The company also earns revenue through pharmacy services.
Business Segments
Cardiology services including cardiac procedures and treatments
Neuroscience services including neurosurgery and neurological treatments
General medicine and internal medicine services
Inpatient hospitalization and treatment services
Outpatient consultation and diagnostic services
Multi-specialty hospital services including cardiology, neurosciences, general medicine, paediatrics, obstetrics & gynaecology, general surgery, gastroenterology, orthopaedics, oncology, nephrology, urology, ophthalmology, ENT, anaesthesiology & critical care.
Diagnostic and radiotherapy facilities including radiology, day care services, and diagnostics.
Offers comprehensive tertiary care for all cardiac complaints including coronary angiography, angioplasty, stenting, pacemaker implantation, and cardiothoracic surgery with fully integrated cardiac cath labs.
Provides neurology and neurosurgery services including treatment of epilepsy, stroke, movement disorders, and neurosurgical procedures for brain, spine, and cerebrovascular diseases.
Provides medical specialty dealing with prevention, diagnosis, and treatment of adult diseases including cardiovascular diseases, respiratory diseases, and disorders of immune system.
Deals with paediatric needs from well babies requiring vaccines to sick children needing advanced critical care, including neonatal intensive care and paediatric ICU services.
Provides multidisciplinary services for women including diagnostic evaluation, clinical care, high-risk pregnancy management, and gynecological surgeries.
Performs open and laparoscopic surgeries including trauma management, endocrine surgery, breast surgery, liver surgery, and complex abdominal procedures.
Provides comprehensive advanced care for gastrointestinal, pancreatic, liver and biliary disorders through minimally invasive technology including endoscopy and ERCP.
Treats muscle, bone and joint disorders through arthroscopy, musculoskeletal surgery, joint replacement, and trauma management.
Provides comprehensive cancer care program with medical oncology, surgical oncology, chemotherapy, and palliative care services.
Provides radiology and pathology services including CT scan, ultrasound, X-ray, laboratory testing, and imaging equipment through SRT Diagnostic.
Provides inpatient and outpatient healthcare services including cardiology, neurosciences, general medicine, pediatrics & neonatology, obstetrics & gynaecology, general surgery, gastroenterology, orthopaedics, plastic surgery, oncology, nephrology, urology, ophthalmology, ENT, dental services, physiotherapy, emergency services, and diagnostic services including laboratory and imaging equipment (X-ray, ultrasound, CT scan).
Sale of medicines to inpatients and outpatients
Provision of clinical establishment services including inpatient and outpatient medical care, surgical services, physiotherapy, dental clinic, dialysis services, and day care centre services
Medical diagnostic imaging services including X-ray, CT scan, ultrasound, ECG, medical laboratories for pathology, haematology, biochemistry, and microbiology testing
Retail sale and distribution of drugs and pharmaceutical products
Provision of paramedical courses including Diploma in Medical Lab Technician, Diploma in Dialysis Technician, Diploma in OT Technician, Diploma in Anaesthesia Technician, Diploma in X-Ray Technician/Radiographer, Diploma in ECG Technician
SWOT Analysis
Strengths
- • 250-bed accredited multi-specialty hospital with 1.5+ decades experience(p.22)
- • Established multi-specialty hospital with diverse departments and service offerings(p.85)
- • Solid historical financial performance with consistent growth(p.93)
- • Strong profitability metrics with healthy RONW(p.94)
- • Well-diversified specialty service offerings across multiple medical departments(p.123)
- • Quality healthcare services with NABL accreditation and established track record since 2005(p.123)
- • Strong talent pool of qualified doctors and medical professionals(p.123)
- • Stable and growing financial performance and operational efficiency(p.123)
- • Established empanelment with government agencies and insurance providers(p.112)
- • Consistent bed occupancy rate and inpatient volume growth(p.124)
- • Established multi-specialty healthcare provider with 250 beds and 18+ years operational history(p.198)
- • NABL accreditation and empanelment with government agencies, corporates, and insurance/TPA providers(p.198)
- • Comprehensive range of medical specialties and modern diagnostic facilities(p.198)
- • Strong profit growth with PAT increasing 40% year-on-year and PAT margin expanding from 8.78% to 11.34%(p.202)
- • Revenue growth of 8.4% in FY2023 driven by increased service sales despite market challenges(p.201)
- • Proven ability to scale operations; expanded from 120 to 250 beds during COVID-19(p.198)
Weaknesses
- • Highly dependent on consultant doctors; cannot control their time allocation or ensure retention(p.29)
- • Concentrated revenue from single hospital in Dhanbad; 99.54% of FY2023 revenue(p.35)
- • Heavy dependence on single supplier for 71.79% of medicine and consumable purchases(p.36)
- • Land title dispute over 9.55 acres at Ranguni where cancer hospital is being constructed(p.29)
- • Negative operating cash flows in FY2023; reliance on financing activities(p.38)
- • Expired NABH hospital accreditation; dependent on timely renewal(p.30)
- • Multiple past regulatory and corporate compliance failures and missing filings(p.33)
- • Outstanding litigation with quantifiable exposure of ₹290.24+ lakhs against the company(p.28)
- • Dependence on a limited number of customers(p.43)
- • Yet to place orders for significant proportion of machinery for new cancer hospital(p.43)
- • No dividend history and uncertain future dividend capacity(p.43)
- • Promoter concentration and control risk(p.43)
- • Ongoing litigation regarding title to cancer hospital land(p.86)
- • Potential labour unrest and unionization risks(p.43)
- • Fire and incident vulnerability at hospital facilities(p.44)
- • Lack of effective internal controls without mandatory monitoring agency(p.44)
- • Single location hospital concentrated in Dhanbad, Jharkhand(p.112)
- • Ongoing legal dispute over land ownership for cancer hospital project(p.124)
- • NABH accreditation expired in March 2023(p.123)
- • Cancer hospital project in early construction stage with significant capital commitment(p.124)
- • High concentration of revenues from top 10 tie-up customers; represents 37% of total revenue(p.204)
- • Significant reliance on borrowings; debt-to-equity ratio of 0.41 with ₹1,720 crores total debt(p.205)
- • Finance costs rising sharply; interest expenses increased 91% from ₹70.19 to ₹133.86 lakhs(p.201)
- • Multiple pending medical malpractice litigations against the hospital and directors(p.207)
- • Promoter concentration; promoters hold 75.18% of pre-issue paid-up equity share capital(p.157)
- • Ongoing land dispute litigation with High Court implications affecting Cancer Hospital project(p.206)
- • Multiple pending litigations involving medical negligence and service deficiency claims(p.208)
- • Patient death allegation due to alleged negligence and misdiagnosis(p.208)
- • Significant disputed land ownership claim affecting cancer hospital development(p.208)
- • High Court judgment against company on disputed land; company cannot claim title(p.209)
- • Contempt case pending for alleged violation of High Court judgment(p.210)
- • Defamation claim involving alleged counterfeiting and invoice fraud(p.210)
- • Multiple criminal cases against promoters involving land-related allegations and assault(p.211)
- • Allegation of demanding illegal money from patient and involvement of director in extortion(p.212)
- • Pending execution petition for recovery of disputed land with attachment of company properties(p.210)
- • Material liabilities to creditors; significant outstanding dues to multiple suppliers(p.214)
Opportunities
- • Indian healthcare sector growing at 22% CAGR; expected to reach $372B by 2022(p.22)
- • Medical tourism market expansion; expected to reach $13.42B by 2026(p.22)
- • Growth strategy expansion into cancer hospital and educational institute(p.32)
- • Planned expansion to Ranchi with Health Management and Research Institute(p.37)
- • Expansion through new specialized cancer hospital facility(p.85)
- • Development of Health Management and Research Institute(p.89)
- • Public listing and market access benefits(p.84)
- • Increasing healthcare demand in India(p.46)
- • Expansion into cancer healthcare through dedicated 50-bedded cancer hospital(p.124)
- • Educational institution development in legal education and management(p.125)
- • Health Management and Research Institute in Ranchi as part of growth strategy(p.124)
- • Growing Indian healthcare sector with high growth projections(p.106)
- • Government support and policy initiatives for healthcare infrastructure expansion(p.110)
- • Rising health insurance penetration and cashless healthcare expansion(p.108)
- • Expansion of Cancer Hospital project; secured ₹28.50 crore HDFC Bank loan for Brown Field Cancer Hospital(p.197)
- • Growing healthcare service demand with existing capacity already showing strong EBITDA margins of 19.48%(p.198)
- • Planned capital expenditure commitment of ₹4,562 lakhs for infrastructure expansion(p.191)
- • Scope to leverage government healthcare programs and CSR mandates through existing empanelments(p.198)
Threats
- • Intense competition from larger hospitals and consolidated healthcare providers(p.35)
- • Regulatory changes and pricing controls on healthcare services and pharmaceuticals(p.40)
- • Government payer reimbursement changes or agreement terminations(p.31)
- • Shortage of qualified healthcare professionals in the market(p.29)
- • Technological obsolescence and need for continuous capital investment in equipment(p.35)
- • Regional economic or political slowdown in Dhanbad could reduce patient demand(p.35)
- • Intense competition from government and other private hospitals(p.46)
- • Government price controls and regulatory limitations on healthcare services(p.46)
- • Healthcare industry challenges and cost pressures(p.46)
- • Economic slowdown and reduced disposable income affecting healthcare demand(p.46)
- • Health pandemics and temporary healthcare facility requisitioning(p.46)
- • Shortage of qualified healthcare professionals(p.46)
- • Changing tax laws and regulatory uncertainties(p.46)
- • Adverse impact from India's credit rating downgrade(p.47)
- • Economic slowdown affecting equipment and service pricing(p.47)
- • Natural calamities and pandemics impacting economy(p.48)
- • Civil disturbances and regional conflicts disrupting services(p.48)
- • Global financial instability and market volatility(p.47)
- • Tax and levy increases affecting business profitability(p.47)
- • Currency fluctuations affecting imported equipment costs(p.88)
- • Intense regional and specialty-wise competition from other healthcare providers(p.126)
- • Dependence on government empanelment and insurance reimbursement policies(p.122)
- • Global and Indian economic slowdown affecting healthcare investment and consumer spending(p.100)
- • Healthcare regulatory changes and compliance requirements(p.130)
- • Requirement for continuous investment in latest medical technology and infrastructure(p.125)
- • Healthcare sector regulatory risk; subject to compliance with multiple regulatory bodies and licensing requirements(p.199)
- • Competitive intensity in healthcare services; dependence on maintaining service quality and patient satisfaction(p.204)
- • Pandemic and public health crises; capacity and operational disruptions from COVID-19 demonstrated vulnerability(p.199)
- • Macroeconomic and interest rate risks affecting borrowing costs and debt servicing(p.199)
- • Dependence on key medical personnel; retention risk for specialized doctors and critical staff(p.199)
- • Pending Supreme Court petition challenging High Court judgment on disputed land(p.209)
- • Risk of land dispossession and loss of cancer hospital development site(p.208)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Harendra Singh | Promoter | 25.49% | 18.78% |
| Nayan Prakash Singh | Promoter | 24.07% | 17.74% |
| Udai Pratap Singh | Promoter | 16.24% | 11.96% |
| Madhuri Singh | Promoter | 5.46% | 4.02% |
| Nitu Singh | Promoter | 3.92% | 2.89% |
| ASAP Impact Private Limited | Promoter Group | 4.51% | 3.33% |
| Harendra Singh | Promoter | 25.49% | 18.78% |
| Nayan Prakash Singh | Promoter | 24.07% | 17.74% |
| Udai Pratap Singh | Promoter | 16.24% | 11.96% |
| Madhuri Singh | Promoter | 5.46% | 4.02% |
| Nitu Singh | Promoter | 3.92% | 2.89% |
| ASAP Impact Private Limited | Promoter Group | 4.51% | 3.33% |
| Harendra Singh | Promoter | — | — |
| Nayan Prakash Singh | Promoter | — | — |
| Harendra Singh | Promoter | 25.49% | — |
| Nayan Prakash Singh | Promoter | 24.07% | — |
| Udai Pratap Singh | Promoter | 16.24% | — |
| Madhuri Singh | Promoter | 5.46% | — |
| Nitu Singh | Promoter | 3.92% | — |
| Harendra Singh | Promoter | — | — |
| Ganesh Singh | Promoter | — | — |
| Nayan Prakash Singh | Promoter | — | — |
| Nitu Singh | Promoter | — | — |
Leadership
Harendra Singh · Promoter/Director/Chief Financial Officer
Nayan Prakash Singh · Promoter
Udai Pratap Singh · Promoter/Managing Director
Madhuri Singh · Promoter/Director
Nitu Singh · Promoter
Seepika Gupta · Company Secretary & Compliance Officer
Sukanti Kumar Das · Non-Executive Director
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.
Asarfi Hospital IPO FAQs
What is the lot size of Asarfi Hospital IPO?
The minimum lot size of Asarfi Hospital IPO is 2,000 shares. One lot costs ₹1,04,000 at the cut-off price.
When does Asarfi Hospital IPO open and close?
Asarfi Hospital IPO opened for subscription on 17 Jul 2023 and closed on 19 Jul 2023.
What is the listing date of Asarfi Hospital IPO?
Asarfi Hospital IPO listed on 26 Jul 2023.