Broach Lifecare Hospital
Fixed Price issueSME₹4.02 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹4.02 Cr
1 lot at cut-off
₹1,50,000
Lot size
6,000shares
Open
13 Aug 2024
Close
16 Aug 2024
Allotment
19 Aug 2024
Listing
21 Aug 2024
Listing performance
Issue price
₹25
Listed at
₹47.50
Listing-day close
₹49.87
Latest price
₹14
Close on 05 Oct 2026
Listing gain
+90.00%
Return since issue
-44.00%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 13 Aug 2024 – 16 Aug 2024
- Listing date
- 21 Aug 2024
- Face value
- ₹10 per share
- Issue price
- ₹25 per share
- Lot size
- 6,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹4.02 Cr
- Market cap at offer price
- ₹15.18 Cr
- Promoter holding
- 86.74% → 63.77% pre-issue → post-issue
- ISIN
- INE0SFZ01018
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Fedex Securities Pvt.Ltd.
- Registered office
- 501, 5th Floor, Corporate House, above Bharuch Orthopedic Hospital, R K Casta, 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 | 84,000 | — | — |
Application size
Minimum 6,000 shares per lot, in multiples, at ₹25
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 6,000 | ₹1,50,000 |
| S-HNI (min) | 2 | 12,000 | ₹3,00,000 |
| S-HNI (max) | 6 | 36,000 | ₹9,00,000 |
| B-HNI (min) | 7 | 42,000 | ₹10,50,000 |
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
₹25 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 1.56 | 1.15 |
| P/E (×) | 16.03 | 21.74 |
| Price to book (×) | 2.04 | — |
| Market cap | — | ₹15.18 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 12.75%
- ROCE
- 12.77%
- PAT margin
- 26.77%
- NAV per share
- ₹12.26
- Price to book
- 2.04
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Broach Lifecare Hospital
Broach Lifecare Hospital Limited was incorporated on April 25, 2023, to acquire the proprietorship concerns of Dr. Vyas's Heart Hospital and Dr. Vyas Hospital from promoter Dr. Jaykumar Narendra Vyas via a Business Transfer Agreement dated July 17, 2023. The company operates as a boutique hospital primarily focused on interventional cardiac services. It generates revenue from inpatient and outpatient services, with significant contributions from tie-up arrangements with insurance companies, third-party administrators (TPAs), and corporate entities. The company converted to public limited status on November 7, 2023, and now seeks to expand its medical tourism capabilities and invest in advanced hospital equipment.
Company Analysis
from RHPBroach Lifecare Hospital Limited is a boutique multi-specialty hospital providing interventional cardiac services and healthcare across Bharuch and Ankleshwar, Gujarat.
Broach Lifecare Hospital Limited was incorporated on April 25, 2023, to acquire the proprietorship concerns of Dr. Vyas's Heart Hospital and Dr. Vyas Hospital from promoter Dr. Jaykumar Narendra Vyas via a Business Transfer Agreement dated July 17, 2023. The company operates as a boutique hospital primarily focused on interventional cardiac services. It generates revenue from inpatient and outpatient services, with significant contributions from tie-up arrangements with insurance companies, third-party administrators (TPAs), and corporate entities. The company converted to public limited status on November 7, 2023, and now seeks to expand its medical tourism capabilities and invest in advanced hospital equipment.
HealthcareHospital ServicesInterventional Cardiac ServicesMedical Tourism
Objects of the Issue
- Purchase of machines 262.45 lakhs p.21
- Development of medical tourism web portal 75.00 lakhs p.21
- General corporate purposes 19.55 lakhs p.21
- Purchase of Machineries ₹262.45 Lakhs p.73
- Development of Medical Tourism Web Portal ₹75.00 Lakhs p.73
- General Corporate Purpose ₹19.55 Lakhs p.73
- Funding for purchase of Cath Lab machines and ancillaries ₹262.45 lakhs p.109
Issue Structure
- Total Issue
- ₹402.00 Lakhs
- Fresh Issue
- 16,08,000 Equity Shares of face value ₹10 each at ₹25 per share aggregating to ₹402.00 Lakhs
- Offer for Sale
- Not Applicable
- Price Band
- ₹25 per Equity Share (Fixed Price)
- Lot Size
- 6000 Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue primarily from inpatient hospital services (86% of revenue as of March 31, 2024), followed by outpatient services (14%). Revenue is generated directly from patients and through tie-up arrangements with insurance companies, TPAs, and corporate entities. As of the stated periods, the company has empanelment agreements with 4 PSU insurance companies, 15 private insurance companies, and 8 TPA companies.
Business Segments
Hospital inpatient treatment services, primarily interventional cardiac procedures
Hospital outpatient and diagnostic services
Diagnostic cardiac services including 2D Echocardiography, Electrocardiography, Tread Mill Test, Holter monitoring, Ambulatory Blood Pressure Measurement, Stress test, and Dobutamine Stress Echocardiography
Therapeutic cardiac interventions including coronary angiography and stenting, percutaneous coronary intervention (PCI), primary PCI for acute myocardial infarction, Balloon mitral-valvuloplasty, permanent pacemaker implantation, cardiac resynchronisation procedures, AICD implantation, and congenital ailment procedures
Endovascular revascularization, deep vein thrombosis treatment, and peripheral angioplasty
Hospital inpatient treatment including cardiac care, interventional cardiology procedures, emergency care, and intensive care unit services
Outpatient department services including diagnostic procedures, consultations, and non-invasive cardiology services
Operating boutique hospitals providing non-invasive and interventional cardiology services, cardiovascular diagnostics and therapeutic services
SWOT Analysis
Strengths
- • Established hospital operations with combined 15+ years of promoter experience(p.26)
- • Specialized focus on interventional cardiac services with multi-specialty capabilities(p.27)
- • Diversified revenue streams from insurance companies, TPAs and corporate partnerships(p.27)
- • Recent acquisition of established proprietorship hospitals with revenue history(p.21)
- • Specialized cardiac care services with interventional capabilities(p.105)
- • Advanced medical equipment and infrastructure(p.105)
- • Experienced promoter with established healthcare operations(p.105)
- • Strong profitability and return metrics(p.83)
- • Clinical excellence in cardiology with advanced interventional capabilities(p.108)
- • Strategic location near industrial belt enabling corporate partnerships(p.108)
- • Strong insurance empanelment across PSU and private insurers(p.108)
- • Experienced promoters with medical expertise driving operations(p.109)
- • Quality medical talent including consultants in multiple specialties(p.109)
- • Revenue recovery and profitability improvement post-COVID(p.106)
- • Established boutique cardiac hospital with advanced equipment and interventional capabilities(p.213)
- • Debt-free capital structure with no long-term or short-term borrowings(p.211)
- • Positive net worth and strong cash position with liquid assets exceeding liabilities(p.211)
- • Strong profitability and revenue growth with PAT margin of 26.77%(p.220)
- • Growing revenue trajectory with 43.51% year-over-year growth(p.224)
- • Two operational hospital units providing geographic diversification(p.208)
Weaknesses
- • Limited operating history as a company with significant dependence on recently acquired proprietorship businesses(p.25)
- • Heavy geographic concentration in Gujarat with operations in only two locations(p.27)
- • Over-dependence on promoters for strategic direction and business management(p.26)
- • Negative operating cash flows and capital-intensive operations(p.30)
- • Multiple regulatory licenses and approvals held in promoter names requiring transition(p.29)
- • Critical reliance on limited number of external suppliers for medicines and consumables(p.29)
- • Non-ownership of hospital premises with lease dependency on promoter(p.32)
- • Unregistered trademark and logo without statutory protection(p.33)
- • Very recent company formation with limited operational history(p.105)
- • Zero debt but also zero long-term borrowings capacity noted in financials(p.48)
- • Minimal cash position relative to assets(p.48)
- • Limited geographic presence with concentration in Bharuch and Ankleshwar(p.105)
- • High debt burden relative to equity base in proprietorship period(p.107)
- • Limited diversification with focus solely on cardiology services(p.110)
- • Volatile bed occupancy rates and revenue swings(p.106)
- • Dependence on promoter doctors for clinical credibility and operations(p.106)
- • Significant decline in TPA/Corporate revenue as percentage of total(p.106)
- • Significant drop in revenue from operations between FY2022 and FY2023 (46.47% decline)(p.224)
- • Heavy dependence on COVID-19 patient influx in prior years(p.225)
- • Low bed occupancy ratio of 68% as of June 2023(p.225)
- • Limited employee base (19 employees as of March 31, 2024)(p.221)
- • Recently incorporated company with limited operational history(p.212)
- • Some material licenses and approvals obtained in promoter's name rather than company name, requiring name changes(p.236)
Opportunities
- • Expansion through development of medical tourism web portal(p.21)
- • Registration under government health schemes like Ayushman Bharat-PMJAY(p.30)
- • Capital investment in modern medical equipment through IPO proceeds(p.21)
- • Growth in interventional cardiac services market with specialized capabilities(p.27)
- • Medical tourism expansion through web portal and improved accessibility(p.75)
- • Growing cardiac care demand in tier-II and tier-III cities(p.96)
- • Rising demand for specialized cardiac services in growing Indian healthcare market(p.93)
- • Planned addition of Cath Lab to expand service offerings(p.75)
- • Strong government support and favorable policies for private healthcare(p.93)
- • Cath Lab expansion to increase interventional cardiology capacity(p.109)
- • Medical tourism and telemedicine software for patient acquisition(p.109)
- • Expansion of corporate and PSU empanelment in industrial region(p.109)
- • Potential PM-JAY (Ayushman Bharat) empanelment and government scheme participation(p.107)
- • Dahej industrial cluster development creating future demand(p.108)
- • Rising awareness of cashless insurance post-COVID driving insured patient volume(p.106)
- • Expansion of interventional cardiac services division recently launched in 2023(p.212)
- • Comprehensive range of advanced cardiac procedures and treatment options available(p.212)
- • Recovery in patient inflow as normalization post-COVID-19 drives baseline cardiac patient demand(p.225)
- • Boutique hospital positioning in growing cardiac care market(p.212)
Threats
- • Revenue concentrated in only two hospitals in single state with local socio-economic risks(p.17)
- • High competition from other hospitals and healthcare facilities(p.17)
- • Shortage and high cost of qualified doctors and healthcare professionals(p.26)
- • Decline in patient volume from economic downturn or lifestyle factors(p.28)
- • Exposure to medical negligence claims and litigation risks(p.31)
- • Regulatory changes and compliance requirements for healthcare operations(p.29)
- • Low health insurance penetration in India affecting patient affordability(p.32)
- • Economic slowdown and volatility in Indian economy and global markets(p.41)
- • Risks from natural disasters, epidemics and pandemics(p.40)
- • Inflation increases in India potentially not passable to customers(p.41)
- • Intense competition from established hospital chains and multinational healthcare players(p.97)
- • Regulatory changes and compliance requirements in healthcare sector(p.93)
- • Rising healthcare costs and input price inflation(p.74)
- • Dependence on specialized medical professionals and talent retention challenges(p.80)
- • Industry cyclicality and economic downturn impacts on healthcare spending(p.101)
- • Competition from both organized and unorganized healthcare players(p.114)
- • Regulatory requirements for clinical establishments and medical practice(p.118)
- • Stringent biomedical waste management and environmental compliance obligations(p.121)
- • Reliance on lease arrangements for hospital premises with short initial tenure(p.115)
- • Concentration risk with single primary location serving industrial market(p.110)
- • High dependence on cardiac patient demographic in Bharuch and Ankleshwar region(p.216)
- • Business disruption from healthcare industry uncertainty and pandemic-like events(p.229)
- • Pressure from competitive hospital landscape in Gujarat(p.230)
- • Regulatory and licensing burden with multiple approvals required from different authorities(p.235)
- • Concentration risk on single promoter and limited management depth(p.192)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dr. Jaykumar Narendra Vyas | Promoter | 86.72% | — |
| Dr. Shachi Jaykumar Vyas | Promoter | 0.02% | — |
| Mrs. Dhyuti Krupesh Joshi | Promoter | 0.00% | — |
| Dr. Jaykumar Narendra Vyas | Promoter | 86.72% | 63.75% |
| Dr. Shachi Jaykumar Vyas | Promoter | 0.02% | 0.02% |
| Mrs. Dhyuti Krupesh Joshi | Promoter | 0.00% | 0.00% |
| Dr. Jaykumar Narendra Vyas | Promoter | 86.72% | — |
| Dr. Shachi Jaykumar Vyas | Promoter | 0.02% | — |
| Mrs. Dhyuti Krupesh Joshi | Promoter | 0.0004% | — |
| Jaykumar Narendra Vyas | Promoter | 100% | — |
Leadership
Dr. Jaykumar Narendra Vyas · Managing Director
Dr. Shachi Jaykumar Vyas · Whole-time Director
Mrs. Dhyuti Krupesh Joshi · Chairman
Ms. Urvi Mrunal Hindia · CFO
Ms. Swati Sharma · Company Secretary and Compliance 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.
Broach Lifecare Hospital IPO FAQs
What is the lot size of Broach Lifecare Hospital IPO?
The minimum lot size of Broach Lifecare Hospital IPO is 6,000 shares. One lot costs ₹1,50,000 at the cut-off price.
When does Broach Lifecare Hospital IPO open and close?
Broach Lifecare Hospital IPO opened for subscription on 13 Aug 2024 and closed on 16 Aug 2024.
What is the listing date of Broach Lifecare Hospital IPO?
Broach Lifecare Hospital IPO listed on 21 Aug 2024.