Hannah Joseph Hospital
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 02 Feb 2026 | ₹0 | 0.00% | ₹0 | ₹70 | ₹0 |
| 01 Feb 2026 | ₹0 | 0.00% | ₹0 | ₹70 | ₹0 |
| 31 Jan 2026 | ₹0 | 0.00% | ₹0 | ₹70 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 22 Jan 2026 – 28 Jan 2026
- Listing date
- 02 Feb 2026
- Face value
- ₹10 per share
- Issue price
- ₹70 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹42 Cr
- Market cap at offer price
- ₹159 Cr
- Promoter holding
- 93.57% → 68.83% pre-issue → post-issue
- ISIN
- INE0JVH01012
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Capital Square Advisors Pvt.Ltd.
- Registered office
- 134, Lake View Road, K.K.Nagar, Tamil Nadu
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 | 17,06,000 | — | — |
| Market maker | 3,00,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹70
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 16,000 | ₹11,20,000 |
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
₹70 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.32 | 4.51 |
| P/E (×) | 16.20 | 15.52 |
| Price to book (×) | 2.39 | — |
| Market cap | — | ₹159 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 14.74%
- ROCE
- 17.03%
- Debt / equity
- 0.65
- PAT margin
- 9.30%
- EBITDA margin
- 26.47%
- NAV per share
- ₹29.30
- Price to book
- 2.39
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Hannah Joseph Hospital
Hannah Joseph Hospital Limited, incorporated in October 2011 and converted to a public limited company in July 2022, operates a 150-bed multi-specialty hospital in Madurai, Tamil Nadu. The hospital provides services across departments including Neuro Sciences, Cardio Sciences, Trauma Care, Orthopedics, Neuro Radiology, Psychiatry, General Medicine, Dental, Anesthesiology, Emergency Care, and ancillary facilities. The company generates revenue primarily from inpatient admissions (contributing significantly to total revenue) and outpatient consultative care. The company has received NABH accreditation for its hospital facilities. As of September 30, 2025, the hospital served 656 inpatients and 4,600 outpatients during that period, generating ₹2,796.20 lakhs from inpatient revenue and ₹292.66 lakhs from outpatient revenue. The company is now proposing to establish a Radiation Oncology Centre to expand its oncology services and attract cancer patients requiring radiation therapy and chemotherapy.
Company Analysis
from RHPHannah Joseph Hospital Limited is a 150-bed multi-specialty hospital providing comprehensive healthcare services including oncology, cardiology, neurology, and trauma care across inpatient and outpatient segments.
Hannah Joseph Hospital Limited, incorporated in October 2011 and converted to a public limited company in July 2022, operates a 150-bed multi-specialty hospital in Madurai, Tamil Nadu. The hospital provides services across departments including Neuro Sciences, Cardio Sciences, Trauma Care, Orthopedics, Neuro Radiology, Psychiatry, General Medicine, Dental, Anesthesiology, Emergency Care, and ancillary facilities. The company generates revenue primarily from inpatient admissions (contributing significantly to total revenue) and outpatient consultative care. The company has received NABH accreditation for its hospital facilities. As of September 30, 2025, the hospital served 656 inpatients and 4,600 outpatients during that period, generating ₹2,796.20 lakhs from inpatient revenue and ₹292.66 lakhs from outpatient revenue. The company is now proposing to establish a Radiation Oncology Centre to expand its oncology services and attract cancer patients requiring radiation therapy and chemotherapy.
Objects of the Issue
- Funding of capital expenditure for establishing Radiation Oncology Centre ₹3,498.21 lakhs p.91
- General Corporate Purposes [●] (to be finalized upon determination of Issue Price, not to exceed 15% of Gross Proceeds or ₹10 crores, whichever is less) p.91
- Funding capex for Digital Linear Accelerator (LINAC) equipment purchase and installation 2,074.20 lakhs (from net proceeds) p.98
- Funding capex for Additional Equipment including RFA equipment, chambers, electrometer, phantom sets, detectors, and related medical equipment 50.84 lakhs (from net proceeds) p.98
- General corporate purposes including operating expenses, project development costs, and business development ₹ [●] Lakhs (balance fresh issue proceeds) p.98
Issue Structure
- Total Issue
- Up to 60,00,000 Equity Shares of face value of ₹10 each
- Fresh Issue
- Up to 60,00,000 Equity Shares of face value of ₹10 each fully paid up for cash at a price of ₹[●] (including a Share premium of ₹[●] per Equity Share) per share aggregating to ₹[●] lakhs
- Offer for Sale
- Nil (this is a fresh issue only)
- Price Band
- [●] (to be determined through book building process)
- Lot Size
- [●] (minimum bid lot to be specified)
- Face Value
- ₹10 per Equity Share
Business Model
Hannah Joseph Hospital Limited operates as a healthcare service provider generating revenue from both inpatient and outpatient services. Revenue is earned through medical consultations, diagnostic procedures, surgical interventions, pharmacy services, and room charges. The hospital purchases medical consumables, pharmaceutical items, and surgical instruments from suppliers, with top 10 suppliers accounting for 69.70% of purchases as of September 30, 2025. The company is dependent on timely payments from patients, insurance companies, and government bodies for its cash flows.
Business Segments
SWOT Analysis
- • Established multi-specialty hospital with NABH accreditation(p.23)
- • Specialized expertise in neurosciences and cardiology with modern infrastructure(p.23)
- • Experienced promoter with over 2 decades of healthcare industry background(p.23)
- • Strategic location in Madurai with regional market recognition(p.23)
- • Modern campus infrastructure with adequate bed capacity(p.23)
- • NABH accreditation demonstrating quality standards(p.47)
- • Multi-specialty hospital with established departments and clinical expertise(p.93)
- • Growing patient volume and revenue trajectory(p.49)
- • Operational profitability with growing margins(p.63)
- • Advanced neurosurgery expertise with specialized equipment and procedures(p.137)
- • NABH accreditation demonstrating compliance with international quality standards(p.136)
- • High surgical success rates in complex procedures(p.101)
- • Recognition as top neurosurgery hospital in India and region(p.136)
- • Diverse service portfolio across neurology, cardiology, psychiatry and trauma(p.131)
- • Strong financial performance with improving margins(p.135)
- • Specialized expertise in neurology and neurosurgery with advanced technology and accreditations(p.157)
- • Ranked top neurosurgery hospital in India with multiple prestigious awards(p.158)
- • Experienced founding neurosurgeon with 25+ years in field and regional recognition(p.163)
- • Modern 150-bed hospital facility on 2 acres with centralized infrastructure(p.157)
- • Strong revenue growth and profitability trajectory(p.214)
- • Consistent revenue growth with 22.28% increase in FY 2024-25 operations(p.217)
- • Strong operational leverage demonstrated by expense growth lower than revenue growth(p.218)
- • Significant profitability improvement with PBT margin expanding 488 basis points(p.218)
- • Reduced finance costs reflecting improved debt management(p.218)
- • Healthy EBITDA margin of 27.38% in FY 2024-25 indicating strong operational performance(p.223)
- • Qualified to migrate to main board with post-issue paid-up capital exceeding ₹1,000 Lakhs(p.253)
- • Multiple healthcare quality certifications including NABH accreditation(p.236)
- • High dependence on single geographic location (Madurai) for revenue(p.37)
- • Concentration of revenue from specific medical specialties(p.37)
- • Underutilized bed capacity and low occupancy rates(p.37)
- • Heavy dependence on key personnel, especially founder-promoters(p.37)
- • High reliance on in-patient revenue which is vulnerable to demand fluctuations(p.37)
- • Multiple instances of regulatory non-compliance and delayed filings(p.34)
- • Dependence on rented/leased properties for key facilities(p.38)
- • Concentration of revenue from limited external suppliers (top 10 suppliers account for 69.70% of purchases)(p.48)
- • High debt burden with secured loans of Rs. 2,964.09 lakhs outstanding(p.46)
- • Lender charges on substantially all movable and immovable properties(p.46)
- • Promoter control concentration with 93.57% pre-IPO shareholding(p.46)
- • GST and TDS return filing delays with late fee payments(p.46)
- • Dependence on timely payment from third-party payers including government bodies(p.47)
- • Unverified promoter experience and non-locatable experience certificates(p.47)
- • Limited geographic presence confined to single city(p.143)
- • Capital intensity of high-cost medical equipment requiring significant financial resources(p.143)
- • Constraints on hospital expansion due to space limitations(p.143)
- • Dependence on a concentrated supplier base for medicines and materials(p.136)
- • High debt burden relative to equity with debt-to-equity ratio above 0.5(p.212)
- • Significant dependence on founder promoter with over 90% shareholding concentration(p.206)
- • Concentrated customer base with trade receivables showing aging patterns(p.195)
- • Limited geographic presence restricted to single location in Madurai(p.214)
- • No prior public market experience or track record with IPO(p.178)
- • Material litigation with multiple pending cheque dishonour suits from patients(p.227)
- • Dependence on healthcare services as dominant revenue source with limited diversification(p.217)
- • Significant secured debt burden of ₹2,964.09 lakhs with multiple lenders(p.223)
- • Debt-to-equity ratio of 0.55 times indicating moderate leverage(p.240)
- • Seasonality in business operations affecting quarterly income variability(p.221)
- • Expansion into Radiation Oncology Centre for new revenue stream(p.29)
- • Growing demand for specialty healthcare services in South Tamil Nadu(p.23)
- • Capacity to increase bed utilization and improve occupancy rates(p.37)
- • Access to government-sponsored health schemes for patient acquisition(p.37)
- • Establishment of radiation oncology centre for cancer treatment expansion(p.93)
- • Growing demand for specialized oncology services with multidisciplinary approach(p.93)
- • Public listing to enhance brand visibility and create investor liquidity(p.91)
- • Expansion into tier II and III cities to access underserved markets(p.143)
- • Diversification into radiation oncology and other specialized services(p.143)
- • Rapid growth in Indian healthcare sector projected at 17.5-22.5% CAGR(p.119)
- • Opportunities in medical tourism with growing international patient demand(p.122)
- • Expansion of government-backed health insurance schemes increasing patient volumes(p.117)
- • Expansion into medical education with DNB neurosurgery program attracting students(p.157)
- • Planned expansion with new Radiation Oncology Centre facility(p.157)
- • Growing demand for specialized neurology and cardiology services in India(p.214)
- • Capacity to increase bed utilization and revenue through operational scaling(p.214)
- • Opportunity to leverage IPO capital for debt reduction and growth investment(p.164)
- • Expansion through proposed radiation oncology centre setup(p.237)
- • Growth in healthcare service volumes from increased patient footfall(p.217)
- • Diversification of healthcare service offerings to support profitable growth(p.215)
- • Migration potential to main board post-issue with improved market visibility and capital access(p.253)
- • Intense competition from established and new healthcare providers(p.22)
- • Regulatory changes affecting government-sponsored health schemes(p.37)
- • Risk of medical negligence liability and regulatory actions(p.22)
- • Difficulty in retaining and attracting qualified healthcare professionals(p.37)
- • Rapid technological changes requiring continuous capital investment(p.40)
- • Potential delays and cost overruns in Radiation Oncology Centre project(p.30)
- • Economic and political disruptions affecting healthcare demand(p.37)
- • Risk of approval delays for Radiation Oncology Centre operations(p.30)
- • Competitive pressure from established hospitals and government-backed healthcare facilities(p.50)
- • Volatile patient volume dependent on seasonal illness cycles and economic conditions(p.49)
- • Regulatory changes in healthcare laws and stringent compliance requirements(p.51)
- • Liability exposure from radioactive materials and radiation equipment operation(p.50)
- • Low health insurance penetration limiting patient affordability(p.58)
- • Inflation and input cost pressures impacting profitability(p.58)
- • Indian economic slowdown reducing healthcare demand(p.58)
- • Risk of equipment downtime affecting service delivery and reputation(p.50)
- • Shortage of skilled medical professionals and healthcare workers(p.143)
- • Regulatory and compliance burden in healthcare sector(p.143)
- • Intense competition from established healthcare providers with larger scale(p.143)
- • Pressure to reduce costs while maintaining quality and meeting universal healthcare expectations(p.143)
- • Intense competition from large established hospital chains and multispecialty centers(p.163)
- • Healthcare regulation and licensing risks affecting operations and expansion(p.156)
- • Rising labor and operational costs impacting margins in healthcare sector(p.205)
- • Dependence on qualified medical professionals and risk of key personnel departure(p.163)
- • Economic slowdown affecting patient volumes and healthcare spending capacity(p.159)
- • General economic and business cycle risks affecting healthcare demand(p.215)
- • Regulatory and policy changes impacting tax obligations and operational compliance(p.215)
- • Technology disruption risk if company fails to keep pace with rapid changes(p.215)
- • Intense competitive pressure in healthcare sector affecting market share(p.215)
- • Patient quality and service delivery risks affecting occupancy and revenue(p.215)
- • Pandemic and global crisis risks affecting healthcare operations(p.215)
- • Key personnel retention risk affecting service quality and operations(p.215)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mosesjoseph Arunkumar | Promoter/Chairman and Managing Director | 90.80% | 66.80% |
| Fenn Kavitha Fenn Arunkumar | Promoter/Whole Time Director | 2.59% | 1.90% |
| Arunkumar Nalina | Promoter Group | 0.00% | 0.00% |
| Noyel Arunkumar | Promoter Group | 0.00% | 0.00% |
| Mosesjoseph Arunkumar | Promoter | — | — |
| Fenn Kavitha Fenn Arunkumar | Promoter | — | — |
| Mosesjoseph Arunkumar | Promoter | 90.80% | — |
| Fenn Kavitha Fenn Arunkumar | Promoter | 2.59% | — |
| Arunkumar Nalina | Promoter | 0.00% | — |
| Noyel Arunkumar | Promoter | 0.00% | — |
| Dr. M J Arunkumar | Promoter | — | — |
| Dr. Kavitha Fenn | Promoter | — | — |
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.