Maitreya Medicare
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 Oct 2023 – 01 Nov 2023
- Listing date
- 07 Nov 2023
- Face value
- ₹10 per share
- Issue price
- ₹82 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹14.89 Cr
- Market cap at offer price
- ₹55.56 Cr
- Promoter holding
- 100.00% → 73.20% pre-issue → post-issue
- ISIN
- INE0PLQ01011
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- Nr.Someshwara Char Rasta, UM 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 |
|---|---|---|---|
| Anchor investor · within QIB | 4,94,400 | — | — |
| Market maker | 1,08,800 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹82
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,31,200 |
| S-HNI (min) | 2 | 3,200 | ₹2,62,400 |
| S-HNI (max) | 7 | 11,200 | ₹9,18,400 |
| B-HNI (min) | 8 | 12,800 | ₹10,49,600 |
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 |
|---|---|---|
| EPS (₹) | 7.93 | — |
| P/E (×) | 10.34 | — |
| Market cap | — | ₹55.56 Cr |
Key performance indicators
- Return on net worth
- 45.49%
- ROCE
- 42.71%
- PAT margin
- 14.80%
- NAV per share
- ₹17.42
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Maitreya Medicare
Maitreya Medicare Limited (MML), originally incorporated as Maitreya Medicare Private Limited on March 28, 2019 in Surat, Gujarat and converted into a public limited company in March 2023, is a doctor-founded, NABH-accredited multi-super speciality hospital company. Its flagship facility at Vesu, Surat is a 125-bedded (including non-census beds) hospital offering secondary and tertiary care across more than 18 specialities — including cardiology, urology, oncology, laparoscopic surgery, neurology/neurosurgery, spine surgery, nephrology with dialysis, gastroenterology, cardiothoracic surgery, orthopaedics with joint replacements, gynaecology & high-risk obstetrics and critical care — supported by a premier cathlab, two modular operation theatres, a 20-bed ICU with ECMO and CRRT, and integrated diagnostics (pathology, radiology/CT scan) and in-house pharmacies. Bed capacity has grown from 67 beds in 2021 to 100 in 2022 and 125 in 2023. The company earns revenue from inpatient and outpatient services paid through self-payers (71.87% of FY2023 healthcare income), insurance companies/third-party administrators/corporates (7.38%) and central/state government schemes such as CGHS, AB-PMJAY, ESIS and ECHS (20.75%), and derives substantial revenue from cardiology (46%), general medicine (25%), neurosciences (9%) and orthopaedics (5%) in Fiscal 2023. Through wholly owned subsidiary Maitreya Hospital Private Limited (incorporated January 6, 2021) it is setting up a 125-bed multi-super speciality hospital at Valsad, Gujarat with a project cost of about ₹18 crore, expected to commence operations by November 2023, and through Maitreya Lifescience Private Limited it has run a cardiology department with a cathlab at K P Sanghavi Trust Hospital since August 2020. For FY2023, consolidated revenue from operations was ₹3,93,799.63 thousand with restated profit of ₹42,264.88 thousand.
Company Analysis
from DRHPMaitreya Medicare Limited is a NABH-accredited, 125-bed multi-super speciality hospital operator in Surat, Gujarat providing secondary and tertiary healthcare across 18-plus specialities, with a second 125-bed hospital being built at Valsad through its subsidiary.
Maitreya Medicare Limited (MML), originally incorporated as Maitreya Medicare Private Limited on March 28, 2019 in Surat, Gujarat and converted into a public limited company in March 2023, is a doctor-founded, NABH-accredited multi-super speciality hospital company. Its flagship facility at Vesu, Surat is a 125-bedded (including non-census beds) hospital offering secondary and tertiary care across more than 18 specialities — including cardiology, urology, oncology, laparoscopic surgery, neurology/neurosurgery, spine surgery, nephrology with dialysis, gastroenterology, cardiothoracic surgery, orthopaedics with joint replacements, gynaecology & high-risk obstetrics and critical care — supported by a premier cathlab, two modular operation theatres, a 20-bed ICU with ECMO and CRRT, and integrated diagnostics (pathology, radiology/CT scan) and in-house pharmacies. Bed capacity has grown from 67 beds in 2021 to 100 in 2022 and 125 in 2023. The company earns revenue from inpatient and outpatient services paid through self-payers (71.87% of FY2023 healthcare income), insurance companies/third-party administrators/corporates (7.38%) and central/state government schemes such as CGHS, AB-PMJAY, ESIS and ECHS (20.75%), and derives substantial revenue from cardiology (46%), general medicine (25%), neurosciences (9%) and orthopaedics (5%) in Fiscal 2023. Through wholly owned subsidiary Maitreya Hospital Private Limited (incorporated January 6, 2021) it is setting up a 125-bed multi-super speciality hospital at Valsad, Gujarat with a project cost of about ₹18 crore, expected to commence operations by November 2023, and through Maitreya Lifescience Private Limited it has run a cardiology department with a cathlab at K P Sanghavi Trust Hospital since August 2020. For FY2023, consolidated revenue from operations was ₹3,93,799.63 thousand with restated profit of ₹42,264.88 thousand.
Objects of the Issue
- Making investment through equity in the subsidiary 'Maitreya Hospital Private Limited' for setting up hospital at Valsad, Gujarat (total project cost ₹18 crore; balance funded from internal accruals and borrowings) Upto 75,000 (₹ in thousands) p.83
- Redemption of part of issued Non-Convertible Redeemable Preference Shares (10,00,000 preference shares at par) Upto 10,000 (₹ in thousands) p.92
- Funding the working capital requirements of the company Upto 50,000 (₹ in thousands) p.93
- General Corporate Purposes (not exceeding 25% of Gross Proceeds) p.95
Issue Structure
- Total Issue
- Upto ₹ [●] Thousands (up to 22,00,000 Equity Shares)
- Fresh Issue
- Upto 22,00,000 Equity Shares of face value of ₹ 10 each
- Offer for Sale
- NIL (entire issue constitutes fresh issue)
- Face Value
- ₹ 10 each
Business Model
Earns revenue primarily from inpatient and outpatient healthcare services at its Surat hospital, billed to self-paying patients (71.87% of FY2023 healthcare income), insurers/third-party administrators/corporate tie-ups (7.38%) and central/state government health schemes (20.75%); also generates income from in-house pharmacies and diagnostic services, and is expanding via a new 125-bed hospital at Valsad through its subsidiary.
Business Segments
SWOT Analysis
- • NABH-accredited 125-bed multi-super-speciality hospital offering secondary and tertiary care at affordable charges(p.26)
- • Advanced infrastructure: premier Cathlab, modular OTs with HEPA filters, 20-bed ICU with ECMO/CRRT(p.26)
- • Promoters with over two decades of combined healthcare industry experience(p.26)
- • Ability to attract and retain skilled and experienced healthcare professionals(p.137)
- • 'Doctor-led' hospitals run by doctors give an edge in meeting patient expectations(p.137)
- • Market-leadership focus on under-served South Gujarat / tier-2 and tier-3 cities(p.138)
- • Rapid scale-up of bed capacity from 67 (FY21) to 100 (FY22) to 125 (FY23)(p.133)
- • Regional leadership through clinical excellence and affordable healthcare in South Gujarat(p.99)
- • High dependence on doctors, nurses and other healthcare professionals amid shortages(p.32)
- • Geographic concentration of all operations in Surat, Gujarat(p.35)
- • Revenue concentrated in few specialties (cardiology 46%, general medicine 25%, neurology 9%, orthopedics 5% in FY23)(p.36)
- • Customer concentration: top 5 tie-up customers contributed 56.87% of revenues in FY23(p.39)
- • Declining average bed occupancy rate (57% in FY23 vs 63% in FY22/FY21)(p.38)
- • Yield on 57,36,300 6% cumulative non-convertible preference shares unpaid and accumulating(p.40)
- • Recallable unsecured loans of ₹11,033 thousand from promoters/directors with no proper agreement executed(p.37)
- • Past non-compliance with Section 135 (CSR) of the Companies Act, 2013(p.34)
- • West India healthcare market expected to grow at 14%-16% CAGR to ₹2.15-₹2.25 trillion by Fiscal 2027(p.138)
- • Expansion of hospital network into under-served, densely populated micro-markets in western India(p.138)
- • Setting up new 125-bed multi-specialty hospital at Valsad, Gujarat with advanced tertiary care(p.138)
- • PMJAY impetus and government focus driving India healthcare delivery market to ₹8.6 trillion by Fiscal 2027(p.138)
- • Existing Surat unit expandable by 75 beds to 200 beds with quaternary care (organ transplants, robotics)(p.26)
- • First-mover advantage of full-time model in selected super-specialties at Valsad hospital(p.85)
- • Indian medical tourism market expected to grow from US$ 2.89 billion (2020) to US$ 13.42 billion by 2026(p.27)
- • Intense competition from other healthcare service providers including government-owned hospitals(p.37)
- • Adverse changes in government-sponsored health scheme tariffs, coverage, reimbursement policies or terminations(p.34)
- • Highly regulated industry requiring obtaining/renewal of permits, accreditations and licences(p.41)
- • Uncertain and unpredictable impact of the COVID-19 pandemic on business and operations(p.46)
- • Rising inflation in India may prevent proportional price increases, compressing profits(p.52)
- • Slowdown in Indian economic growth could adversely affect the business(p.49)
- • Changing laws, rules, regulations and legal/tax uncertainties in operating jurisdictions(p.50)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dr. Narendra Singh Tanwar | Promoter | 64.23% | — |
| Mr. Vimalkumar Natverlal Patel | Promoter | 14.25% | — |
| Dr. Pranav Rohitbhai Thaker | Promoter | 21.40% | — |
Leadership
Auto-extracted from the company's DRHP 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 DRHP before relying on it.