PM
Park Medi World
Book Building issueMainboardNSE₹920 Cr issue
-3.95%
Listing gain over issue price
Issue size
₹920 Cr
1 lot at cut-off
₹14,904
Lot size
92shares
Open
10 Dec 2025
Close
12 Dec 2025
Allotment
15 Dec 2025
Listing
17 Dec 2025
Listing performance
Issue price
₹162
Listed at
₹155.60
Listing-day close
₹148.15
Latest price
₹287.95
Listing gain
-3.95%
Return since listing
+77.75%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 17 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹162 | ₹0 |
| 16 Dec 2025 | ₹5 | +3.09% | ₹300 | ₹167 | ₹460 |
| 15 Dec 2025 | ₹3.50 | +2.16% | ₹200 | ₹165.50 | ₹322 |
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
- 10 Dec 2025 – 12 Dec 2025
- Listing date
- 17 Dec 2025
- Face value
- ₹2 per share
- Issue price
- ₹162 per share
- Lot size
- 92 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹920 Cr
- Market cap at offer price
- ₹6,997 Cr
- Promoter holding
- 95.55% → 82.89% pre-issue → post-issue
- ISIN
- INE119201023
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Nuvama Wealth Management Ltd.
- Registered office
- 12, Meera Enclave Near Keshopur, Bus Depot, Outer Ring Road, New Delhi
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 | 1,70,37,036 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 92 shares per lot, in multiples, at ₹162
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 92 | ₹14,904 |
| Retail (max) | 13 | 1,196 | ₹1,93,752 |
| S-HNI (min) | 14 | 1,288 | ₹2,08,656 |
| S-HNI (max) | 67 | 6,164 | ₹9,98,568 |
| B-HNI (min) | 68 | 6,256 | ₹10,13,472 |
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
1,70,37,036
Anchor portion
₹276 Cr
at ₹162 per share
Valuation and performance
Valuation at offer price
₹162 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.55 | 6.44 |
| P/E (×) | 29.19 | 25.16 |
| Price to book (×) | 6.09 | — |
| Market cap | — | ₹6,997 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 20.08%
- ROCE
- 17.47%
- Debt / equity
- 0.61
- PAT margin
- 15.30%
- EBITDA margin
- 26.71%
- NAV per share
- ₹26.58
- Price to book
- 6.09
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Park Medi World
Park Medi World Limited is a private hospital chain incorporated in New Delhi on January 20, 2011, and converted to a public limited company in November 2024. As of March 31, 2025, the company operates an aggregate bed capacity of 3,000 beds and is the largest private hospital chain in terms of bed capacity in Haryana with 1,600 beds. The company operates 14 NABH-accredited multi-super specialty hospitals across Haryana, Punjab, Rajasthan, and New Delhi. The company has increased its bed capacity from 2,550 beds as of March 31, 2023 to 3,250 beds as of September 30, 2025. The company generates revenue from in-patient and out-patient hospital services, with significant presence in Haryana (69.06% to 83.91% of revenue from operations) and plans for further expansion in Ambala, Panchkula, Rohtak, Gorakhpur, and Kanpur.
Company Analysis
from RHPPark Medi World Limited is the second-largest private hospital chain in North India operating 14 NABH-accredited multi-super specialty hospitals under the 'Park' brand across healthcare delivery.
Park Medi World Limited is a private hospital chain incorporated in New Delhi on January 20, 2011, and converted to a public limited company in November 2024. As of March 31, 2025, the company operates an aggregate bed capacity of 3,000 beds and is the largest private hospital chain in terms of bed capacity in Haryana with 1,600 beds. The company operates 14 NABH-accredited multi-super specialty hospitals across Haryana, Punjab, Rajasthan, and New Delhi. The company has increased its bed capacity from 2,550 beds as of March 31, 2023 to 3,250 beds as of September 30, 2025. The company generates revenue from in-patient and out-patient hospital services, with significant presence in Haryana (69.06% to 83.91% of revenue from operations) and plans for further expansion in Ambala, Panchkula, Rohtak, Gorakhpur, and Kanpur.
healthcare deliveryhospital operationsmedical services
Objects of the Issue
- Repayment/prepayment, in full or in part, of outstanding borrowings availed by our Company and our Subsidiaries ₹3,800.00 million p.23
- Funding capital expenditure for development of new hospital by our Subsidiary Park Medicity (NCR) ₹605.00 million p.23
- Funding capital expenditure for purchase of medical equipment by our Company and our Subsidiaries, Blue Heavens and Ratangiri ₹274.59 million p.23
- Unidentified inorganic acquisitions and general corporate purposes p.23
- Funding capital expenditure for development of new hospital by our Subsidiary, Park Medicity NCR ₹605.00 million p.54
- Funding capital expenditure for purchase of medical equipment by our Company p.60
- Repayment of borrowings p.137
- General corporate purposes p.60
- Repayment/ prepayment, in full or in part, of outstanding borrowings availed by our Company and our Subsidiaries ₹3,800.00 million p.113
- Funding capital expenditure for development of new hospital by our Subsidiary, Park Medicity (NCR) ₹605.00 million p.113
- Funding capital expenditure for purchase of medical equipment by our Company and our Subsidiaries, Blue Heavens and Ratangiri ₹274.59 million p.113
- Unidentified inorganic acquisitions and general corporate purposes [●] p.113
- Not specified in this document excerpt
- Not stated in this part of the document
- Not stated in this document part
- Fresh Issue ₹ 7,700.00 million p.523
- Offer for Sale ₹ 1,500.00 million p.523
Issue Structure
- Total Issue
- ₹9,200.00 million
- Fresh Issue
- ₹7,700.00 million
- Offer for Sale
- ₹1,500.00 million
- Price Band
- To be determined
- Lot Size
- [●] Equity Shares
- Face Value
- ₹2 each
Business Model
Park Medi World Limited earns revenue from the operation of multi-super specialty hospitals providing in-patient and out-patient services. Revenue from operations includes revenue from sale of services from in-patient and out-patient hospital receipts and other operating revenue.
Business Segments
Operates multi-super specialty hospitals providing in-patient and out-patient services across North India
Internal medicine specialty providing revenue
Neurology specialty providing revenue
Cardiology specialty providing revenue
Urology specialty providing revenue
Gastroenterology specialty providing revenue
General surgery specialty providing revenue
Orthopedics specialty providing revenue
Multi-specialty hospital operations
Multi-specialty hospital operations
Multi-specialty hospital operations
Multi-specialty hospital operations
Multi-specialty hospital operations
Provides hospitalization services including surgeries, diagnostics, intensive care, and supportive services
Provides examination, diagnostics and day surgeries to patients not requiring overnight stay
Comprehensive care for adults and elderly patients with focus on managing chronic illnesses, preventive care, and treatment of complex medical conditions
Comprehensive care for neurological conditions including stroke, head and spinal injuries, brain tumors, seizure disorders, movement disorders, Alzheimer's disease, epilepsy, and Parkinson's disease
Comprehensive care for heart-related conditions including beating heart bypass surgery, valvular heart surgery, treatments for congenital heart diseases, and non-invasive diagnostic services
Comprehensive care for kidney-related conditions including kidney transplants, dialysis, and management of chronic kidney diseases; five hospitals approved for kidney transplant procedures
Comprehensive cancer care including surgical, radiation, and medical oncology with treatments such as chemotherapy, immunotherapy, targeted therapy, and radiation therapy; support services including counseling and palliative care
Comprehensive care for digestive disorders with diagnostic and therapeutic services including endoscopy, colonoscopy, and nutrition counseling for conditions such as acid reflux, Crohn's disease, ulcerative colitis, and irritable bowel syndrome
Orthopedic care including joint replacement surgeries, sports injury management, and treatment of fractures and other bone-related issues
Advanced minimally invasive surgical procedures using robotic systems with surgeon-operated console and high-definition 3D imaging, resulting in smaller incisions, reduced discomfort, quicker recovery, and improved outcomes
Aggarwal Hospital and Research Services Private Limited is primarily engaged in the business of establishing, maintaining and running hospitals, nursing homes, clinics, dispensaries, maternity homes, child welfare and family planning services.
Primarily engaged in the business of establishing, owning, managing, running medical centres and facilities.
Primarily engaged in the business of establishing, owning, managing, running medical centres and facilities.
Primarily engaged in the business of establishing, maintaining and running hospitals, medical, para medical and nursing institutions.
Primarily engaged in the business of establishing, buying, selling, setting up, managing, maintaining, and running hospitals.
The Group is engaged only in healthcare business and therefore the Group's CODM decided to have only one reportable segment as at the September 30, 2025, in accordance with IND AS 108 'Operating Segments'.
The Group operates multi-specialty hospitals and healthcare facilities providing in-patient hospitalization, surgeries, emergency care, out-patient consultations, and other ancillary healthcare services.
Internal medicine specialty providing treatment and consultations
Neurology specialty providing neurological treatments and consultations
Cardiology specialty providing cardiac treatments and consultations
Oncology specialty providing cancer treatment services
SWOT Analysis
Strengths
- • Second largest private hospital chain in North India with significant bed capacity(p.21)
- • Network of NABH accredited multi-super specialty hospitals under established brand(p.21)
- • Rapid bed capacity expansion demonstrating growth trajectory(p.21)
- • Strong financial recovery with rising revenue and profitability(p.42)
- • Geographic diversification across four states reducing concentration risk(p.42)
- • Established hospital network with strong brand presence across geographies(p.54)
- • Consistent profitability with strong PAT margins compared to peers(p.67)
- • Diversified revenue base with focus on high-margin specialties(p.48)
- • Strong average revenue per occupied bed (ARPOB)(p.50)
- • Highest RoNW among peer group at 20.08% (FY2025)(p.155)
- • EBITDA margin of 26.85% significantly exceeds peer average(p.156)
- • PAT margin of 17.21% highest among comparable peers(p.156)
- • Improving bed occupancy rate at 68.14% in H1 FY2026(p.156)
- • Strong ARPOB growth to ₹27,105 in H1 FY2026 from ₹25,674(p.156)
- • Growing healthcare delivery market with strong CAGR(p.216)
- • North region expected to grow fastest with 12-14% CAGR(p.218)
- • Under-penetrated North market with low private chain presence outside Delhi-NCR(p.218)
- • Significant bed capacity shortage creates expansion opportunity(p.226)
- • Growing health insurance penetration to drive demand(p.224)
- • Increasing elderly population driving healthcare demand(p.225)
- • Second largest private hospital chain in North India with significant regional market leadership(p.278)
- • Proven track record of successful hospital acquisitions and integration(p.284)
- • Diversified revenue base across multiple specialties reducing concentration risk(p.283)
- • Strong financial performance with consistent profitability(p.282)
- • Advanced medical technology including robotic surgery systems deployed across hospitals(p.282)
- • Experienced leadership with deep healthcare expertise(p.280)
- • Cluster-based approach enabling operational efficiencies and economies of scale(p.278)
- • NABH and NABL accreditations across majority of hospitals ensuring quality standards(p.281)
- • Extensive subsidiary network across multiple medical facility types and geographies(p.320)
- • Established management team with extensive healthcare industry experience(p.331)
- • Diversified revenue base across healthcare segments (hospitals, diagnostics, facilities management)(p.321)
- • Strong profit generation capability in recent periods(p.358)
- • Diversified hospital network with increasing bed capacity(p.452)
- • Growing patient volumes across in-patient and out-patient services(p.452)
- • Improving bed occupancy rates and revenue efficiency(p.452)
- • Consistent ARPOB growth indicating improved operational efficiency(p.452)
- • Increased bed capacity and network expansion(p.453)
- • Revenue growth from multiple specialties with complex procedures generating higher revenues(p.453)
- • Strong team of medical professionals(p.453)
- • Ability to optimize ARPOB and control costs through scale(p.454)
Weaknesses
- • High contingent liabilities and corporate guarantees representing significant financial risk(p.25)
- • Very high attrition rate among doctors threatening operational continuity(p.25)
- • Heavy geographic concentration of revenue in Haryana creating state-level dependency(p.42)
- • Vulnerability to prior performance declines with material cost pressures(p.42)
- • Significant contingent tax liabilities under appeal with material amounts(p.40)
- • Dependence on consultancy arrangements with doctors creating service continuity risk(p.25)
- • High dependence on government schemes and PSU payments for revenue(p.50)
- • Significant claims disallowance affecting cash flows(p.51)
- • Declining bed occupancy rates from prior years(p.49)
- • Heavy reliance on consultant doctors with high turnover risk(p.45)
- • Certain subsidiaries incurring losses(p.48)
- • High working capital requirements with extended receivables collection period(p.51)
- • Related party transactions pose potential conflicts of interest(p.46)
- • High net debt of ₹6,805.26 million in H1 FY2026(p.156)
- • Debt-to-equity ratio at 0.58, elevated leverage position(p.156)
- • ROCE declining to 9.55% (not annualized) in H1 FY2026 from 17.47%(p.156)
- • Fixed Asset Turnover Ratio declining to 0.76x (not annualized)(p.156)
- • Smaller scale relative to peers; total revenue ₹8,086.57 Mn vs Apollo ₹121,456 Mn(p.159)
- • High concentration of beds in South region(p.231)
- • Significant shortage of healthcare personnel in North region(p.233)
- • Lower bed density in North compared to South region(p.218)
- • High doctor attrition rate limiting retention of medical talent(p.298)
- • Significant dependence on government schemes for revenue generation(p.285)
- • High dependence on leased premises for certain operational hospitals(p.287)
- • Increasing leverage and debt burden from expansion activities(p.281)
- • Declining ROCE and profitability metrics in recent periods(p.281)
- • High debt burden with significant total borrowings(p.357)
- • Promoter guarantees on company debt creating personal liability risk(p.332)
- • Dependence on related-party arrangements for key operational properties(p.338)
- • Concentration of shareholding with promoters post-IPO dilution(p.348)
- • Several subsidiary losses and negative asset positions(p.323)
- • Complex multi-entity structure with audit observations on inter-company loans lacking repayment schedules(p.379)
- • Significant related-party loan concentration without formal repayment terms(p.381)
- • Material unconfirmed trade receivables outstanding for extended periods(p.383)
- • Audit trail deficiencies in critical accounting systems across multiple locations(p.383)
- • High contingent liability from GST demand in subsidiary(p.404)
- • High leverage with significant borrowings relative to equity(p.445)
- • Heavy dependence on personal guarantees from promoters for borrowings(p.412)
- • Complex multi-layer subsidiary structure with non-controlling interests(p.436)
- • Significant lease obligations extending beyond five years(p.417)
- • Heavy reliance on third-party vendors for supplies(p.454)
- • Geographic concentration in North India(p.454)
- • Dependence on skilled medical professionals with limited availability(p.453)
- • New hospitals have long gestation periods before profitability(p.454)
- • Significant upfront capital investment required before generating revenue(p.454)
Opportunities
- • Significant Indian healthcare market growth trajectory expected at 10-12% CAGR(p.22)
- • North India healthcare market growing fastest with increasing market share(p.22)
- • Planned pipeline of new hospital developments in strategic locations(p.21)
- • Acquisition of underperforming hospital assets to consolidate market position(p.44)
- • Expansion of hospital network in new geographies(p.54)
- • Introduction of new specialties and clinical programs(p.69)
- • Strategic acquisitions to grow bed capacity(p.47)
- • Growing healthcare demand in North India region(p.45)
- • Expansion into tier-2 and tier-3 cities with unmet healthcare demand(p.199)
- • Growth in health expenditure share of PFCE rising to 5.2% in FY2024(p.179)
- • North India GSDP growth strong at 7.8% (Rajasthan) and 7.6% (Haryana) in FY2025(p.184)
- • Rising middle-class population and improved per capita income supporting healthcare demand(p.179)
- • Increasing prevalence of non-communicable diseases driving secondary/tertiary care demand(p.192)
- • Rapid North region expansion by organized chains(p.218)
- • Rising prevalence of non-communicable diseases(p.222)
- • Growing medical tourism with 20% CAGR(p.221)
- • Digital healthcare infrastructure adoption enabling wider reach(p.226)
- • Inorganic growth consolidation trend with strong PE interest(p.228)
- • IPD segment dominance with higher revenue contribution(p.216)
- • Tier-2 and Tier-3 city expansion opportunities(p.227)
- • Significant growth potential in North India healthcare market expanding at 12-14% CAGR(p.287)
- • Bed deficit in North India region supporting expansion opportunities(p.282)
- • Expansion into adjacent markets particularly Uttar Pradesh with significant healthcare demand(p.287)
- • Growing government health insurance coverage expected to drive healthcare demand(p.288)
- • India emerging as destination for medical tourism with growth potential(p.288)
- • Planned expansion with over 1,650 additional beds expected by March 2028(p.280)
- • Planned expansion of medical facilities and infrastructure development(p.357)
- • Growing healthcare demand in India with rising disposable incomes(p.361)
- • Acquisition strategy demonstrated through multiple subsidiary integrations(p.329)
- • Expansion into adjacent healthcare services through existing subsidiaries(p.328)
- • Revenue growth from inpatient services across multi-location network(p.398)
- • Expansion of healthcare service offerings through acquisitions and subsidiaries(p.384)
- • Growth in capital investments and infrastructure development(p.404)
- • Capacity expansion through increasing bed availability(p.452)
- • Growing out-patient services utilization(p.452)
- • Operational leverage through improved occupancy rates(p.452)
- • Potential for geographic expansion in North India(p.436)
- • Expansion of hospital network through acquisitions and new constructions(p.455)
- • Operations and management agreements to enter new geographic markets(p.455)
- • Government price increases for health schemes supporting revenue growth(p.454)
- • Introduction of new technologies and advanced super-specialties(p.453)
Threats
- • High dependency on limited pool of specialized medical professionals in competitive market(p.42)
- • Potential for credit rating downgrades increasing borrowing costs(p.41)
- • High operating cost structure vulnerable to cost pass-through failures(p.25)
- • Exposure to regulatory and compliance risks including major GST and income tax disputes(p.40)
- • State-specific adverse developments could materially impact revenue concentration(p.42)
- • Healthcare industry cyclicality and macroeconomic dependency(p.42)
- • Regulatory risks from government price capping and mandatory subsidization(p.72)
- • Delays in government payments and policy changes(p.50)
- • Intense competition from larger hospital groups(p.67)
- • Pandemic and infectious disease outbreak risks(p.75)
- • Natural disasters and operational disruptions(p.73)
- • Macroeconomic headwinds affecting healthcare spending(p.77)
- • Rising input costs and inflation(p.77)
- • Medical negligence and litigation risks(p.58)
- • Limited bed density in India at 16 per 10,000 population creates competitive capacity additions(p.188)
- • Government healthcare expenditure remains low at 1.29% of GDP as of 2022(p.187)
- • Price controls on medical devices and stents limit revenue realization(p.207)
- • High out-of-pocket healthcare spending at 45.98% of current health expenditure creates affordability barriers(p.187)
- • Intense competition from established multi-specialty chains with land bank advantages(p.203)
- • Government price capping on medical devices and treatments(p.226)
- • Supreme Court directive to fix price bands for medical treatments(p.226)
- • Outstanding receivables from government affecting financial profile(p.226)
- • Regulatory headwinds affecting single-specialty units margins(p.227)
- • Shortage of nursing and medical personnel nationally(p.227)
- • Inadequate health infrastructure and unequal service quality(p.225)
- • Heavy reliance on government scheme reimbursements creating revenue volatility risk(p.285)
- • Intense competition from established large hospital chains in North India(p.272)
- • Regulatory compliance requirements and healthcare sector regulation complexity(p.303)
- • Healthcare staff attrition and difficulty in recruiting and retaining medical professionals(p.298)
- • Challenges in integrating newly acquired hospitals and expansion projects(p.280)
- • Regulatory changes and compliance requirements in healthcare sector(p.361)
- • Competition in organized healthcare delivery sector(p.349)
- • Rising interest rates impacting finance costs and debt servicing(p.358)
- • Employee cost inflation in healthcare sector(p.358)
- • Risk of contingent liabilities from related party transactions and guarantees(p.328)
- • Material income tax demands under appeal across multiple assessment years(p.404)
- • GST regulatory risk with significant pending demands(p.404)
- • High provision for claim disallowances indicating reimbursement collection risk(p.399)
- • Material credit impairment on trade receivables(p.391)
- • Significant outstanding statutory dues indicating compliance challenges(p.380)
- • Healthcare sector regulatory and compliance risks(p.441)
- • Competition in healthcare delivery sector(p.452)
- • Refinancing risk from concentrated borrowing structure(p.433)
- • Seasonal and cyclical variations in healthcare demand(p.452)
- • Extensive government regulations and compliance costs(p.454)
- • Risk of government policy changes affecting revenues(p.454)
- • Potential increases in labour costs from regulatory changes(p.454)
- • Competition from other healthcare providers in North India(p.454)
- • Costs of medical consumables and drugs subject to market pressures(p.454)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dr. Ajit Gupta | Promoter/Promoter Selling Shareholder | 86.22% | — |
| Dr. Ankit Gupta | Promoter | 9.33% | — |
| Dr. Ajit Gupta | Promoter | — | — |
| Dr. Ankit Gupta | Promoter | — | — |
| Dr. Ajit Gupta | Promoter/Promoter Selling Shareholder | 86.22% | — |
| Dr. Ankit Gupta | Promoter | 9.33% | — |
| Dr. Ajit Gupta | Promoter | — | — |
| Dr. Ajit Gupta | Promoter | — | — |
| Dr. Ankit Gupta | Promoter | — | — |
| Dr. Ajit Gupta | Promoter | 86.22% | — |
| Dr. Ankit Gupta | Promoter | 9.33% | — |
| Dr. Ajit Gupta | Promoter | 89.83% | — |
| Dr. Ankit Gupta | Promoter | 9.33% | — |
| Dr. Ajit Gupta | Promoter | — | — |
| Dr. Ankit Gupta | Promoter | — | — |
| Dr. Ajit Gupta | Promoter | — | — |
| Dr. Ankit Gupta | Promoter | — | — |
| Dr. Ajit Gupta | Promoter Selling Shareholder | — | — |
| Dr. Ajit Gupta | Promoter Selling Shareholder | — | — |
Leadership
Dr. Ajit Gupta · Promoter
Dr. Ankit Gupta · Promoter
Dr. Sanjay Sharma · Chief Executive Officer
Rajesh Sharma · Chief Financial Officer
Abhishek Kapoor · 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.