Unihealth Hospitals
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 08 Sep 2023 – 12 Sep 2023
- Listing date
- 21 Sep 2023
- Face value
- ₹10 per share
- Issue price
- ₹132 per share
- Lot size
- 1,000 shares
- Total issue size
- ₹56.55 Cr
- Market cap at offer price
- ₹203 Cr
- Promoter holding
- 95.32% → 68.80% pre-issue → post-issue
- ISIN
- INE0PRF01011
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Unistone Capital Pvt.Ltd.
- Registered office
- H-13 & H-14, Everest, 9th Floor, 156 Tardeo Road, Maharashtra
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 | 12,18,000 | — | — |
| Market maker | 2,16,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹132
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,32,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,64,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,24,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,56,000 |
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
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.94 | — |
| P/E (×) | 19.02 | — |
| Market cap | — | ₹203 Cr |
Key performance indicators
- Return on net worth
- 27.91%
- ROCE
- 20.99%
- Debt / equity
- 1.43
- PAT margin
- 17.48%
- NAV per share
- ₹24.76
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Unihealth Hospitals
Originally incorporated as Unihealth Consultancy Private Limited on February 26, 2010 in Mumbai and converted into a public limited company (fresh certificate of incorporation dated April 26, 2023; CIN U85100MH2010PLC200491), Unihealth Consultancy Limited is promoted by two doctors, Dr. Anurag Shah and Dr. Akshay Parmar (both M.B.B.S., KJ Somaiya Medical College, 2010). It is a healthcare services provider with operational presence in multiple African countries (Uganda, Nigeria, Tanzania, plus activities touching Kenya, Angola, Ethiopia, Mozambique, Zimbabwe and DR Congo). Under the flagship 'UMC Hospitals' brand it operates, through 50:50 joint ventures, the 120-bed UMC Victoria Hospital in Kampala, Uganda (Victoria Hospital Limited, commissioned January 2017) and the 80-bed UMC Zhahir Hospital in Kano, Nigeria (UMC Global Health Limited), and through subsidiary Biohealth Limited runs 'Unihealth Medical Centre', a dedicated dialysis facility in Mwanza, Tanzania. Wholly-owned subsidiary Unihealth Pharmaceuticals Private Limited exports laboratory consumables, surgical sutures, dialysis consumables, general medical consumables and intensive-care medicines sourced from Indian manufacturers, supplying mainly the group's own facilities; UAE subsidiary Aryavarta FZE provides management consultancy. The company earns revenue from inpatient/outpatient treatment services (₹ 3,868.00 lakhs of FY2022-23 revenue from operations of ₹ 4,393.86 lakhs), healthcare project management consultancy (₹ 496.72 lakhs, including acting as Project Management Consultant for the proposed 300+ bedded PHRC Health City in Undri, Pune) and export/distribution (₹ 29.14 lakhs); the medical value travel vertical showed '-' (no revenue) for FY2020-21 to FY2022-23. Restated consolidated FY2023 results: EBITDA ₹ 1,591.52 lakhs, profit after tax ₹ 768.00 lakhs.
Company Analysis
from RHPUnihealth Consultancy Limited is a Mumbai-headquartered healthcare services provider that operates multi-speciality hospitals in Uganda and Nigeria and a dialysis-focused medical centre in Tanzania, and also runs hospital project-management consultancy, export/distribution of pharmaceuticals & medical consumables, and medical value travel businesses across India and Africa.
Originally incorporated as Unihealth Consultancy Private Limited on February 26, 2010 in Mumbai and converted into a public limited company (fresh certificate of incorporation dated April 26, 2023; CIN U85100MH2010PLC200491), Unihealth Consultancy Limited is promoted by two doctors, Dr. Anurag Shah and Dr. Akshay Parmar (both M.B.B.S., KJ Somaiya Medical College, 2010). It is a healthcare services provider with operational presence in multiple African countries (Uganda, Nigeria, Tanzania, plus activities touching Kenya, Angola, Ethiopia, Mozambique, Zimbabwe and DR Congo). Under the flagship 'UMC Hospitals' brand it operates, through 50:50 joint ventures, the 120-bed UMC Victoria Hospital in Kampala, Uganda (Victoria Hospital Limited, commissioned January 2017) and the 80-bed UMC Zhahir Hospital in Kano, Nigeria (UMC Global Health Limited), and through subsidiary Biohealth Limited runs 'Unihealth Medical Centre', a dedicated dialysis facility in Mwanza, Tanzania. Wholly-owned subsidiary Unihealth Pharmaceuticals Private Limited exports laboratory consumables, surgical sutures, dialysis consumables, general medical consumables and intensive-care medicines sourced from Indian manufacturers, supplying mainly the group's own facilities; UAE subsidiary Aryavarta FZE provides management consultancy. The company earns revenue from inpatient/outpatient treatment services (₹ 3,868.00 lakhs of FY2022-23 revenue from operations of ₹ 4,393.86 lakhs), healthcare project management consultancy (₹ 496.72 lakhs, including acting as Project Management Consultant for the proposed 300+ bedded PHRC Health City in Undri, Pune) and export/distribution (₹ 29.14 lakhs); the medical value travel vertical showed '-' (no revenue) for FY2020-21 to FY2022-23. Restated consolidated FY2023 results: EBITDA ₹ 1,591.52 lakhs, profit after tax ₹ 768.00 lakhs.
Objects of the Issue
- Investment in joint venture Victoria Hospital Limited (VHL), Kampala, Uganda — ₹ 450.00 lakhs for capital expenditure for proposed expansion (adding equipment/new specialties incl. ophthalmology, bariatric and cardiothoracic surgery at the 120-bed UMC Victoria Hospital) and ₹ 1,250.00 lakhs for working capital requirements of VHL ₹ 1,700.00 lakhs p.82
- Investment in joint venture UMC Global Health Limited (UMCGHL), Nigeria — capital expenditure for proposed expansion of the 80-bed UMC Zhahir Hospital, Kano (new equipment/instruments for orthopaedic, spine and uro-surgery; new departments: ophthalmology, endoscopy & colonoscopy, IVF and cardiothoracic surgery) ₹ 460.00 lakhs p.82
- Investment in subsidiary Biohealth Limited (BL), Tanzania — ₹ 737.50 lakhs for capital expenditure to expand Unihealth Medical Centre, Mwanza into a 50-bed hospital (CT scanner, MRI scanner, OT equipment etc.) and ₹ 850.00 lakhs to set up a disposable syringe manufacturing unit on existing infrastructure ₹ 1,587.50 lakhs p.82
- General corporate purposes (utilisation capped at 25% of gross proceeds) ₹ [●] lakhs p.91
Issue Structure
- Total Issue
- Up to ₹ [●] Lakhs
- Fresh Issue
- 42,84,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Face Value
- ₹ 10 each
Business Model
Predominantly fee-for-service healthcare delivery: consolidated revenue from operations comes mainly from outpatient and inpatient treatment services at the hospitals and medical centres operated through joint ventures and subsidiaries under the 'UMC Hospitals'/'Unihealth Medical Centre' brands (≈88% of FY2022-23 revenue from operations, computed from the disclosed vertical-wise bifurcation), complemented by project management consultancy fees for planning, building and commissioning hospitals (currently the 300+ bedded PHRC Health City in Pune, plus projects in Kenya and Angola) and by trading margin on export and distribution of pharmaceuticals and medical consumables bought from Indian manufacturers and sold largely to the group's own facilities in Uganda, Nigeria and Tanzania. The medical value travel facilitation vertical reported no revenue ('-') in FY2020-21 through FY2022-23.
Business Segments
SWOT Analysis
- • Doctor-promoted healthcare group supported by a skilled and experienced professional team(p.121)
- • Operates the largest private sector hospitals in Uganda and in Northern Nigeria(p.123)
- • Access to existing infrastructure allows expansion and addition of new services with minimal capital investment(p.122)
- • Only facility in the region with modular, automated operating theatres; continued investment in medical equipment and new specialties(p.122)
- • Proof of concept for consultancy services — appointed Project Management Consultant for the 300+ bedded PHRC Health City, Pune(p.123)
- • Flagship hospital achieved operational break-even within 24 months of commissioning(p.117)
- • Balanced presence across multiple countries mitigates geo-political risk(p.123)
- • Heavy revenue dependence on joint ventures/subsidiaries (Victoria Hospitals Limited contributed 65.78% of FY23 revenue)(p.34)
- • Project-based consultancy model inherently causes revenue fluctuations and cash flow challenges(p.36)
- • Distribution business is concentrated — sales made only to group companies with no direct external clients(p.37)
- • Promoters have no prior experience in disposable syringe manufacturing, which is one of the objects of the issue(p.37)
- • Unsecured loans of ₹2,205.62 lakhs (as of March 31, 2023) may be recalled by lenders at any time(p.47)
- • High outstanding indebtedness requiring significant cash flows to service(p.49)
- • Contingent liabilities of ₹889.56 lakhs as of March 31, 2023 could affect financial condition if materialized(p.46)
- • High working capital requirement in joint venture company VHL(p.42)
- • Increase bed capacity and add clinical super-specialties in existing facilities(p.123)
- • Acquire operations & management contracts or set up green-field/brown-field hospital projects across Africa and India(p.123)
- • Develop a comprehensive health-tech platform leveraging existing patient inflow of more than 1,00,000 patients annually(p.123)
- • Scale consultancy services and medical value travel as asset-light growth engines(p.124)
- • Expand distribution network and participate in government/non-governmental organisation tenders(p.124)
- • Industry tailwind — Indian hospital industry expected to reach $132 Bn by 2023, growing at 16–17% CAGR(p.107)
- • Skewed supply-demand gap in countries of operation underlines available growth opportunities(p.122)
- • Set up disposable syringe manufacturing in Tanzania to capitalize on local supply-demand gap(p.90)
- • Competition from established hospitals and healthcare providers in Uganda and Nigeria(p.40)
- • Foreign exchange rate fluctuations on significant US Dollar denominated income(p.41)
- • Slowdown in economic growth in India and countries where the Company has business presence(p.52)
- • Challenges affecting the healthcare industry will impact operations(p.54)
- • Health, safety, environmental and other governmental regulatory compliance is time consuming and costly(p.54)
- • Technological changes and evolving industry standards can render existing equipment and services obsolete(p.46)
- • Natural or man-made disasters, terrorism and hostilities could disrupt operations and financial condition(p.54)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dr. Anurag Shah | Promoter | 44.98% | — |
| Dr. Akshay Parmar | Promoter | 37.60% | — |
| Prafulla Parmar | Promoter Group | 7.38% | — |
| Shantilal Kataria | Promoter Group | 3.43% | — |
| Sangeeta Shah | Promoter Group | 1.24% | — |
| Mayuri Parmar | Promoter Group | 0.69% | — |
Leadership
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.