Yatharth Hospital & Trauma Care Services
Mainboard₹687 Cr issue
+1.33%
Listing gain over issue price
Issue size
₹687 Cr
1 lot at cut-off
₹15,000
Lot size
50shares
Open
26 Jul 2023
Close
28 Jul 2023
Allotment
02 Aug 2023
Listing
07 Aug 2023
Listing performance
Issue price
₹300
Listed at
₹304
Listing-day close
₹333.85
Latest price
₹931.80
Close on 23 Oct 2026
Listing gain
+1.33%
Return since issue
+210.60%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 26 Jul 2023 – 28 Jul 2023
- Listing date
- 07 Aug 2023
- Face value
- ₹10 per share
- Issue price
- ₹300 per share
- Lot size
- 50 shares
- Total issue size
- ₹687 Cr
- Market cap at offer price
- ₹2,576 Cr
- Promoter holding
- 91.34% → 66.32% pre-issue → post-issue
- ISIN
- INE0JO301016
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Intensive Fiscal Services Pvt.Ltd.
- Registered office
- JA 108, DLF Tower A, 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 | 68,65,506 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 50 shares per lot, in multiples, at ₹300
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 50 | ₹15,000 |
| Retail (max) | 13 | 650 | ₹1,95,000 |
| S-HNI (min) | 14 | 700 | ₹2,10,000 |
| S-HNI (max) | 66 | 3,300 | ₹9,90,000 |
| B-HNI (min) | 67 | 3,350 | ₹10,05,000 |
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.
Shares allocated
68,65,506
Anchor portion
₹206 Cr
at ₹300 per share
Valuation and performance
Valuation at offer price
₹300 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.09 | — |
| P/E (×) | 29.73 | — |
| Market cap | — | ₹2,576 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 35.95%
- ROCE
- 26.10%
- Debt / equity
- 1.44
- PAT margin
- 12.64%
- NAV per share
- ₹27.93
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Yatharth Hospital & Trauma Care Services
Yatharth Hospital & Trauma Care Services Limited is a healthcare service provider operating three super specialty hospitals in Delhi NCR (Noida, Greater Noida, and Noida Extension) with a total bed capacity of 1,100 beds as of March 31, 2023, plus a 305-bed multispecialty hospital in Orchha, Madhya Pradesh acquired through its subsidiary Ramraja Multispeciality Hospital & Trauma Centre Private Limited. The company was incorporated as a private limited company on February 28, 2008, and converted to a public limited company on November 18, 2021. For Fiscal 2023, the company reported revenue from operations of ₹5,202.93 million and profit after tax of ₹657.68 million. The company operates through three subsidiaries: AKS Medical & Research Centre Private Limited, Ramraja Multispeciality Hospital & Trauma Centre Private Limited, and Sanskar Medica India Limited.
Company Analysis
from RHPYatharth operates super-specialty hospitals in Delhi NCR and Madhya Pradesh providing comprehensive inpatient and outpatient healthcare services across multiple medical specialties.
Yatharth Hospital & Trauma Care Services Limited is a healthcare service provider operating three super specialty hospitals in Delhi NCR (Noida, Greater Noida, and Noida Extension) with a total bed capacity of 1,100 beds as of March 31, 2023, plus a 305-bed multispecialty hospital in Orchha, Madhya Pradesh acquired through its subsidiary Ramraja Multispeciality Hospital & Trauma Centre Private Limited. The company was incorporated as a private limited company on February 28, 2008, and converted to a public limited company on November 18, 2021. For Fiscal 2023, the company reported revenue from operations of ₹5,202.93 million and profit after tax of ₹657.68 million. The company operates through three subsidiaries: AKS Medical & Research Centre Private Limited, Ramraja Multispeciality Hospital & Trauma Centre Private Limited, and Sanskar Medica India Limited.
Healthcare deliveryHospital servicesMulti-specialty healthcare
Objects of the Issue
- Repayment/prepayment, in full or part, of certain borrowings availed by our Company ₹1,000.00 million p.18
- Repayment/prepayment, in full or part, of certain borrowings availed by our Subsidiaries, namely, AKS Medical & Research Centre Private Limited ('AKS') and Ramraja Multispeciality Hospital & Trauma Centre Private Limited ('Ramraja') ₹1,450.00 million p.18
- Funding capital expenditure expenses of our Company for two hospitals, namely, Noida Hospital and Greater Noida Hospital ₹256.44 million p.18
- Funding capital expenditure expenses of our Subsidiaries, AKS and Ramraja, for respective hospital operated by them ₹1,069.66 million p.18
- Funding inorganic growth initiatives through acquisitions and other strategic initiatives ₹650.00 million p.18
- General corporate purposes ₹1,271.00 million p.18
- Funding capital expenditure for development of new hospital facilities and expansion of bed capacity p.77
- Repayment/ prepayment, in full or part, of certain borrowings availed of by our Company ₹1,000.00 million p.110
- Repayment/ prepayment, in full or part, of certain borrowings availed of by our Subsidiaries, namely, AKS and Ramraja ₹1,450.00 million p.113
- Funding capital expenditure expenses of our Company for two hospitals, namely, Noida Hospital and Greater Noida Hospital ₹256.44 million p.115
- Funding capital expenditure expenses of our Subsidiaries, AKS and Ramraja, for respective hospital operated by them ₹1,069.66 million p.118
- Funding inorganic growth initiatives through acquisitions and other strategic initiatives ₹650.00 million p.124
- General corporate purposes ₹1,271.00 million p.125
- Funding capex for new hospitals and expansion of existing hospitals p.194
- Introduction of radiation therapy and other new specialties p.194
- General corporate purposes p.194
- Fresh issue of capital ₹6,100 million p.312
- Offer for Sale (OFS) of existing shares p.312
Issue Structure
- Total Issue
- ₹6,865.51 million
- Fresh Issue
- ₹4,900.00 million (16,333,333 Equity Shares)
- Offer for Sale
- ₹1,965.51 million (6,551,690 Equity Shares)
- Price Band
- ₹285 to ₹300 per Equity Share (Floor Price ₹285, Cap Price ₹300)
- Lot Size
- 50 Equity Shares and in multiples of 50 Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
Yatharth generates revenue primarily from inpatient and outpatient healthcare services across multiple specialties including medicine, orthopedics, nephrology, neurosciences, general surgery, cardiology, pediatrics, gynecology, gastroenterology, and pulmonology. The company charges patients for hospital admission, medical procedures, and treatments. Revenue is derived from individual patient payments, insurance companies, third-party administrators, and government schemes including ESIC, ECHS, and CGHS. For Fiscal 2023, inpatient revenue was 76% of total revenue with 45,358 IPD patients treated, while outpatient revenue was 24% with significant OPD volumes.
Business Segments
Medical services including non-COVID and COVID-19 patient treatment
Kidney and urinary system specialty services
Neurological and brain specialty services
Heart and cardiovascular disease specialty services
General surgical procedures and services
Bone, joint, spine and rheumatological specialty services
Children's healthcare specialty services
Respiratory and lung specialty services
Women's health and gynecological specialty services
Digestive system and gastrointestinal specialty services
Hospital admission and treatment services for admitted patients
Outpatient consultation and treatment services
Provides hospitalization services through beds, operation theatres, intensive care units, nursing services, pharmaceutical services, laboratory and diagnostic services. In Fiscal 2023, IPD revenue was ₹4,519.00 million representing 87% of total revenue.
Provides outpatient consultations, day surgeries, and diagnostic services. In Fiscal 2023, OPD revenue was ₹683.93 million representing 13% of total revenue.
Comprehensive treatment of lifestyle-related diseases such as diabetes, hypertension, and obesity, along with infectious diseases such as malaria, typhoid, dengue and rheumatic fever, with multidisciplinary care and preventive health check-ups
Comprehensive range of diagnostics and therapeutic services for cardiovascular ailments including coronary angioplasty, stenting, PCI, and complex cardiac procedures such as mitral-valvuloplasty, pacemaker implantation
Comprehensive evaluation and therapeutic services for stroke, brain hemorrhage, backache, spinal disorders, neuro-oncology, epilepsy and other neurological ailments with advanced neuro-diagnostic services and minimally invasive neuro-spine surgery
Comprehensive care for orthopedic afflictions including knee, hip, spine and joint problems with services for trauma, joint reconstruction including total knee replacement, total hip replacement, arthroscopic procedures, and spinal fixation procedures
Treatment of kidney-related illnesses and urological conditions including HD catheter insertion, arteriovenous fistula creation, kidney transplant, and dialysis procedures
Surgical interventions focusing on endocrine system, gastrointestinal tract, liver and colon including appendectomy, cholecystectomy, hernia repair, and laparoscopic procedures
Pediatric healthcare services including pediatric pulmonology, gastroenterology, cardiology, surgery and neurology, with a Children Care Development Centre for differently abled children
Comprehensive mother and child care services including advanced in vitro fertilisation and obstetric services
Treatment of gastrointestinal disorders and hepatology conditions
Comprehensive pulmonary healthcare services including treatment of respiratory conditions and pulmonary medicine
Provides inpatient and outpatient healthcare services including accommodation, surgery, medical/clinical professional services, food and beverages, investigations and supply of pharmaceutical and related products
250-bed super-specialty tertiary care hospital in Noida, Uttar Pradesh, commenced operations in 2013 with 4 modular and other operation theatres and 81 critical care beds as of March 31, 2023
400-bed super-specialty tertiary care hospital in Greater Noida, Uttar Pradesh, established in November 2010 with 9 modular and other operation theatres and 112 critical care beds as of March 31, 2023
450-bed tertiary care hospital in Noida Extension, Uttar Pradesh, commenced operations in May 2019 with 11 modular and other operation theatres and 125 critical care beds as of March 31, 2023
305-bed multi-specialty hospital in Orchha, Madhya Pradesh near Jhansi, Uttar Pradesh, acquired in Fiscal 2022 and commenced commercial operations from April 10, 2022, with 11 modular and other operation theatres and 76 critical care beds
Provision of inpatient, outpatient and emergency healthcare services including bone marrow and kidney transplant operations
SWOT Analysis
Strengths
- • Leading market position in Delhi-NCR healthcare(p.17)
- • Strong revenue and profitability growth trajectory(p.31)
- • Significant geographic expansion with Jhansi-Orchha acquisition(p.17)
- • Large bed capacity supporting scale(p.17)
- • Demonstrated resilience and growth through COVID-19 pandemic(p.31)
- • Multi-specialty service offerings across multiple locations(p.51)
- • Growing revenue base with 128% growth from FY2021 to FY2023(p.84)
- • Profitability improvement with PAT margin of 12.64% in FY2023(p.84)
- • Strong return on equity at 35.95% in FY2023(p.84)
- • 8th and 10th largest private hospitals in Delhi NCR by bed count(p.182)
- • Strong financial and operational growth trajectory(p.193)
- • Experienced promoter-doctors with medical expertise(p.183)
- • Rapid bed capacity expansion with controlled capex per bed(p.193)
- • Diversified revenue streams across specialties, hospitals and payer mix(p.190)
- • Advanced medical equipment and infrastructure across all hospitals(p.187)
- • Substantial doctor workforce with broad specialty coverage(p.182)
- • Multi-hospital network with established presence(p.223)
- • Strong accreditation and quality certifications across hospitals(p.223)
- • Recognition and awards for excellence in healthcare(p.224)
- • Empanelment with major government health schemes(p.215)
- • Experienced promoter team with medical background(p.232)
- • Multi-specialty hospital network with strong scale and geographic presence(p.317)
- • Strong revenue growth and operational performance metrics(p.317)
- • Established presence in high-growth NCR region with economic advantages(p.318)
- • International quality standards and accreditations(p.318)
- • Diversified revenue portfolio across 30 specializations with 10 Centers of Excellence(p.324)
- • Strong profitability and ROCE improvement(p.320)
- • Effective pandemic response demonstrating operational resilience(p.326)
- • Multi-specialty hospital operations with established track record across four operational hospitals(p.337)
- • Strong revenue growth trajectory with non-COVID revenue increasing 66.77% year-over-year(p.340)
- • Consistent profitability with expanding margins; PAT grew 48.9% from FY2022 to FY2023(p.342)
- • Positive growth across all key specialties with diversified service portfolio(p.340)
- • Strong operating cash generation; net cash from operations ₹637.84 million in FY2023(p.344)
- • Expansion into advanced medical procedures including bone marrow and kidney transplants(p.337)
Weaknesses
- • High fixed cost structure limiting profitability flexibility(p.34)
- • Significant operational concentration in Delhi-NCR region(p.43)
- • Ramraja subsidiary with substantial negative net worth and losses(p.37)
- • High attrition rates among key personnel(p.42)
- • Dependence on key personnel including Promoters(p.37)
- • Incomplete capital equipment procurement for expansion(p.35)
- • Declining bed occupancy rate at 45.33% in FY2023 vs 49.97% in FY2022(p.48)
- • Dependence on promoter personal guarantees for loan facilities(p.47)
- • Reliance on consultant doctors with no exclusivity guarantees(p.49)
- • Contingent liabilities of ₹2,358.44 million as of March 31, 2023(p.49)
- • Loss of COVID-19 revenue stream with nil revenue in FY2023 vs ₹889.53 million (22.19%) in FY2022(p.50)
- • Missing corporate records of subsidiary Ramraja with no assurance against regulatory penalties(p.65)
- • Three out of four hospitals on leased premises; three hospital leases expiry over 80 years away(p.208)
- • Recent acquisition (Jhansi-Orchha) operating at significantly lower capacity utilization(p.193)
- • Jhansi-Orchha acquisition made at inopportune time; previous operator faced going concern issues(p.198)
- • Dependence on third-party suppliers for critical medical equipment and supplies(p.203)
- • Relatively low bed occupancy rates compared to peer hospitals(p.193)
- • Declining trade receivables turnover indicating collection challenges(p.205)
- • High leverage with significant debt obligations(p.257)
- • Dependence on few hospitals for revenue generation(p.223)
- • No dividend history with uncertain future dividend capacity(p.252)
- • Limited geographic diversification with concentration in NCR region(p.223)
- • High dependence on founder-promoters and concentration of ownership(p.279)
- • Significant accumulated debt burden(p.293)
- • Three of four hospitals located on leased premises creating operational vulnerability(p.325)
- • High specialist charges and employee benefits representing large expense proportion(p.326)
- • Contingent liabilities including pending litigation and regulatory matters(p.305)
- • Material provision for expected credit loss indicating collection risk(p.276)
- • Jhansi-Orchha hospital operating at very low capacity utilization(p.321)
- • High leverage with debt-to-equity ratio of 1.44 as of March 31, 2023(p.346)
- • Significant dependence on external financing with total borrowings of ₹2,637.76 million(p.346)
- • Rising other expenses consuming increasing percentage of total income; other expenses as % of income increased from 31.88% (FY2022) to 38.55% (FY2023)(p.341)
- • Material litigation related to medical negligence exposing company to reputational and financial risk(p.355)
- • EBITDA margin compression; EBITDA margin declined from 27.64% (FY2022) to 25.71% (FY2023)(p.342)
- • Concentration of specialist workforce; 416 specialists not on payroll by FY2023 creating dependency on external contractors(p.341)
Opportunities
- • Geographic diversification beyond Delhi-NCR(p.44)
- • Inorganic growth through acquisitions and strategic initiatives(p.42)
- • Capital expenditure deployment for capacity enhancement(p.18)
- • Debt reduction to improve financial leverage(p.18)
- • Ramraja hospital maturation and profitability potential(p.36)
- • Expansion into new hospitals and bed capacity growth(p.47)
- • Improving occupancy rates and growing medical tourism segment(p.47)
- • Enhancement of super-specialty practices and service offerings(p.47)
- • Growing healthcare demand in NCR region with rising disposable income(p.51)
- • Expand through radiation therapy oncology and organ transplant centers(p.194)
- • High-growth medical tourism segment with favorable demographics(p.196)
- • Leverage robotic surgery capabilities in high-growth segment(p.196)
- • Expand into adjacent geographies with greenfield or acquisition opportunities(p.195)
- • Capitalize on growing Delhi-NCR healthcare demand and strong regional economy(p.183)
- • Leverage cluster approach in existing markets with strong brand recall(p.195)
- • Explore asset-light expansion models to reduce capex intensity(p.195)
- • DNB accreditation attracting medical talent and enhancing capabilities(p.196)
- • Growth through government-backed health schemes and empanelment(p.215)
- • Expansion through acquisitions of existing healthcare providers(p.224)
- • Pharmacy and diagnostic services expansion(p.222)
- • Telemedicine adoption potential(p.215)
- • Medical education and training services(p.222)
- • Significant growth in healthcare demand in Delhi NCR and expansion markets(p.318)
- • Geographic expansion into regional markets through Jhansi-Orchha hospital(p.318)
- • Development of Centers of Excellence for specialized treatment areas(p.325)
- • Introduction of new advanced medical treatments and radiation therapy(p.318)
- • Substantial land acquisition for capacity expansion(p.325)
- • Strong post-COVID recovery with non-COVID business growth acceleration(p.326)
- • Potential for increasing treatment complexity and higher-value procedures(p.324)
- • Expansion of bed capacity through acquisition of additional land for Noida Extension hospital(p.350)
- • Growing demand for healthcare services with expanding multi-specialty capabilities and advanced procedures(p.337)
- • IPO capital to fund growth initiatives and reduce debt burden; Fresh Issue raising ₹4,900 million(p.384)
- • Recovery and growth in non-COVID revenue post-pandemic normalization with all specialties showing positive momentum(p.340)
Threats
- • COVID-19 pandemic and similar infectious disease outbreaks(p.30)
- • Medical negligence litigation and reputational risk(p.32)
- • Government price restrictions on healthcare services(p.40)
- • Supply chain disruptions affecting medical consumables and costs(p.34)
- • Competitive pressure in Delhi-NCR healthcare market(p.17)
- • Regulatory and approval risks(p.37)
- • Interest rate and debt refinancing risks(p.39)
- • Credit rating downgrade risks(p.39)
- • High competition from large established hospital chains with stronger resources(p.50)
- • Government price regulations on pharmaceutical and healthcare services(p.54)
- • Regulatory and compliance requirements in healthcare industry(p.53)
- • Dependence on third-party suppliers and equipment manufacturers(p.50)
- • Rising input costs including manpower and medical equipment maintenance(p.48)
- • Macroeconomic risks including inflation and economic slowdown(p.67)
- • Highly competitive Delhi-NCR healthcare market with large established players(p.206)
- • Regulatory risks from Clinical Establishments Act minimum standards and compliance requirements(p.209)
- • Healthcare cost regulation via rate controls under Clinical Establishments Rules(p.210)
- • Restrictions on pre-natal diagnostic techniques and sex determination services(p.210)
- • Government schemes' reimbursement rates may lag cost inflation(p.189)
- • Potential disruptions from inability to renew leases on hospital premises(p.57)
- • Strict healthcare regulatory framework and compliance requirements(p.213)
- • Price controls on essential medicines and drugs(p.216)
- • Complex biomedical waste and environmental compliance obligations(p.219)
- • Mandatory accreditation and quality certifications requirements(p.216)
- • Competition from larger established healthcare chains(p.70)
- • Highly regulated healthcare industry subject to government price controls and policies(p.327)
- • Intense competition in healthcare services sector(p.323)
- • Dependency on ability to attract and retain qualified medical professionals(p.326)
- • Volatility in material costs including medicines, implants and consumables(p.326)
- • Exposure to ongoing COVID-19 pandemic and new disease variants(p.326)
- • Contingent liability exposure from export obligations under EPCG scheme(p.306)
- • Potential regulatory scrutiny and compliance requirements(p.305)
- • Dependence on bank/financial institution financing with covenants that could restrict operations(p.346)
- • Medical negligence litigation exposure affecting hospital reputation and operations(p.354)
- • Risk of regulatory approval delays or non-renewal of critical healthcare licenses and permits(p.358)
- • Competitive healthcare market with established players affecting pricing power and market share(p.349)
- • Regulatory framework changes impacting hospital operations and financial performance(p.349)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ajay Kumar Tyagi | Promoter | 38.87% | — |
| Kapil Kumar | Promoter | 17.50% | — |
| Vimla Tyagi | Promoter Group Selling Shareholder | 5.38% | — |
| Prem Narayan Tyagi | Promoter Group Selling Shareholder | 2.91% | — |
| Neena Tyagi | Promoter Group Selling Shareholder | 10.10% | — |
| Ajay Kumar Tyagi | Promoter | — | — |
| Kapil Kumar | Promoter | — | — |
| Ajay Kumar Tyagi | Promoter | 38.87% | 31.48% |
| Kapil Kumar | Promoter | 17.50% | 14.17% |
| Manju Tyagi | Promoter Group | 16.58% | 13.42% |
| Neena Tyagi | Promoter Group | 10.10% | 8.18% |
| Vimla Tyagi | Promoter Group | 5.38% | 4.36% |
| Prem Narayan Tyagi | Promoter Group | 2.91% | 2.35% |
| Dr. Ajay Kumar Tyagi | Promoter | — | — |
| Dr. Kapil Kumar | Promoter | — | — |
| Ajay Kumar Tyagi | Promoter | 56.37% | — |
| Kapil Kumar | Promoter | 56.37% | — |
| Dr. Ajay Kumar Tyagi | Promoter | 41.24% | — |
| Dr. Kapil Kumar | Promoter | 18.57% | — |
| Dr. Manju Tyagi | Promoter | 17.59% | — |
| Dr. Neena Tyagi | Promoter | 10.71% | — |
| Vimla Tyagi | Promoter | 5.71% | — |
| Ajay Kumar Tyagi | Promoter | — | — |
| Kapil Kumar | Promoter | — | — |
| Vimla Tyagi | Selling Shareholder | — | — |
| Prem Narayan Tyagi | Selling Shareholder | — | — |
| Neena Tyagi | Selling Shareholder | — | — |
Leadership
Ajay Kumar Tyagi · Chairman and Whole-time Director / Promoter
Kapil Kumar · Managing Director / Promoter
Amit Kumar Singh · Chief Executive Officer
Pankaj Prabhakar · Chief Financial Officer
Ritesh Mishra · 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.
Yatharth Hospital & Trauma Care Services IPO FAQs
What is the lot size of Yatharth Hospital & Trauma Care Services IPO?
The minimum lot size of Yatharth Hospital & Trauma Care Services IPO is 50 shares. One lot costs ₹15,000 at the cut-off price.
When does Yatharth Hospital & Trauma Care Services IPO open and close?
Yatharth Hospital & Trauma Care Services IPO opened for subscription on 26 Jul 2023 and closed on 28 Jul 2023.
What is the listing date of Yatharth Hospital & Trauma Care Services IPO?
Yatharth Hospital & Trauma Care Services IPO listed on 07 Aug 2023.