Hospital chain Park Medi World files ₹1,260-crore IPO papers
The Hindu
Park Medi World plans IPO to raise ₹1,260 crore for debt payment, hospital development, medical equipment, and inorganic acquisitions.
Park Medi World, which operates the hospital chain under the Park brand, has filed preliminary papers with markets regulator Sebi seeking its approval to raise ₹1,260 crore through an initial public offering (IPO).
The IPO is a combination of fresh issue of shares worth ₹900 and an offer for sale (OFS) of shares valued ₹300 crore by promoter Ajit Gupta, according to the draft red herring prospectus (DRHP) filed on Friday.
Furthermore, the company may consider a Pre-IPO Placement of up to ₹192 crore. If such placement is completed, the amount raised will be reduced from the fresh issue size.
The company plans to use the proceeds worth ₹410 crore for payment of debt and ₹110 crore will be allocated for funding capital expenditure related to the development of a new hospital and the expansion of an existing hospital by its subsidiaries, Park Medicity (NCR) and Blue Heavens, respectively.
A further ₹77.19 crore is earmarked for the purchase of medical equipment by the company and its subsidiaries, Blue Heavens and Ratangiri. The remaining funds will be used for unidentified inorganic acquisitions and general corporate purposes.
Park Medi World is the second largest private hospital chain in North India with an aggregate bed capacity of 3,000 beds, and the largest private hospital chain in terms of bed capacity in Haryana with 1,600 beds located in the state as of September 30, 2024, according to a Crisil report.
Its network of hospitals comprises 13 multi-super specialty hospitals with modern facilities and advanced medical equipment to cater to the needs of patients.
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