Park Medi World, which runs hospitals under the Park Hospital brand, has pared its planned initial public offering (IPO) to INR 920 crore and fixed a price band of INR 154 – INR 162 a share, with subscriptions slated for 10 – 12 December and an anchor round on 9 December, the company’s offer documents and market disclosures showed. The revised construct comprises a INR 770‑crore fresh issue and a INR 150‑crore offer for sale (OFS) by promoter Dr Ajit Gupta. The earlier draft plan envisaged a INR 1,260‑crore raise.
Offer details and timeline
According to the offer particulars, investors can bid in lots of 92 shares. The allotment is targeted for finalisation on 15 December, with listing likely on 17 December, subject to approvals. At the top end of the band, the issue pegs Park Medi World’s valuation at nearly INR 7,000 crore, as per market communications. Bookrunners on the deal are Nuvama Wealth Management, CLSA India, DAM Capital Advisors and Intensive Fiscal Services.
Why the downsizing, and where the money goes?
The company has reduced the offer size by INR 340 crore versus the draft red herring prospectus (DRHP) filed in March (INR 960 crore fresh issue plus INR 300 crore OFS), a cut of about 27%. Proceeds from the fresh issue are earmarked primarily for deleveraging—INR 380 crore is planned towards repayment of borrowings—with the balance to fund a new hospital at subsidiary Park Medicity (NCR), medical equipment purchases across group entities, and general corporate purposes. As of October 2025, consolidated borrowings stood at INR 624.3 crore.
Business snapshot and recent funding
Park Medi World positions itself as the second‑largest private hospital chain in North India by bed capacity and operates a cluster of 14 NABH‑accredited multi‑super‑specialty hospitals across Haryana, Delhi, Punjab and Rajasthan. In the six months ended September 2025, revenue rose 17% year‑on‑year to INR 808.7 crore, while profit increased 23.3% to INR 139.1 crore, according to the company’s offer communication.
Park Medi World Financial Performance
| FY 2023 | FY 2024 | FY 2025 | H1 FY 2026 | |
| Revenue | 1,254.60 | 1,231.07 | 1,393.57 | 808.66 |
| Expenses | 955.37 | 1,041.66 | 1,139.30 | 649.50 |
| Net income | 228.19 | 152.01 | 213.22 | 139.14 |
| Margin (%) | 18.19 | 12.35 | 15.30 | 17.21 |
Figures in INR Crores unless specified otherwise
Ahead of the IPO, the group drew marquee pre‑IPO interest. SBI General Insurance and Abakkus Asset Manager together bought 1.6% via secondary transfers in November at INR 162 a share (INR 50 crore each), and Carnelian Asset Management invested INR 100 crore in October—transactions that implicitly valued the company north of INR 7,000 crore, disclosures indicate.
Expansion intent
“We are planning major expansions in the coming years… [to] increase the number of beds by another 1,500 in the next two years,” Dr Ankit Gupta, managing director, said in a recent media interaction, outlining a growth push alongside capacity upgrades. While not tied to the IPO, the commentary signals the company’s medium‑term operating agenda.
Market context and risks
SEBI cleared Park Medi World’s IPO proposal earlier this year, paving the way for the launch during one of the busiest primary market months. Healthcare listings have enjoyed a favourable backdrop, with brokerages flagging steady demand and expansion pipelines across the hospital space. “Strong operational momentum and a well‑defined expansion pipeline… enhances revenue visibility beyond FY28,” Motilal Oswal analysts wrote in a recent note on a peer, underscoring supportive sectoral trends even as execution and capex cycles remain key variables.
The fine print
As with all hospital offerings, investors will track metrics such as occupancy, average revenue per occupied bed (ARPOB), payor mix and brownfield execution. The reduced primary component implies lower immediate deleveraging than envisaged in the DRHP, though management still plans a sizeable debt paydown from proceeds, per the red herring details.
Conclusion
By tightening the offer size and locking a mid‑market price band, Park Medi World is signalling pragmatism amid a crowded December calendar. Investors will look past headline valuations to the balance‑sheet reset, throughput gains and the pace of network expansion the company can deliver post‑listing.