ASG Eye Hospitals IPO sets for 2026 market debut as it pursues an INR 450 crore Sharp Sight merger and scales a 170-centre network.
ASG Eye Hospitals is preparing to list in 2026, with Chairman and Managing Director Dr Arun Singhvi indicating the public offer is “almost a year from now” as the eye-care chain steps up organic expansion and bolt-on acquisitions. The timeline was outlined in a recent interview, signalling that the Jodhpur-headquartered company has readied its internal team for the float.
ASG Eye Hospitals IPO Timeline
ASG currently operates around 170 hospitals in 83 cities and intends to keep adding 5–7 centres annually while acquiring 8–10 niche practices in major metros, Singhvi said. The management has framed the listing as part of a broader capacity build-out to deepen presence in both metro and underserved markets.
Separately, the company has signed a non-binding merger agreement worth INR 450 crore with Delhi-based Sharp Sight Eye Hospitals, a move that would add 17 facilities and sharpen ASG’s footprint ahead of the proposed IPO. People familiar with the matter said the deal pegs ASG’s valuation at about INR 7,000 crore, with a cash-and-stock structure envisaged for Sharp Sight shareholders.
Dealmaking Track Record & Investor Backing
ASG’s appetite for consolidation was on display in February 2023 when the National Company Law Tribunal cleared its INR 526 crore resolution plan for the distressed Vasan Eye Care; ASG subsequently took operational control while retaining Vasan as an independent brand. The acquisition expanded ASG’s South India presence and lifted its nationwide network materially.
The build-out has been supported by private equity. In July 2022, General Atlantic and Kedaara Capital led an INR 1,500 crore investment in ASG, joining Foundation Holdings and facilitating an exit for Investcorp. The growth infusion followed a period in which ASG doubled its hospitals and tripled revenue, the investors said at the time.
Management Voice
“We are preparing to go for a public listing almost a year from now; our team is ready,” Dr Arun Singhvi said, without disclosing further details on size or structure.
Market Context and Runway to List
ASG Eye Hospitals IPO plan comes in the wake of eye-care peer Dr Agarwal’s Health Care listing in February 2025, which broadened investor familiarity with the single-specialty hospital model on Indian bourses. That issue listed flat on the NSE and marginally lower on the BSE against the offer price.
Beyond M&A, ASG has also leaned on public–private partnerships to seed demand and referrals. In July 2025, it signed an MoU with the State Health Society, Bihar to establish 200 “vision centres” integrated with government primary and secondary facilities, with the first 50 sites operational across eight districts.
Industry View
Commenting on the 2022 raise, Foundation Holdings’ Aakash Sachdev said the capital would “accelerate the realisation of ASG Eye Hospitals’ vision,” underscoring investors’ expectation that scale and clinical standardisation can create a pan-India platform in organised eye care.
ASG Eye Hospitals IPO: Highlights
- IPO timing: Targeting CY2026; internal readiness indicated by management.
- Network: ~170 hospitals across 83 cities; plan to add 5–7 centres annually.
- M&A: Non-binding INR 450 crore merger pact with Sharp Sight; ASG valuation ~INR 7,000 crore.
- Prior acquisition: INR 526 crore Vasan Eye Care resolution approved in Feb 2023; brand retained.
- Investor backing: INR 1,500 crore led by General Atlantic and Kedaara in July 2022.
- Public health channels: 200 Bihar “vision centres” under PPP to widen access.
Conclusion
ASG Eye Hospitals IPO caps a three-year stretch of aggressive consolidation and network expansion, underwritten by deep-pocketed private equity sponsors. Execution on the Sharp Sight merger, continued integration of Vasan, and steady organic additions will likely determine both timing and contours of the float in a market that is now more acquainted with scaled eye-care models post Dr Agarwal’s listing.
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