In a significant pre-IPO development, Carnelian Asset Management has invested INR 100 crore in Park Medi World, the operator of the fast-growing Park Hospitals network. The transaction, executed through a secondary share purchase, underscores rising institutional confidence in India’s expanding private healthcare landscape.
Strategic Stake Sale Ahead of IPO
According to regulatory disclosures, Ajit Gupta, one of the promoters of Park Medi World, sold 61,72,840 equity shares, representing approximately 1.6% of the company’s total equity, on 18 October 2025. The shares were sold at INR 162 per share, amounting to a total consideration of about INR 100 crore.
The shares were acquired by Carnelian Bharat Amritkaal Fund, Carnelian Bharat Amritkaal Fund–2, and Carnelian Asset Management & Advisors. While the investment was made through a secondary transfer — meaning no new shares were issued — it marks a strategic pre-IPO positioning by Carnelian, which has been increasingly active in identifying growth-stage healthcare opportunities.
Park Medi World IPO Approval
Earlier, in March 2025, Park Medi World had filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an INR 1,260 crore Initial Public Offering (IPO). The proposed issue includes a fresh issue of INR 960 crore and an Offer for Sale (OFS) of INR 300 crore by promoter Dr. Ajit Gupta.
In August 2025, SEBI granted regulatory approval for the IPO, clearing the path for Park Medi World’s public debut. The company intends to use the proceeds from the fresh issue for repaying debt (about INR 410 crore), funding capital expenditure for a new hospital and expansion of an existing one (about INR 110 crore), and purchasing advanced medical equipment (around INR 77 crore). Additional funds will be allocated toward inorganic acquisitions and general corporate purposes.
The issue’s book-running lead managers (BRLMs) include Nuvama, CLSA India, DAM Capital, and Intensive Fiscal.
Expanding Healthcare Footprint
Headquartered in Gurugram, Haryana, Park Medi World operates 13 multi-super-speciality hospitals under the Park Hospitals brand. As of 30 September 2024, the network comprised 3,000 beds, including 805 ICU beds, 63 operating theatres, and two dedicated cancer treatment units. The company’s facilities are strategically located across New Delhi, Gurugram, Faridabad, Ambala, Panipat, Karnal, Palam Vihar, Sonipat, Jaipur, Behror, Patiala, and Mohali.
Park Medi World is the second-largest private hospital chain in North India and the largest in Haryana. Its operations focus on advanced medical services across oncology, cardiology, orthopaedics, neurology, and critical care. The company has also introduced iMARS robotic surgery systems at select facilities to enhance precision and minimally invasive treatment capabilities.
Future Expansion and Growth Outlook
According to its DRHP, Park Medi World aims to increase its total bed capacity from 3,000 to 4,350 beds by March 2028, with major expansions planned in Ambala, Panchkula, Rohtak, Gorakhpur, and New Delhi. Upcoming projects include a 450-bed oncology facility in Ambala by October 2027, a 300-bed hospital in Panchkula by April 2026, and a 250-bed hospital in Rohtak by December 2026.
This expansion strategy, combining brownfield upgrades and selective greenfield developments, reflects Park Medi World’s cluster-based approach to scaling tertiary healthcare across underpenetrated northern markets.
Financial Snapshot
The company has reported steady operational growth over recent years. Between FY 2022 and H1 FY 2025, Park Medi World’s revenue increased from INR 1,084 crore to INR 692 crore (H1 FY25), with healthy EBITDA margins averaging around 30% and a debt-to-equity ratio declining to 0.62. The company’s focus on affordability, clinical excellence, and operational efficiency has contributed to sustained profitability despite sectoral challenges.
Institutional Confidence in Indian Healthcare
The INR 100 crore investment by Carnelian Asset Management reinforces the growing investor appetite for India’s healthcare infrastructure sector. With regulatory approval for its INR 1,260 crore IPO and a robust expansion pipeline, Park Medi World is well-positioned to strengthen its financial base and operational footprint.
As India’s healthcare demand surges post-pandemic, Park Medi World’s expansion blueprint, anchored in quality care and scalable infrastructure, places it at the forefront of the nation’s next phase of private healthcare growth.
For more details related to IPO GMP and Live Subscription, stay tuned to IPO Central.