Park Medi World, the 100th Mainboard IPO of 2025, fixes price band for ₹920 crore issue

The ₹920 crore initial public offering of Park Medi World, the operator of the Park Hospital chain in North India, will open for subscription on December 10 and close on December 12. The anchor book will be launched on December 9.

The company has fixed the price band at ₹154 to ₹162 per share, with a face value of ₹2.

Retail investors can apply for a minimum of one lot of 92 shares, which amounts to ₹14,904 at the upper end of the price band. Applications can be made in multiples of 92 shares thereafter.

At the top of the price band, Park Medi World is expected to list with a market capitalisation of ₹6,997.28 crore.

Of the total offer size, 35% has been reserved for retail investors, 50% for qualified institutional buyers, and 15% for non-institutional investors.

For small HNIs, the minimum bid size is 1,288 shares, translating to an investment of ₹2,08,656. For large HNIs, the minimum application is 6,256 shares, requiring an investment of ₹10 lakh.

The company plans to raise ₹770 crore through a fresh issue of shares, while promoter Dr Ajit Gupta will sell shares worth ₹150 crore via an offer-for-sale. The IPO size has been trimmed from the earlier draft proposal of ₹1,260 crore, which consisted of a ₹960 crore fresh issue and a ₹300 crore offer-for-sale.

Promoters currently own 95.55% of the company. The remaining 4.55% is held by public shareholders, including Abakkus Asset Manager, Carnelian, SBI General Insurance, Sattva Developers and Urudavan Investment, which together bought 3.6% between October and November this year.

Of the fresh issue proceeds, ₹380 crore will go towards debt repayment. As of October 2025, Park Medi World had consolidated borrowings of ₹624.3 crore. Another ₹60.5 crore will be used for developing a new hospital under subsidiary Park Medicity (NCR), and ₹27.4 crore will be spent on medical equipment purchases for the company and subsidiaries Blue Heavens and Ratangiri. The balance will be allocated to general corporate purposes.

Park Medi World operates 14 NABH-accredited multi-super specialty hospitals under the Park brand, eight in Haryana, one in Delhi, three in Punjab and two in Rajasthan.

The hospital chain offers more than 30 super-specialty and specialty services, including internal medicine, neurology, urology, gastroenterology, general surgery, orthopedics and oncology. It reported a profit of ₹139.1 crore for the six months ended September 2025, up 23.3% from ₹112.9 crore a year earlier. Revenue rose 17% during the same period to ₹808.7 crore, compared with ₹691.5 crore previously.

Nuvama Wealth Management, CLSA India, DAM Capital Advisors and Intensive Fiscal Services are the merchant bankers to the issue.