IPO
There is no movement in the IPO market for a long time due to a major decline in the stock market. Many companies have postponed the proposal to bring their IPOs. However, now after expecting the market improving the market, many companies are preparing to bring IPOs. In this sequence, Park Medi World, a company that has a strong stake in the health market of North India and operating hospitals under the park brand, has submitted initial documents with the market regulator SEBI to raise Rs 1,260 crore through the initial public issue (IPO). After the approval of SEBI, the date of the bid for this IPO will be fixed.
Fresh issue of Rs 900 crore
According to the draft document filed with the Securities and Exchange Board of India (SEBI) on Friday, new shares worth Rs 900 crore will be issued in this IPO and selling shares worth Rs 300 crore will be offered by promoter Ajit Gupta. Apart from this, the company can also consider an IPO-pre-allocation up to Rs 192 crore. On completion of this allocation, the amount raised will be reduced from the size of the new issue. The company has planned to use Rs 410 crore out of the amount received from the IPO and use Rs 110 crore for capital expenditure related to the development of a new hospital and the expansion of an existing hospital. The company will purchase medical equipment worth Rs 77.19 crore while the remaining amount will be used for new acquisition and general company purposes.
44 years experience
According to a Crisil report, Park Medi World is the second major private hospital series in North India. It operates 13 multi-super specialty hospitals. These hospitals are located in New Delhi, Ambala, Gurugram, Karnal, Panipat, Palam Vihar, Sonipat and Faridabad, Rajasthan and Bahrod in Rajasthan and Patiala and Mohali in Punjab. As of September 30, 2024, Park Medi World had a total capacity of 3,000 beds, including 805 ICU beds, as well as 63 OT (Operation Theater) and two dedicated cancer units. Nuwama Wealth Management, CLSA India, DAM Capital Advisors and Intensive Fiscal Services are the book-hanging lead manager of this public issue. The history of the company is 44 years old.
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