By the end of Day 2, the IPO was subscribed 98%, with investors placing bids for nearly 4.11 crore shares against the 4.18 crore shares on offer.
Park Medi World GMP today:
In the grey market, Park Medi World’s IPO is currently quoting a premium of Rs 8.5, about 5.3% above its issue price of Rs 162. Based on this, the stock may list in the Rs 170-171 range when it debuts on the exchanges. The premium has slid from an earlier level of nearly 13%, indicating a mild dip in grey market interest.GMP Note: The Grey Market Premium (GMP) reflects the unofficial price at which an IPO is expected to trade before listing. It indicates market sentiment but does not guarantee the eventual listing price.
Park Medi World IPO subscription status:
On Day 2 of bidding, the Park Medi World IPO reached an overall subscription level of 98%.
Retail Individual Investors (RIIs) showed strong interest, applying for 1.19 times the 2.09 crore shares reserved for their category. Non-Institutional Investors (NIIs) also displayed robust participation, subscribing to 1.38 times the 89.61 lakh shares allotted to them.Qualified Institutional Buyers (QIBs), however, were more reserved, bidding for only 32% of the 1.19 crore shares set aside for their segment. This reflects solid demand from retail and non-institutional investors, while institutional interest remained comparatively subdued on the second day.
Park Medi World IPO details
Park Medi World aims to raise Rs 920 crore through a mix of fresh equity issuance and an offer for sale. The book-built issue, priced between Rs 154 and Rs 162 per share, will remain open until December 12, with plans to list on both the NSE and BSE.
At the top end of the price band, the fresh issue is expected to generate about Rs 770 crore, while the offer for sale will contribute Rs 150 crore. Following the IPO, the company’s paid-up capital will increase from Rs 76.88 crore to Rs 89.30 crore.
Use of proceeds
The company plans to use the fresh capital to repay or prepay debt, fund new hospital projects under its subsidiary Park Medicity (NCR), acquire medical equipment for units such as Blue Heavens and Ratnagiri, and pursue acquisition-led growth.
Company profile
Founded by Dr Ajit Gupta, Park Medi World is one of North India’s largest hospital networks, operating 14 NABH-accredited multi-super-speciality hospitals across Haryana, Delhi, Punjab, and Rajasthan. As of March 2025, it has 3,000 beds, expected to rise to 3,250 by September 2025. With 1,600 beds in Haryana, it is the state’s largest private hospital operator and the second-largest in North India overall.
The chain employs more than 1,000 doctors and over 2,100 nurses, offering 30+ specialities including internal medicine, neurology, oncology, gastroenterology, urology, and orthopaedics.
Financial performance and expansion
In FY25, the company posted revenue of Rs 1,393.6 crore, up from Rs 1,231.1 crore in FY24. Consolidated PAT rose from Rs 152 crore to Rs 213.2 crore during the same period. In H1 FY26, revenue reached Rs 808.7 crore, PAT stood at Rs 139.1 crore, and EBITDA was Rs 217.2 crore, with bed occupancy improving to 68.1%.
Acquisitions have been a major growth driver. Park Medi World has completed eight deals, adding over 1,650 beds. In H1 FY26, these acquired hospitals contributed more than half of total revenue, EBITDA, and PAT.
The company is expanding further through organic growth and O&M partnerships, with new projects underway in Ambala, Panchkula, Rohtak, New Delhi, Gorakhpur, and Kanpur. Total bed capacity is projected to reach nearly 4,900 by FY28.
At the upper price band, the issue values the company at a post-issue market cap of Rs 5,355.9 crore, translating to a P/E ratio of 32.8x based on FY25 earnings.
IPO review
Anand Rathi Research has given the IPO a “Subscribe – Long Term” rating, citing reasonable valuations and the company’s strong positioning to benefit from rising demand for affordable, quality healthcare. The brokerage also highlighted its cost-efficient model driven by owned assets, strong vendor relationships, and economies of scale.
MasterTrust Broking noted that government initiatives like PMJAY and increased investment in healthcare infrastructure are expected to drive the healthcare delivery market at a 10–12% CAGR, reaching Rs 10.2–10.8 trillion by FY2029. With an ageing population, rising lifestyle-related illnesses, and increasing health awareness, Park Medi World is well placed to leverage these trends through its multi-speciality offerings, advanced technology, and patient-focused care. The brokerage views the IPO as a promising long-term investment.
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