Ahead of the listing, the company’s shares were commanding a grey market premium (GMP) of around 3%, indicating a muted opening, even as the Rs 920 crore IPO saw strong demand across investor categories. However, the stock opened below GMP expectations.
Shares were issued at the top end of the price band at Rs 162 apiece, valuing Park Medi World at nearly Rs 7,000 crore.
The IPO saw an overall subscription of 8.52 times, with non-institutional investors leading the charge. The NII portion was subscribed nearly 16 times, while qualified institutional buyers bid for over 12 times the shares on offer. Retail participation was comparatively moderate at 3.32 times, reflecting a selective approach by smaller investors amid a crowded IPO calendar.
Park Medi World’s issue comprised a fresh issue of Rs 770 crore and an offer for sale of Rs 150 crore. The bulk of the fresh proceeds will be used to pare debt, fund expansion of existing hospitals, invest in new facilities, and support medical equipment purchases. A sizeable portion has also been earmarked for potential inorganic acquisitions, underscoring the company’s growth-through-consolidation strategy.
Founded in 2011, Park Medi World operates one of the largest private hospital networks in North India. The company runs 14 multi-super speciality hospitals under the ‘Park’ brand, with a combined bed capacity of around 3,000 beds. Its footprint spans Haryana, Delhi, Punjab and Rajasthan, with a strong concentration in Haryana, where it is the largest private hospital operator by bed capacity.
The company offers over 30 specialities, including cardiology, neurology, oncology, orthopaedics, gastroenterology and critical care. As of September 2025, the network was supported by more than 1,000 doctors and over 2,100 nurses, with each hospital equipped with ICU facilities and oxygen generation plants.Financially, Park Medi World has reported steady growth, aided by improved utilisation and operational efficiencies following hospital acquisitions. Revenue rose 13% in FY25, while profit after tax increased 40% to Rs 213 crore. EBITDA margins stood at a healthy 26.7%, reflecting the benefits of scale and a diversified payor mix.
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However, the company continues to carry meaningful leverage, with total borrowings of about Rs 682 crore as of March 2025, which the IPO aims to reduce.
At the issue price, the stock is valued at around 25 times post-IPO earnings, placing it at a premium to several listed hospital peers. Analysts tracking the issue have described the valuation as fair but not cheap, particularly given the capital-intensive nature of the hospital business and execution risks linked to expansion.
With only a modest grey market premium, Park Medi World’s listing is expected to be driven more by broader market sentiment and long-term institutional conviction than by speculative enthusiasm on debut day.
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