Park Medi World Shares Debut At 2% Discount On D-Street

Shares of Park Medi World Ltd. listed at a discount on the National Stock Exchange, at a 1.98% dip from their IPO price of Rs 162. The company's stock debuted at Rs 158.80 apiece on the stock exchange. On the BSE, shares listed at Rs 160 apiece, marking a 1.23% dip.

The Park Medi World IPO is a book-building issue worth Rs 920 crore. It comprises a fresh issue of 4.75 crore shares, valued at Rs 770 crore, and an OFS portion of 93 lakh shares, amounting to Rs 150 crore. The price band for the IPO was set at Rs 154 to Rs 162 per share.

Park Medi World is the second-largest private hospital chain in North India by bed capacity, according to its website. It runs 13 multi-super speciality hospitals in North India under the “Park” brand, with a total of 3,000 beds.

Park Hospitals are located in Ambala, Gurugram, Karnal, Panipat, Palam Vihar, Sonipat, Faridabad (Haryana), Delhi, Patiala and Mohali (Punjab), and Jaipur and Behror (Rajasthan).

The company will utilise Rs 380 crore from the fresh issue for repayment of debt, and the rest for capital expenditure for development of new hospital and expansion of existing hospital.

Nuvama, CLSA India, DAM Capital Advisors, Intensive Fiscal Services are the book-running lead managers for the public issue while KFin Technologies is the registrar to the offer.

Apollo Hospital, Fortis Healthcare, Narayana Hrudalaya, Max Healthcare, Krishna Institute of Medical Sciences, Global Healthcare, Jupiter Lifeline Hospitals, Yatharth Hospital Trauma Care Services are the few other listed peers in the space.

At the upper price band of the IPO offer, the company is valued at 32.8x FY25 P/E, implying a post-issue market capitalisation of Rs 53,559 million, as per brokerage firm Anand Rathi.