India's ASG Hospital Pvt. has hired five banks for an initial public offering of as much as $500 million in the second half of the year, according to people familiar with the matter.
The super-specialty eye-care chain has appointed Axis Bank Ltd., Motilal Oswal Investment Advisors Ltd. and local units of HSBC Holdings Plc., Morgan Stanley and Nomura Holdings Inc. to advise on the share sale, the people said, asking not to be identified as the discussions are private.
The company, backed by General Atlantic, plans to dilute roughly 15% of its equity through the offering, which will comprise a mix of primary shares and secondary sales by existing investors, the people said.
ASG has increased the IPO size from about $390 million reported by Bloomberg in November. Deliberations are ongoing and the terms of the potential offering could still change.
Representatives for ASG Hospital and the banks didn't immediately respond to requests for comments. A spokesperson for HSBC declined to comment.
ASG Hospital, founded in 2005, operates more than 180 hospitals across 90 cities in India, according to its website. It acquired Vasan Eye Care in 2023 to expand the chain's footprint in southern India. The firm plans to invest 20 billion rupees ($221 million) in expansion of its eye centers over the next four years and aims to reach 15 billion rupees in revenue for financial year ending March 2026.
With the proposed listing, ASG will join a wave of companies tapping India's primary market to raise funds. IPO proceeds hit a record for a second straight year in 2025 and are on track for another busy year. More than 210 companies have either received regulatory approval or filed draft prospectuses with the market regulator.
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