Park Medi World Raises Rs 276 Crore from Anchor Investors Ahead of Rs 920-Crore IPO
Major anchor investors include Kotak Mutual Fund, Allianz Global Investors Fund, Taurus MF, Reliance General Insurance Company, and Societe Generale.
Hospital chain operator Park Medi World, which runs facilities under the Park brand, has secured Rs 276 crore from anchor investors a day before its initial public offering opens for subscription. The company allotted 1.70 crore shares at Rs 162 apiece to 23 institutional investors, according to a BSE circular.
Major anchor investors include Kotak Mutual Fund, Allianz Global Investors Fund, Taurus MF, Reliance General Insurance Company, and Societe Generale.
The Gurugram-based company’s Rs 920-crore IPO will open on December 10 and close on December 12, with a price band of Rs 154 to Rs 162 per share, valuing the hospital chain at roughly Rs 7,000 crore. The issue comprises a fresh issue of Rs 770 crore and an Offer for Sale (OFS) of Rs 150 crore by promoter Ajit Gupta.
Proceeds will be used for debt repayment of Rs 380 crore, capital expenditure for new and expanded hospitals Rs 60.5 crore, and purchase of medical equipment Rs 27.45 crore. Remaining funds will go toward inorganic acquisitions and general corporate purposes.
Park Medi World, the second-largest private hospital chain in North India and the largest in Haryana by bed capacity, operates 13 multi-super specialty hospitals with 3,250 beds across Haryana, Delhi, Punjab, and Rajasthan.
It plans further expansion in Ambala, Panchkula, Rohtak, New Delhi, Gorakhpur, and Kanpur, with projects scheduled through 2027. The stock is set to debut on Dec. 17, with Nuvama Wealth Management, CLSA India, DAM Capital Advisors, and Intensive Fiscal Services as book-running lead managers.
(With inputs from PTI)
