Park Medi World IPO opens today: Should you subscribe to this healthcare chain?

The initial public offering (IPO) on Park Medi World is set to kick-off at Dalal Street on Wednesday, December 10. The leading hospital chain shall be offering its shares in the range of Rs 154-162 apeice, which can be applied for a minimum of 92 equity shares and its multiples thereafter. The issue will close for bidding on Friday, December 12.

Park Medi World is looking to raise a total of Rs 920 crore from IPO, which includes a fresh share sale of Rs 770 crore and an offer-for-sale (OFS) of up to Rs 150 crore. The net proceeds from the issue shall be utilized towards debt repayment, capex for new hospitals and medical equipment, inorganic acquisitions and general corporate purposes.

Incorporated in 2011, New Delhi-based Park Medi World is a private hospital chain operating primarily in North India, with a total bed capacity of 3,000 beds. It operates 14 multi-super speciality hospitals under the ‘Park’ brand, with network operations in Haryana, Delhi, Punjab and Rajasthan, offering more than 30 super speciality and speciality services.

Park Medi World raised Rs 276 crore from 23 anchor investors as it allocated 1.7 crore equity shares at Rs 162 apiece. Its anchor book includes names like Kotak Mahindra AMC, Helios MF, Allianz Global Investors Fund, Reliance General Insurance, Abakkus Asset Manager, Carnelian Bharat Amritkaal Fund, SBI General Insurance, Winro Commercial, Societe Generale, and others.

Park Medi World reported a net profit of Rs 139.14 crore with a revenue of Rs 823.39 crore for the period ended September 30, 2025. The company clocked a net profit of Rs 213.22 crore with a revenue of Rs 1,425.97 crore for the financial year 2024-25. The company commands a total market capitalization close to Rs 7,000 crore.

Park Medi World has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of reservation. Retail investors will have 35 per cent of the allocation in the IPO. Last heard, Park Medi World is commanding a grey market premium of Rs 22-25 apiece, suggesting over 13-15 per cent listing gains.

Nuvama Wealth Management, CLSA India, DAM Capital Advisors and Intensive Fiscal Services are the book running lead managers and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE with December 17 as the date of listing. Here's what a host of brokerage firms have to say about the IPO of Park Medi World:
 

SBI Securities

Rating: Neutral

The issue is valued at FY25 EV/Ebitda and P/E ratio of 18 times/32.8 times, respectively based on post-issue capital. Although growth over the last three years has been subdued, it is enhancing its capacity and expanding geographical footprints to unlock future growth potential. It has added 700 beds in the past 2.5 years and aims to add additional 1,650 beds by FY28, said SBI Securities.

"When compared to its closest competitors, the issue seems reasonably priced with a superior margin and return profile, however, growth has been weaker than competitors. It has high debtor days, which is largely attributable to the higher share of business derived from government schemes. We maintain a 'neutral' view and would like to monitor its performance post listing," it said.
 

Anand Rathi Share & Stock Brokers

Rating: Subscribe for long-term

Medi Park World IPO is valued at 32.8 times FY25 P/E. They aim to tap into the growing demand for affordable, high-quality healthcare by expanding their hospital network through both organic growth and strategic acquisitions, said Anand Rathi Share & Stock Brokers..

"It is focused on improving occupancy at existing hospitals and scaling operations at newer facilities by investing in high-end equipment, advanced technology, new clinical programs and skilled medical professionals. Their strategy is to attract and retain qualified and experienced doctors, consultants, and medical professionals to maintain and enhance the quality of care they provide," it added with a 'subscribe for long-term' rating.
 

Swastika Investmart

Rating: Subscribe

Debt repayment plan as a major positive for Park Medi World that will immediately boost net profit margins post-listing. Healthy Ebitda margin of 26.11 per cent and strong RoNW of 20 per cent, better than several listed peers, said Swastika Investmart.

"The valuation is reasonable at 29.21 times P/E, compared to high industry multiples. Good mix of growth, improving margins, and fair valuation. The issue appears suitable for medium- to long-term investors,"' it added.
 

BP Equities

Rating: Subscribe

Park Medi World's growth outlook is underpinned by network expansion via brownfield and greenfield projects, deeper penetration of high-margin specialties, and operating leverage from maturing hospitals, said BP Equities. "The issue is valued at a P/E multiple of 29.2 times FY25 earnings. We, thus, recommend a 'subscribe' rating for this issue," it adds.
 

Ventura Securities

Rating: Subscribe

Operations primarily utilize owned hospital assets, leveraging brand recognition and economies of scale, although certain hospitals operate under lease or revenue share arrangements. Operational success depends on the ability to effectively integrate and ramp up recently acquired assets, said Ventura Securities.

"The business faces risks due to significant geographical concentration, with hospitals in Haryana generating 73.43 per cent of the total revenue in FY25. Financial vulnerability exists due to contingent liabilities; corporate guarantees provided amounted to 71.58 per cent of net worth as of September 30, 2025," it added with a 'subscribe' rating.
 

SMIFS

Rating: Subscribe

"We recommend subscribing to the issue as a good long-term investment, backed by Park Medi World's market leadership in underpenetrated North India, disciplined acquisition playbook, capital-efficient asset model, and compelling growth trajectory offering significant upside to healthcare sector exposure through a best-in-class operational platform," said SMIFS.
 

Lakshmishree Investments & Securities

Rating: Subscribe

Park Medi World is the second-largest private hospital chain in North India and largest in Haryana by bed capacity. It has shown robust and scalable financial performance, supported by stable Ebitda margins of over 26 per cent. Its network of 14 NABH-accredited hospitals provides over 30 specialities, solidifying its market position in the region, said Lakshmishree Investments.

"Despite risks such as high geographic concentration in Haryana and continuous capital expenditure requirements for expansion, Park Medi World’s cluster based acquisition and integration strategy, coupled with its focus on the high growth, underserved semi-urban markets, provides a clear roadmap for capacity expansion and margin improvement," it added with a 'subscribe' rating.
 

Kunvarji Wealth Solutions

Rating: Subscribe for long-term

"We recommend to subscribe this IPO with medium to long term view as it appears fully priced. It ranks as the second-largest private hospital chain in North India with over 3,000 beds. By acquiring stressed assets and making them profitable in a year, it has enhanced margins, while opportunities for geographical expansion remain to further strengthen performance," said Kunvarji Wealth.