Park Medi World IPO GMP Rises As Issue Opens Today, Check Day 1 Subscription Status - Should You Apply?

The initial public offering (IPO) of hospital chain Park Medi World opened for public subscription on December 10. Investors have until December 12 to bid for the issue. Meanwhile, the grey market premium (GMP) of the company’s shares saw an 18 per cent rise in the unlisted market, according to websites that track such trades.

Ahead of the opening of subscription window, Park Medi IPO raised Rs 276 crore from institutional investors during the anchor round. The company allocated 17.04 million equity shares to anchor investors at an allocation price of Rs 162, which is also the upper end of the price band.

Among the marquee participants, Allianz Global Investors Fund – Allianz India Equity took the largest share, accounting for 19.20 per cent of the anchor allocation with an investment of about Rs 53 crore. Kotak ELSS Tax Saver Fund and Kotak Contra Fund picked up 11.59 per cent each of the allocation, investing nearly Rs 32 crore respectively.

Park Medi World IPO Subscription Status: Day 1

As of 4:03 PM, Park Medi World IPO has been subscribed 46 per cent overall. Qualified institutional buyers (QIBs) have so far booked 27 per cent of their quota, non-institutional investors (NIIs) have subscribed 51 per cent, and retail investors have booked their quota 54 per cent.

Park Medi World IPO Details

Issue Size: Park Medi World seeks to raise Rs 920 crore through the issue, which comprises 47.50 million fresh equity shares worth Rs 770 crore and an offer for sale (OFS) component of 9.26 million shares aggregating to Rs 150 crore.

Price Band, Lot Size, Minimum Investment: The hospital chain is offering its shares at a price band of Rs 154-162 per share, in lot sizes of 92 shares. Retail investors are required to invest a minimum of Rs 14,904 per lot.

Allotment, Listing Date: The allotment of Park Medi World IPO shares is expected to be finalised on December 15, and are set to list on both the NSE and the BSE tentatively on December 17.

BRLMs, Registrar: Nuvama Wealth Management, CLSA India, DAM Capital Advisors, and Intensive Fiscal Services are the book running lead managers, and KFin Technologies is the registrar to the issue.

Objectives: Park Medi World plans to use the net proceeds towards reducing debt, funding expansion and strengthening medical infrastructure. A portion will be used for repayment or prepayment of borrowings at the company and subsidiary level. The company will also invest in setting up a new hospital under its subsidiary Park Medicity (NCR) and buy medical equipment for itself and group entities, including Blue Heavens and Ratangiri. The remaining amount will be allocated for future inorganic acquisitions and general corporate purposes.

Park Medi World IPO GMP Today

Park Medi World IPO’s GMP stood at Rs 26 over the issue price as of December 10, 2:53 PM, up 18.18 per cent from Rs 22 quoted the previous day. Based on the current GMP and the upper end of the price band of Rs 162, the shares are estimated to list around Rs 188, implying a potential listing gain of about 16.05 per cent.

Park Medi World: Key Financials

Park Medi World reported a total income of Rs 823.39 crore in H1 FY 2026 ending September 30, 2025, and profit after tax (PAT) of Rs 139.14 crore. Its earnings before interest taxes depreciation and amortisation (Ebitda) for the period came in at Rs 217.14 crore.

For the full FY25, the company’s total income stood at Rs 1,425.97 crore, as against Rs 1,263.08 crore in FY24 and Rs 1,272.18 crore in FY23. PAT rose to Rs 213.22 crore in FY25 from Rs 152.01 crore in the previous year, although it remained lower than Rs 228.19 crore reported in FY23. Ebitda was Rs 372.17 crore in FY25, up from Rs 310.30 crore in FY24, but lower than Rs 390.34 crore in FY23.

As of September 30, 2025, the company’s net worth was Rs 1,153.05 crore, while reserves and surplus stood at Rs 1,187.77 crore. Net debt at the end of the period was Rs 733.91 crore.

Park Medi World: What The Company Does

Founded in 2011 by Dr Ajit Gupta, Park Medi World is a private hospital chain. The company in its red herring prospectus (RHP), citing a CRISIL report, says it is the second-largest private hospital chain in North India with a bed capacity of 3,000. It is also the largest private hospital chain in Haryana, with 1,600 beds as of March 31, 2025, the same CRISIL report says.

The company operates 14 multi-super specialty hospitals accredited by the National Accreditation Board for Hospitals & Healthcare Providers (NABH) under the ‘Park’ brand. Eight of these are additionally accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL). Its network includes eight hospitals in Haryana, three in Punjab, two in Rajasthan and one in New Delhi, the RHP says.

The company says it offers “over 30 super specialty and specialty services” including internal medicine, neurology, urology, gastroenterology, general surgery, orthopaedics and oncology. As of September 30, 2025, it had 1,014 doctors and 2,142 nurses across its network, according to the RHP.

The company has grown by opening new hospitals and acquiring existing ones. It follows a cluster-based strategy to expand efficiently.

According to the RHP, the hospitals acquired in recent years contributed “55.12 per cent of revenue from operations” and “61.90 per cent of restated profit after tax” in the six months ending September 30, 2025.

Park Medi World: Expansion Plans

The company has entered a long-term operations and management agreement for a 400-bed hospital in Gorakhpur and has acquired a 300-bed facility in Kanpur that is undergoing renovation. It expects its overall capacity to increase from 3,250 beds as of September 30, 2025, to 4,900 beds by March 2028, according to the RHP.

Park Medi World has 870 intensive care unit (ICU) beds, 67 operating theatres (OTs), and oxygen generation plants at each hospital. The company also has two cancer units with linear accelerators. Robotic surgery units under the iMARS platform are set up in Gurugram, Palam Vihar, and Mohali.

Park Medi World: Litigation And Regulatory Issues

The Employee State Insurance Corporation (ESIC) has issued show-cause notices and filed criminal complaints against the company and its promoters, Dr Ajit Gupta and Dr Ankit Gupta, over alleged non-registration under the ESI Act. The matter is currently pending in courts.

Separate criminal complaints have been filed against the promoters, including a complaint over alleged medical negligence at a subsidiary hospital (Signature Hospital) and personal complaints, such as alleged house trespass. Some of these matters are under judicial review.

Further, promoters and key managerial personnel have filed FIRs or complaints in personal or professional capacities. Though these are mostly not material, however, ongoing proceedings could consume management’s time and resources.

Park Medi World: Competitors

Park Medi World competes with several hospital chains listed on Indian stock exchanges. These include Apollo Hospitals, Fortis Healthcare, Max Healthcare Institute, Narayana Hrudayalaya, Krishna Institute of Medical Sciences (KIMS), Yatharth Hospital and Trauma Care Services, Jupiter Lifeline Hospitals, and Global Health (Medanta).

It also faces competition from other private healthcare players, such as Ivy Health and Life Sciences, Marengo Asia Healthcare, Manipal Health Enterprises, Metro Institutes of Medical Sciences, Paras Healthcare, Kailash Healthcare and Regency Hospital, among others.

Park Medi World: Key Strengths And Risks

Here are the key strengths and risks of the company:

Strengths

• Park Medi World is the second largest private hospital chain in North India and the largest in Haryana, which gives it a strong presence in its core markets.

• It offers a wide range of specialties and positions itself on quality and affordability to draw patients across segments.

• The company has expanded by acquiring hospitals and integrating them into its network.

• Its revenue comes from a diversified mix of payers, which helps reduce dependence on any one category.

• The group is led by doctors with long experience in the healthcare sector.

Risks

• The company has sizeable contingent liabilities and guarantees, which could affect its financials if they come due. 

• A credit rating downgrade could raise borrowing costs and put pressure on margins. 

• Revenue and profit slipped in FY24 while costs increased, and a repeat of this trend would weigh on performance. 

• The business relies heavily on doctors, and attrition has been high, which could disrupt services. 

• A large share of revenue comes from Haryana, which makes its earnings dependent on one key market. 

• Operating costs, including medical supplies and staff expenses, are rising and may not always be passed on to patients. 

• Returns from acquisitions may not materialise as planned. 

• New hospitals may take time to ramp up and may not achieve the utilisation levels the company expects. 

• A part of the medical staff works on consultancy contracts, and losing them could affect operations.