Park Medi World IPO: From GMP and issue details to financials; Here’s what you need to know

Synopsis: Park Medi World’s IPO, opening December 10–12, 2025, is a Rs. 920 crore book-built issue with both fresh shares and an offer for sale, targeting BSE/NSE listing, with a lot size of 92 shares.

Park Medi World’s IPO is scheduled to open from December 10 to December 12, 2025, with a proposed listing on the BSE and NSE. The issue is a book-built IPO comprising both a fresh issue and an offer for sale, with a price band of Rs. 154–Rs. 162 per share and a lot size of 92 shares. The IPO carries a face value of Rs. 2 per share and consists of a total issue size of 5,67,90,123 shares, aggregating to Rs. 920 crore.

The fresh issue accounts for 4,75,30,864 shares (Rs. 770 crore), while the offer for sale includes 92,59,259 shares amounting to Rs. 150 crore. Pre-issue shareholding stands at 38,43,99,990 shares, which will increase to 43,19,30,854 shares after the issue. The IPO structure aims to support the company’s growth while also offering partial exits to existing shareholders. The issue is managed by Nuvama Wealth Management Ltd as the book-running lead manager, with Kfin Technologies Ltd serving as the registrar.

Timeline of the IPO

The Park Medi World IPO will open on Wednesday, December 10, 2025, and close on Friday, December 12, 2025, with the cut-off time for UPI mandate confirmation set at 5 PM on December 12. 

The tentative allotment date is December 15, 2025, followed by the initiation of refunds and credit of shares to Demat accounts on December 16, 2025. The IPO is expected to list on Wednesday, December 17, 2025.

IPO Lot size

Park Medi World’s IPO requires a minimum bid of 92 shares, and investors can apply in multiples of this lot size. For retail investors, the minimum application is 1 lot (92 shares) amounting to Rs. 14,904, while the maximum permissible retail application is 13 lots (1,196 shares) totaling Rs. 1,93,752.

For High Net-worth Individuals (HNIs), the S-HNI category begins at 14 lots (1,288 shares) requiring an investment of Rs. 2,08,656, and can go up to 67 lots (6,164 shares) totaling Rs. 9,98,568. The B-HNI category starts from 68 lots (6,256 shares) with a minimum investment of Rs. 10,13,472.

GMP of the IPO

Park Medi World IPO’s latest GMP stands at ₹20.5, updated on December 10, 2025, at 09:34 AM. With a price band cap of ₹162.00, the IPO’s estimated listing price comes to ₹182.5 (cap price + GMP). This implies a potential listing gain of 12.65% per share.

About​‍​‌‍​‍‌​‍​‌‍​‍‌ Park Medi World Ltd

Park Medi World Limited, a privately-owned hospital chain, was established in 2011. It mainly serves North India and had a 3,000 bed capacity as of March 31, 2025. The company runs 14 multi-super specialty hospitals under the ‘Park’ brand. All hospitals are accredited by the National Accreditation Board for Hospitals & Healthcare Providers (NABH), and eight of them have also received accreditation from the National Accreditation Board for Testing and Calibration Laboratories (NABL). The group includes hospitals in Haryana, Delhi, Punjab, and Rajasthan.

Park Medi World IPO Peer Comparison

Park Medi World’s peer comparison shows its position among major listed healthcare players as of March 31, 2025. With an EPS of 5.55 and NAV of Rs. 26.58, the company stands smaller in scale compared to established giants like Apollo Hospitals, Fortis Healthcare, and Max Healthcare, which report significantly higher earnings and asset bases. 

However, Park Medi World demonstrates a strong RoNW of 20.08%, outperforming several peers and aligning closely with efficient players like Narayana Hrudalaya (21.80%). Overall, despite its smaller size, the company’s return metrics place it competitively within the sector.

Financials of the company

Park Medi World Ltd’s financial performance shows steady growth over the recent years, highlighted by a 13% rise in revenue to Rs. 1,426 cr and a 40% jump in profit after tax (PAT) to Rs. 213 cr between FY24 and FY25. 

As of September 30, 2025, the company reported total assets of Rs. 2,320.93 crore, reflecting continued expansion from Rs. 2,133.70 crore in March 2025 and Rs. 1,912.10 crore in March 2024. Income for the half-year period stood at Rs. 823.39 crore, following FY25’s full-year income of Rs. 1,425.97 crore. Profitability remains strong, with PAT reaching Rs. 139.14 crore for the september period compared to Rs. 213.22 crore in FY25.

Operationally, Park Medi World has shown healthy earnings with EBITDA of Rs. 217.14 crore for the September 2025 and Rs. 372.17 crore for FY25. The company’s financial position has also strengthened, with net worth increasing to Rs. 1,153.05 crore as of September 2025 and reserves rising to Rs. 1,187.77 crore. Borrowings have inched up moderately to Rs. 733.91 crore, indicating a balanced approach to leveraging while supporting expansion.

The key performance indicators (KPIs) reflect strong operational and financial efficiency, with an ROE of 20.68%, ROCE of 17.47%, and a healthy RoNW of 20.08%. The company maintains a manageable debt-to-equity ratio of 0.61, supported by solid profitability metrics such as a PAT margin of 15.30% and an EBITDA margin of 26.71%. Its price-to-book value of 6.09 indicates a premium valuation driven by consistent performance and growth prospects.

Competitive​‍​‌‍​‍‌​‍​‌‍​‍‌ strengths of the IPO

• One of the top two private hospital chains in entire North India, and the most extensive hospital chain in Haryana, among private hospitals of the region.
• Providing healthcare of high standard and at a reasonable price while having a diverse specialty mix.
• Have a history of acquiring hospitals successfully and integrating them smoothly.
• Good operational and financial performance backed by diversified payor mix.
• A professional management team led by doctors and having experience in the ​‍​‌‍​‍‌​‍​‌‍​‍‌industry.

Risks of the company 

• As of September 30, 2025, our contingent liabilities (excluding corporate guarantees) accounted for 11.66% of our net worth, and corporate guarantees provided by the company and its subsidiaries accounted for 71.58% of our net worth. If these liabilities materialize, they could negatively impact our operations, cash flows, and financial condition.
• Any downgrade in our credit rating could lead to higher borrowing costs, which may adversely affect our business performance, results of operations, financial condition, and cash flows.
• In Fiscal 2024, we observed a decline in revenue from operations and restated profit after tax, along with an increase in the cost of materials consumed/services rendered compared to Fiscal 2023. A similar trend in the future could negatively impact our financial results and operations.
• Our business is highly dependent on doctors, nurses, medical professionals, and support staff. As of September 30, 2025, the attrition rate among doctors was 33.72%. Failure to retain or attract skilled professionals could adversely affect our business, results of operations, and financial condition.

Objectives of the IPO

Park Medi World, proposes to utilize the net proceeds from its IPO for a combination of strategic and operational purposes. A significant portion is intended for repayment or prepayment, in full or in part, of certain outstanding borrowings of the company and select subsidiaries, amounting to Rs. 380 crores. 

Additionally, funds will be allocated toward capital expenditure for the development of a new hospital and expansion of existing facilities by subsidiaries Park Medicity (NCR) and Blue Heavens, with an estimated requirement of Rs. 60.50 crores. Another Rs. 27.46 crores is expected to be used for the purchase of medical equipment for the Company and certain subsidiaries, including Blue Heavens and Ratangiri.

Apart from these specific allocations, a portion of the IPO proceeds will be reserved for unidentified inorganic acquisitions and general corporate purposes, providing the Company with flexibility to pursue strategic growth opportunities in the future. These initiatives are aimed at strengthening the Company’s financial position, expanding its healthcare infrastructure, and enhancing operational capabilities across its network of hospitals.

Step to check IPO allotment on Registrar website

• Step 1: Go to the Registrar website, which is Kfin Technologies for this IPO: https://ipostatus.kfintech.com/
• Step 2: Select the IPO name.
• Step 3: Enter your PAN number in the section, and you can view the status of your IPO allotment.

Written by Manideep Appana

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