Park Medi World IPO: Strong Retail Interest, Cooling GMP, Healthcare Bet

Subscription to Park Medi World IPO

Investor Category	Subscription (Times)
Qualified Institutional Buyers (QIBs)	~0.36× (till mid-Day 3)
Non-Institutional Investors (NIIs)	~5.07×
Retail Individual Investors (RIIs)	~2.12×
Overall Subscription	~2.25× (Day 3)

Subscription trends indicate healthy interest from NIIs as well as from the retail categories, though participation from QIBs has been moderate till Day 3 of bidding. Towards the latter part of Day 3, the IPO has been subscribed to the extent of 2.25 times.

About the Company

The second-largest private network of hospitals in terms of bed capacity in North India, with a network of 13 multi-specialty hospitals in Haryana, Punjab, Rajasthan, and Delhi, is Park Medi World. The reach of the company includes more than 3,000 beds, with a business strategy that includes cluster development, which is a result of acquisitions as well as greenfield developments. The hospitals offered a blend of tertiary, specialty, and critical care with a sound integration process. The net proceed from the IPO will mainly be used for financing the repayment/prepayment of borrowings, development of existing and new hospitals, the purchase of healthcare equipment, as well as general corporate purposes.

Use of Proceeds & IPO Structure

Price Band: ₹154 – ₹162 per share

Total Issue Size: ~₹920 crore

Fresh Issue: ~₹770 crore

OFS: ~₹150 crore

Lot Size: 92 shares

Allotment Date: 15 Dec 2025 (expected)

Refund & Demat Credit: 16 Dec 2025

Listing Date: 17 Dec 2025

Competitor Analysis

In the hospitals & healthcare services segment, a set of peers such as Apollo Hospitals Enterprise Ltd, Max Healthcare Institute Ltd, and Fortis Healthcare Ltd set a scalability benchmark against which the listing of Park Medi World would be judged:

Company (Listed Peer)	FY25 Revenue (₹ cr)	FY25 PAT (₹ cr)	Market Cap (Approx.)
Apollo Hospitals Enterprise Ltd	~₹17,000+	~₹1,150–1,250	₹40,000+ cr
Max Healthcare Institute Ltd	~₹6,000+	~₹250–350	₹15,000+ cr
Fortis Healthcare Ltd	~₹10,000+	~₹400–500	~₹20,000+ cr
Park Medi World Ltd (Est.)	Smaller / niche	—	~₹7,000+ cr (pre-list est.)

Large, diversified hospital chains have leverage advantages, geographically diverse strengths, and strong EBITDA models, while the strength of Park Medi World is a focused, geographically close network with fast expansion. The financial performance of the company (which is publicly available via RHP/audited statements, now that it is no longer private) would assist in comparing ratios such as bed occupancy, ARPOB, and EBITDA margin with the above peers.

Analyst View

The Park Medi World IPO is a sign of robust support from the retail and niche investor community, especially when viewed from the prism of the long-term healthcare demand story in the private sector in India. The cooling effect of the GMP indicates that although the initial tone might be tempered by uncertainties in the markets, the blueprint for growth and strategic leverage in the desired micro-markets might result in a stable IPO. It has been observed that although the defense-stocking potential of the hospital sector, particularly multi-specialty hospitals, is highly attractive, it is the IPO’s capacity to deliver on valuation that would matter.