Park Medi World IPO Day 3 Highlights: Issue booked 8.03x so far; GMP signals muted listing — Should you apply?

Park Medi World IPO was booked 8.10 times as of the final day today. Here's how different segments were booked:

QIB: 11.48x

NII: 15.15x

Retail: 3.16x

They have built a strong track record of acquiring and successfully integrating hospitals, which has played a major role in expanding their network and driving growth in bed capacity, revenue, and profitability. As of September 30, 2025, they had completed eight hospital acquisitions across North India, adding 1,650 beds to their network. These acquisitions have broadened their geographic presence in key regional markets and enhanced their ability to serve a larger patient base.

The company has remained profitable, reporting restated PAT of ₹1,391.4 million and ₹1,128.9 million for the six months ended September 30, 2025, and September 30, 2024, and ₹2,132.2 million, ₹1,520.1 million, and ₹2,281.9 million in Fiscals 2025, 2024, and 2023, respectively.

They expanded their bed capacity from 2,550 beds in March 2023 to 3,250 beds by September 30, 2025, and have multiple expansion projects underway in Ambala, Panchkula, Rohtak, New Delhi, Gorakhpur and Kanpur. In Ambala, they are increasing capacity from 250 to 450 beds and adding an onco radiation facility, expected to be operational by October 2027. A 300-bed multi-super specialty hospital in Panchkula is targeted for April 2026, while a 250-bed hospital in Rohtak is expected by December 2026.

Additionally, their subsidiary Blue Heavens has received NCLT approval to acquire Durha Vitrak (operating as Febris Multi Specialty Hospital, Narela, New Delhi) through an approved Resolution Plan. Blue Heavens is now completing the formal steps, including paying ₹483.01 million to secured lenders and infusing ₹1.0 million in equity to subscribe to fresh shares of Durha Vitrak.

Pakr Hospitals is the second-largest private hospital chain in North India with 3,000 beds and the largest in Haryana with 1,600 beds as of March 31, 2025.

The company's network comprises 14 NABH-accredited multi-super specialty hospitals under the ‘Park’ brand, including eight that are also NABL accredited. The hospitals span Haryana (8), New Delhi (1), Punjab (3), and Rajasthan (2), offering high-quality, affordable care across 30+ specialties such as internal medicine, neurology, gastroenterology, urology, orthopedics, and oncology.

As of September 30, 2025, it had 1,014 doctors and 2,142 nurses delivering patient care across the network.

The company’s journey began with founder and Chairman, Dr. Ajit Gupta, who started practicing in 1981 and opened a clinic in South Delhi in 2000. He went on to establish Park Hospital in New Delhi in 2005, which was transferred to the company in 2011. This was followed by new hospitals in Gurugram (Sector 47 in 2012 and Sector 37D in 2019) and Panipat in 2016, strengthening the company’s presence in Haryana.

Over time, the company expanded through acquisitions, adding eight hospitals across North India in locations such as Faridabad, Karnal, Ambala, Behror, Palam Vihar, Sonipat, Mohali, and Kanpur. This cluster-based expansion strategy created operational synergies and scale benefits.

Acquired hospitals contributed 55.1% of operating revenue, 54.9% of EBITDA, and 61.9% of restated PAT in H1 FY26, reflecting the company’s strong track record of integrating acquired assets effectively.

At 2:30 pm on Day 3, the IPO was subscribed 4.26 times overall. The retail category stood at 2.54x. The NII segment saw subscriptions of 8.56x. However, the QIB portion had received 4.05x bids till then.

In total, the company received bids for 16.93 crore shares against the 3.97 crore shares on offer.

SBI Securities has maintained a neutral view on Park Medi World, stating that it prefers to track the company’s financial and operational performance after listing before taking a more definitive stance.

The brokerage noted that while revenue growth over the last three years has been relatively modest, the hospital chain is actively scaling up its capacity and expanding its regional presence. SBI Securities pointed out that, relative to sector peers, the IPO valuation appears reasonable given the company’s superior margins and return ratios, though it continues to lag on revenue growth metrics. The brokerage flagged the company’s high debtor days — 161 days in FY25 — which stem from its substantial exposure to government-backed healthcare schemes.

Park Medi World mobilised ₹276 crore through its anchor book on December 9, a day ahead of opening its IPO for public subscription.

The anchor round saw participation from several prominent institutional investors, including Kotak Mahindra AMC, Allianz Global Investors Fund, Reliance General Insurance Company, Abakkus Asset Manager, Carnelian Bharat Amritkaal Fund, SBI General Insurance, Winro Commercial, and Societe Generale, among others.

Investor sentiment has cooled, with the grey market premium (GMP) slipping to ₹3 today from ₹14 on December 11. This implies a likely listing price of ₹165, representing an 1.85% premium to the issue price of ₹162.

The ‘grey market premium’ reflects the additional amount investors are willing to pay over the IPO price.

At 1:10 pm on Day 3, the IPO was subscribed 2.41 times overall. The retail category stood at 2.20x. The NII segment saw subscriptions of 5.62x. However, the QIB portion had received 0.36x bids till then.

In total, the company received bids for 9.57 crore shares against the 3.97 crore shares on offer.

Park Medi World IPO Day 3 LIVE: From the fresh share sale, the company plans to use ₹380 crore for repayment of borrowings availed by the company and its subsidiaries, ₹60.50 crore for funding a new hospital and expansion of the existing hospital and its subsidiary. Meanwhile, ₹27.46 crore is allocated for capital expenditure for the purchase of medical equipment, and the remaining for general corporate purposes and unidentified inorganic acquisitions.

Park Medi World IPO Day 3 LIVE: Investor sentiment has cooled, with the grey market premium (GMP) slipping to ₹6 from ₹14 on December 11. This implies a likely listing price of ₹168, representing an 3.70% premium to the issue price of ₹162.

Park Medi World IPO Day 3 LIVE: At 12:05 pm on Day 3, the IPO was subscribed 1.94 times overall. The retail category stood at 1.96x. The NII segment saw subscriptions of 3.99x. However, the QIB portion had received 0.36x bids till then.

In total, the company received bids for 7.70 crore shares against the 3.97 crore shares on offer.

Park Medi World IPO Day 3 LIVE: Anand Rathi said Park Medi World is valued at 32.8x FY25 P/E at the upper end of the price band, translating into a post-issue market capitalisation of ₹5,355.9 crore. The brokerage highlighted the company’s strong positioning to tap growing demand for affordable, high-quality healthcare amid its expansion through organic growth and acquisitions. It also noted efforts to enhance occupancy at existing hospitals and scale newer facilities using advanced technology, specialised expertise and new clinical programmes.

As the brokerage remarked, “the company’s ability to attract and retain experienced doctors and clinical professionals remains central to sustaining and elevating the quality of care it delivers.”

On this basis, Anand Rathi has assigned a “Subscribe – Long Term” rating.

Park Medi World IPO Day 3 LIVE: Financially, Park Medi World recorded ₹213 crore in profit in FY25, up from ₹152 crore in FY24 but below the ₹228 crore earned in FY23. Revenue has also grown steadily, increasing to ₹1,426 crore in FY25 from ₹1,263 crore in FY24 and ₹1,272 crore in FY23.

Park Medi World IPO Day 3 LIVE: Investor sentiment has cooled, with the grey market premium (GMP) slipping to ₹8.5 from ₹14 on December 11. This implies a likely listing price of ₹170.50, representing an 5.25% premium to the issue price of ₹162.

The ‘grey market premium’ reflects the additional amount investors are willing to pay over the IPO price.

Park Medi World IPO Day 3 LIVE: At 10:34 am on Day 3, the IPO was subscribed 1.40 times overall. The retail category stood at 1.55x. The NII segment saw subscriptions of 2.46x. However, the QIB portion had received 0.34x bids till then.

In total, the company received bids for 5.55 crore shares against the 3.97 crore shares on offer.

Park Medi World IPO Day 3 LIVE: Park Medi World is the second-largest private hospital operator in North India with a total capacity of 3,000 beds, and is the largest private hospital chain in Haryana with 1,600 beds as of March 31, 2025. It operates 14 NABH-accredited multi-super specialty hospitals under the ‘Park’ brand. Over the past two years, its capacity has expanded from 2,550 beds as of March 31, 2023 to 3,250 beds by September 30, 2025. Additional expansion projects are underway in Ambala, Panchkula, Rohtak, New Delhi, Gorakhpur and Kanpur.

Park Medi World IPO Day 3 LIVE: Master Capital Services remains optimistic about the IPO. It noted that with the sector projected to grow from ₹6.9–7.0 trillion in FY2025 to ₹9.4–9.8 trillion by FY2028, Park Medi World is well positioned to capitalise on this expansion through its network of multi-super specialty hospitals, cutting-edge technology and patient-focused model. Backed by rising lifestyle diseases, an aging population and government schemes such as PMJAY, the company is expected to benefit from strong industry tailwinds. Master Capital believes these strengths make the IPO a solid long-term opportunity.

Park Medi World IPO Day 3 LIVE: Under the IPO structure, up to 50% of the issue is reserved for qualified institutional buyers, at least 35% for retail investors and no less than 15% for non-institutional investors.

Park Medi World IPO Day 3 LIVE: By end of Day 2, the IPO was subscribed 1.05 times overall.

The retail category stood at 1.27x. The NII segment saw subscriptions of 1.46x. However, the QIB portion had received 0.34x bids till then.

In total, the company received bids for 4.15 crore shares against the 3.97 crore shares on offer.