Park Medi World Limited, a prominent private hospital chain in North India incorporated in 2011, is drawing keen investor interest as its initial public offering (IPO) enters its second day of subscription on December 11, 2025. Operating 14 multi-speciality hospitals under the 'Park' brand with a total bed capacity of 3,000 as of March 31, 2025, the company spans key locations in Haryana, Delhi, Punjab, and Rajasthan, including facilities in Gurugram, Jaipur, and Mohali. All its hospitals hold National Accreditation Board for Hospitals & Healthcare Providers (NABH) certification, with eight also accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL), underscoring a commitment to quality healthcare in specialities like cardiology, oncology, and orthopaedics.

The Rs 920 crore book-built IPO, comprising a fresh issue of 4.75 crore shares worth Rs 770 crore and an offer-for-sale of 93 lakh shares aggregating Rs 150 crore, opened on December 9 at a price band of Rs 154-162 per share, with a minimum lot size of 92 shares for retail investors requiring Rs 14,904. Managed by Nuvama Wealth Management Ltd as the book-running lead manager and KFin Technologies Ltd as registrar, the issue closes on December 12, with allotment on December 15, demat credit on December 16, and tentative listing on BSE and NSE on December 17.

Subscription momentum gained traction on Day 1, with the IPO oversubscribed 0.52 times as investors bid for 2.19 crore shares against the 4.18 crore on offer, reflecting cautious optimism amid a robust healthcare sector outlook. Retail participation led with 0.88 times subscription, followed by non-institutional investors at 0.42 times, while qualified institutional buyers (QIBs) showed subdued interest at 0.21 times. Proceeds from the fresh issue will fund debt repayment, capital expenditure for expansion, unidentified inorganic acquisitions to bolster its network, and general corporate purposes, positioning Park Medi World to capitalise on India's growing medical tourism and rising demand for specialised care in tier-2 and tier-3 cities.

Grey market premium (GMP) remains a focal point, trading at Rs 14 on December 11—down over 50% from earlier highs—implying an estimated listing price of Rs 176, an 8.64% gain over the upper price band of Rs 162. This unlisted market indicator, though speculative and not official, signals moderate listing expectations for next week, with private investors eyeing an 8% pop as a buffer against volatility in the broader IPO landscape. Strong financials bolster sentiment: for the half-year ended September 30, 2025, profit after tax surged 23.25% year-on-year to Rs 139.14 crore on 16.4% revenue growth to Rs 823.4 crore, highlighting operational resilience post-pandemic.

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As Day 2 unfolds, sustained retail enthusiasm could drive overall subscription above 1 time, but experts advise monitoring QIB bids for long-term stability. In a sector projected to reach $372 billion by 2025 per industry reports, Park Medi World's expansion strategy aligns with national health initiatives like Ayushman Bharat, though investors should weigh execution risks in acquisitions and regulatory compliance. The IPO's outcome will test market appetite for healthcare listings, potentially paving the way for more regional players to tap public markets amid India's demographic dividend.

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