Park Medi World operates the largest private hospital chain in Haryana and the second-largest in all of North India — delivering super-specialty care at industry-leading profitability while scaling through a proven cluster-based acquisition model. The company has filed its DRHP with SEBI for an initial public offer.
Park Medi World Limited — operator of the Park Hospitals brand — runs the second-largest private hospital chain in North India by bed capacity and the largest in Haryana. The network comprises 13 NABH-accredited hospitals (7 of which are NABL-accredited multi-super-specialty hospitals), 3,000 beds (including 805 ICU beds), 891 doctors and 1,912 nurses, and delivers 30+ super-specialty and specialty services across Haryana, Delhi, Punjab, and Rajasthan.
The company is raising $300M for 20% equity at a $1.5B valuation in a pre-IPO round. This values Park Medi World at approximately 10× FY24 top-line revenue — a material discount to Indian hospital-sector comparables which trade at 20–30× revenue (a recent South India hospital transacted at 30×). After the pre-IPO close, Park will proceed to a public listing, which management projects will double the equity valuation, giving pre-IPO investors a conservative 2–3× MOIC in a short horizon.
The investment thesis rests on three pillars: (1) scale in an underserved region — North India has bed density well below the National Health Policy threshold of 20 beds / 10,000 people, with Haryana at 13.5 and UP at 12–13; (2) proven M&A integration — 7 hospitals acquired and integrated, contributing ~41% of FY24 EBITDA at an aggregate consideration of INR 5.2bn; and (3) best-in-class profitability — Park's 25% EBITDA margin tops all listed Indian hospital peers (Fortis, Medanta, Max, Narayana, KIMS, Jupiter).
| Metric | FY22 | FY23 | FY24 | H1 FY25 |
|---|---|---|---|---|
| Revenue (INR mn) | 10,844 | 12,546 | 12,311 | 6,915 |
| EBITDA (INR mn) | 3,437 | 3,903 | 3,103 | 1,896 |
| EBITDA Margin | 32% | 31% | 25% | 27% |
| PAT (INR mn) | 1,994 | 2,282 | 1,520 | 1,129 |
| PAT Margin | 18% | 18% | 12% | 16% |
| Bed Capacity | 2,250 | 2,550 | 2,900 | 3,000 |
| ARPOB (INR/day) | 24,407 | 24,575 | 24,919 | 25,674 |
| ROCE | 29% | 27% | 16% | 9.6%* |
| ROE | 42% | 36% | 18% | 11.4%* |
*H1 FY25 figures non-annualised
Second-largest private hospital chain in North India · largest in Haryana. 13 NABH-accredited hospitals, 3,000 beds (805 ICU), 891 doctors, 1,912 nurses. DRHP filed with SEBI Mar-2025. Raise funds 1,350-bed pipeline to 4,350 beds by Mar-2028. Industry-leading 25% EBITDA margin · 10× FY24 revenue valuation — a 50–67% discount to 20–30× sector comparables. Projected 2–3× MOIC post-IPO re-rating.