Park Medi World IPO: The good and the bad

Summary: Park Medi World, the second-largest private hospitality chain in North India, is set to go public on December 10, 2025. Let’s analyse its positives, negatives and financials to help you better decide whether its IPO is worth subscribing to. Park Medi World, a private hospital chain in North India, will open its IPO (initial public offering) on December 10, 2025 and close on December 12, 2025. Of its total issue size of Rs 920 crore, Rs 770 crore will be raised through a fresh issue, while the remaining Rs 150 crore will be an offer for sale (OFS). We break down the company’s strengths, weaknesses, past financial performance and valuations to help you make an informed investment decision. What the company does Park Medi World is the second-largest private hospital chain in North India, with 3,000 beds, and the largest in Haryana with 1,600 beds. It operates 14 NABH-accredited multi-super specialty hospitals, eight of which also carry NABL (National Accreditation Board for Testing and Calibration Laboratories) accreditation, spread across Haryana, Delhi, Punjab and Rajasthan. The group offers more than 30 specialties, supported by over 1,000 doctors and 2,100 nurses. Founded by Dr Ajit Gupta in 2005, the network has grown through a mix of greenfield expansion and strategic acquisitions across North India. Track record and valuation Between FY23 and FY25, Park Medi World’s revenue grew at a modest 5.4 per cent annually, while both EBIT (earnings before interest and tax) and PAT (profit after tax) reported negative growth. Such numbers suggest that the company’s financial footing has been shaky throughout the three-year period. At the upper end of the price band (Rs 162), Park Medi World’s stock is expected to be valued at over 29 times its TTM earnings and 3.6 times its book value. In comparison, Park Medi World’s peers trade at a P/E and P/B of 58.6 times and 8.7 times, respectively. Park Medi World IPO analysis Total IPO size (Rs cr) 920 Offer for sale (Rs cr) 150 Fresh issue (Rs cr) 770 Price band (Rs) 154-162 Subscription dates December 10-12, 2025 Purpose of issue Payment of debt, funding capex for the development of a new hospital and purchase of medical equipment Post-IPO M-cap (Rs cr) 6,997 Net worth (Rs cr) 1,971 Promoter holding (%) 82.9 Price/earnings ratio (P/E) 29.2 Price/book ratio (P/B) 3.6 Financial history