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Carnelian Asset Management has invested INR 100 crore in Park Medi World, which operates a chain of hospitals under the Park brand, as part of a pre-IPO round. The deal involved promoter Ajit Gupta selling 61,72,840 equity shares, or about 1.6 percent of the company's stake, at INR 162 per share. Park Medi World's planned INR 1,260 crore IPO, already approved by regulators, aims to fund debt repayment, new hospital development, and equipment purchases across its expanding network of 13 hospitals in North India.
Carnelian Asset Management has made an investment of INR 100 crore in healthcare company Park Medi World Limited, which operates a chain of hospitals under the Park brand. The investment comes as part of a pre-IPO funding round, strengthening the company's financial base ahead of its planned public offering. Advertisement
As part of this transaction, Ajit Gupta, one of the promoters of Park Medi World, sold 61,72,840 equity shares, representing 1.6 percent of the company's total stake. The shares were sold at a price of INR 162 per share, amounting to a total consideration of about INR 100 crore, according to the company's announcement.
The shares were acquired through a secondary transfer by Carnelian Bharat Amritkaal Fund, Carnelian Bharat Amritkaal Fund-2, and Carnelian Asset Management & Advisors Pvt Ltd, marking a strategic entry by Carnelian into India's growing private healthcare sector.
Park Medi World had filed its draft red herring prospectus (DRHP) in March 2024 for a proposed INR 1,260 crore IPO, consisting of both a fresh issue of shares and an offer-for-sale (OFS) by existing shareholders. The company received approval from the Securities and Exchange Board of India (SEBI) in August 2024 to proceed with the offering.
According to its DRHP, the IPO proceeds will be primarily used to repay existing borrowings and fund capital expenditure for new and ongoing healthcare projects. This includes developing a new hospital and expanding an existing one through its subsidiaries Park Medicity (NCR) and Blue Heavens. Additionally, a portion of the proceeds will be allocated to purchase medical equipment for Park Medi World and its subsidiaries Blue Heavens and Ratangiri.
As of September 30, 2024, Park Medi World had a total capacity of 3,000 beds, including 805 ICU beds, 63 operation theatres, and two dedicated cancer treatment units. The company's hospital network includes 13 multi-super specialty hospitals equipped with advanced medical technology and facilities.
These hospitals are spread across New Delhi, Ambala, Gurugram, Karnal, Panipat, Palam Vihar, Sonipat, and Faridabad in Haryana, Jaipur and Behror in Rajasthan, and Patiala and Mohali in Punjab. Over the years, Park Medi World has expanded its presence across North India, focusing on affordability and accessibility while offering specialized healthcare services.
Carnelian's investment is seen as a vote of confidence in Park Medi World's performance and growth prospects ahead of its IPO. The fund house has previously backed mid-sized and emerging companies with strong fundamentals and expansion potential. This latest funding reinforces Park Medi World's position in India's fast-growing healthcare segment, where rising demand for multi-specialty facilities and improved medical infrastructure continues to attract investor interest.
The upcoming IPO is expected to give Park Medi World the necessary capital to strengthen its balance sheet, expand its hospital network, and enhance operational efficiency across regions. With its established presence in North India and ongoing expansion projects, the company aims to build a stronger footprint in the country's competitive healthcare market.
Source PTI
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