ABH Healthcare
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 8.37×
- Big non-institutionalbNII · above ₹10 lakh
- 0.31×
- Small non-institutionalsNII · ₹2–10 lakh
- 0.50×
- Retail individualRII · up to ₹2 lakh
- 1.57×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 16 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 01 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹102 | ₹0 |
| 31 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹102 | ₹0 |
| 30 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹102 | ₹0 |
| 29 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹102 | ₹0 |
| 28 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹102 | ₹0 |
| 27 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹102 | ₹0 |
| 26 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹102 | ₹0 |
| 25 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹102 | ₹0 |
| 24 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹102 | ₹0 |
| 23 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹102 | ₹0 |
| 22 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹102 | ₹0 |
| 21 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹102 | ₹0 |
| 20 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹102 | ₹0 |
| 19 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹102 | ₹0 |
| 18 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹102 | ₹0 |
| 17 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹102 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 24 Aug 2026 – 27 Aug 2026
- Listing date
- 01 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹96 – ₹102
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹34.98 Cr
- Fresh issue
- ₹33.22 Cr 32,56,800 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹117 Cr
- Promoter holding
- 100.00% → 69.99% pre-issue → post-issue
- ISIN
- INE1R2M01019
- CIN
- U85300PB2021PLC052886
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Fedex Securities Pvt.Ltd.
- Registered office
- Anil Baghi Road, Ferozepur, Punjab - 152002, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 1,99,200 | 6.12% | 5.81% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 15,28,800 | 46.94% | 44.58% |
| bNII > ₹10L · within NII | 10,18,800 | — | 29.71% |
| sNII < ₹10L · within NII | 5,10,000 | — | 14.87% |
| Retail (RII) | 15,28,800 | 46.94% | 44.58% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,72,800 | — | 5.04% |
| Total issue | 34,29,600 | — | 100.00% |
Net offer to the public of 32,56,800 shares, out of a total issue of 34,29,600. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹102
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,22,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,44,800 |
| S-HNI (max) | 8 | 9,600 | ₹9,79,200 |
| B-HNI (min) | 9 | 10,800 | ₹11,01,600 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹102 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.05 | 4.93 |
| P/E (×) | 14.47 | 20.69 |
| Price to book (×) | 4.73 | — |
| Market cap | — | ₹117 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 39.07%
- ROCE
- 20.00%
- Debt / equity
- 3.20
- PAT margin
- 10.74%
- EBITDA margin
- 28.03%
- NAV per share
- ₹21.58
- Price to book
- 4.73
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 52.59 | 49.32 | 41.39 |
| Revenue from operations | 52.51 | 49.27 | 41.38 |
| Other income | 0.08 | 0.05 | 0.01 |
| Total expenses | 44.66 | 41.89 | 39.19 |
| Operating profit | 7.93 | 7.43 | 2.2 |
| Operating margin | 15.08% | 15.06% | 5.32% |
| Profit before tax | 7.93 | 7.43 | 2.21 |
| Profit after tax | 5.64 | 5.35 | 1.66 |
| PAT margin | 10.72% | 10.85% | 4.01% |
| Balance sheet | |||
| Total assets | 85.27 | 63.9 | 51.35 |
| Current assets | 41.54 | 26.62 | 17.12 |
| Current liabilities | 14.14 | 21.15 | 18.95 |
| Total liabilities | 67.93 | 52.2 | 44.99 |
| Net worth | 17.34 | 11.69 | 6.35 |
| Current ratio | 2.94× | 1.26× | 0.90× |
| Return on equity | 32.53% | 45.77% | 26.14% |
| Cash flow | |||
| Operating cash flow | 2.11 | 3.54 | 0.89 |
| Investing cash flow | -9.14 | -4.53 | -13.06 |
| Financing cash flow | 9.45 | 1.58 | 12.04 |
| Net cash flow | 2.42 | 0.59 | -0.14 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment/prepayment of certain borrowings ₹17 Cr
The company proposes to utilize funds from the Net Proceeds towards repayment/prepayment, in part or full, of certain borrowings to reduce outstanding indebtedness, debt servicing costs, and improve debt-to-equity ratio.
2 Funding working capital requirements ₹5 Cr
The company proposes to utilize funds from the Net Proceeds towards funding its working capital requirements to support future growth requirements and business operations.
3 Funding inorganic growth through unidentified acquisitions and general corporate purposes —
The company expects to utilize funds from the Net Proceeds towards funding inorganic growth through unidentified acquisitions and general corporate purposes, subject to regulatory limits under SEBI ICDR Regulations.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About ABH Healthcare
ABH Healthcare Limited (formerly ABH Healthcare Private Limited) is a healthcare services company incorporated on March 2, 2021, and acquired the business of Anil Baghi Hospital (a sole proprietorship concern established in 1985) on March 16, 2022, pursuant to a Business Transfer Agreement. The Company operates a multi-specialty hospital in Ferozepur, Punjab, providing 25 medical specialties including cardiac sciences, neurology, minimally invasive spine and brain surgeries, gastroenterology, laparoscopic and bariatric surgery, orthopedics and joint replacement, and general surgery. Since acquisition, the Company has consistently invested in expanding bed capacity from 75 beds (as of March 31, 2022) to 150 beds (as of December 31, 2024), increasing its workforce, and introducing additional services and clinical specialties. The Company generates revenue through inpatient services, outpatient services, and pharmacy operations.
Management
Dr. Kamal Baghi
MD
Dr. Saurabh Baghi
CEO
Dr. Vaishali Saini
Director
Dr. Satnam Singh Nijjar
Director
Strengths
As stated in the offer document
Doctor led professional management team with proven execution capabilities
The company is led by qualified and experienced management team including U.S.-trained doctors with extensive expertise in their respective clinical specialties, bringing decades of healthcare experience and international standards to operations.
Delivering quality clinical care by attracting and retaining experienced and renowned clinicians
The company prioritizes attracting and retaining renowned clinicians with over 30% of doctors associated for more than 5 years, including team members trained at institutes in India and overseas with full-time commitment.
Diversified operations across clinical specialties, payor mix and hospitals
The company offers medical services across 25 specialties covering comprehensive healthcare needs, with diversified revenue streams reducing concentration risks and serving as a one-stop solution for routine and complex medical conditions.
Comprehensive operating infrastructure including information technology and modern equipments
The company has developed comprehensive IT infrastructure with digitized patient journey, EHR systems, and advanced medical equipment from globally reputed suppliers including cath labs, CT scan machines, and MRI machines.
Track record of stable operating and financial performance and growth
The company demonstrated stable growth with EBITDA increasing from ₹689.28 lakhs in Fiscal 2024 to ₹1,444.54 lakhs in Fiscal 2026, and profit after tax growing from ₹165.56 lakhs to ₹569.72 lakhs over the same period.
Risk factors
As stated in the offer document
Limited Operating History as a Company
The company was incorporated in March 2021 and acquired the business of M/s. Anil Baghi Hospital in March 2022, resulting in limited operating and financial history. This makes it difficult to evaluate current or future prospects based on historical results, and future revenues and profitability could fluctuate significantly.
Geographic Revenue Concentration Risk
The company derives 100% of its revenue from its only hospital in Ferozepur, Punjab (₹5,104.37 lakhs in Fiscal 2026 and ₹4,891.62 lakhs in Fiscal 2025). Any adverse event affecting this single location could have a material impact on business operations and financial condition.
Technology and Equipment Failure Risk
The company faces risks from technological changes, equipment failures, and malfunction of medical equipment. The company incurred ₹396.23 lakhs, ₹142.39 lakhs, and ₹889.51 lakhs for equipment additions in Fiscal 2026, 2025, and 2024 respectively, with potential for asset impairment.
Third-Party Supplier and Payer Dependency
The company relies heavily on limited suppliers, with top 2 suppliers contributing 73.49% of total purchases in Fiscal 2026. Additionally, 61.94% of revenue (₹3,161.46 lakhs) comes from government departments, insurance companies, and TPAs, creating significant dependency risks.
Regulatory Compliance and Healthcare Industry Regulation
The company operates in a highly regulated healthcare industry requiring numerous licenses, permits, and accreditations that are subject to renewal and potential revocation. Non-compliance could result in penalties, operational restrictions, or facility shutdowns.
High Debt-to-Equity Ratio and Funding Risk
The company has a high debt-to-equity ratio of 3.20 in Fiscal 2026 (down from 5.69 in Fiscal 2024) with secured debt of ₹4,575.26 lakhs. The company's ability to service debt depends on continued profitability and cash flow generation.
Medical Malpractice and Legal Liability Risk
The company is exposed to legal claims arising from healthcare services, medical negligence, and malpractice suits. The company uses radioactive materials and equipment that could result in contamination or injury, leading to significant liability claims and reputational damage.
Company Analysis
from DRHPABH Healthcare Limited operates a multi-specialty hospital in Ferozepur, Punjab, offering 25 medical specialties and comprehensive healthcare services.
ABH Healthcare Limited (formerly ABH Healthcare Private Limited) is a healthcare services company incorporated on March 2, 2021, and acquired the business of Anil Baghi Hospital (a sole proprietorship concern established in 1985) on March 16, 2022, pursuant to a Business Transfer Agreement. The Company operates a multi-specialty hospital in Ferozepur, Punjab, providing 25 medical specialties including cardiac sciences, neurology, minimally invasive spine and brain surgeries, gastroenterology, laparoscopic and bariatric surgery, orthopedics and joint replacement, and general surgery. Since acquisition, the Company has consistently invested in expanding bed capacity from 75 beds (as of March 31, 2022) to 150 beds (as of December 31, 2024), increasing its workforce, and introducing additional services and clinical specialties. The Company generates revenue through inpatient services, outpatient services, and pharmacy operations.
Objects of the Issue
- Repayment/prepayment, in part or full, of certain of our borrowings 1700.00 lakhs p.90
- Funding our Working Capital Requirements 430.00 lakhs p.90
- Funding inorganic growth through unidentified acquisitions and general corporate purposes p.90
Issue Structure
- Total Issue
- Up to ₹ [●] Lakhs
- Fresh Issue
- Up to 34,29,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Not Applicable
- Price Band
- The Price Band shall be decided by our Company in consultation with the Book Running Lead Manager
- Lot Size
- [●]
- Face Value
- ₹ 10 per Equity Share
Business Model
The Company earns revenue primarily through inpatient hospitalization services (83.6% of total revenue for the nine months ended December 31, 2024), outpatient consultative services (11.2%), and other operating income (5.2%). The Company derives revenue from self-pay patients, insurance-covered patients (including government schemes like Ayushman Bharat), and corporate clients. The Company operates a 150-bed hospital facility (125 operational beds and 70 ICU beds as of December 31, 2024).
Business Segments
SWOT Analysis
- • Doctor-led professional management with 40+ years of experience from founder(p.37)
- • Diversified multi-specialty services with 25 medical specialties(p.31)
- • NABH Digital Standards accreditation for cutting-edge digital technologies(p.39)
- • Strong historical growth in revenue and profitability(p.50)
- • Affordable healthcare positioning with strategic cost management(p.46)
- • Expanded bed capacity and infrastructure investment(p.50)
- • High debt-to-equity ratio indicating financial leverage concerns(p.44)
- • Limited operating history as a corporate entity since incorporation in 2021(p.37)
- • Dependence on unsecured loans from promoters repayable on demand(p.44)
- • Non-ownership of hospital premises creating operational uncertainty(p.41)
- • Concentration of hospital in single location in Punjab(p.39)
- • Declining bed occupancy rates despite capacity expansion(p.50)
- • High attrition rates among senior consulting doctors(p.38)
- • Outstanding litigation including against promoters(p.45)
- • Growing healthcare sector driven by public and private expenditure increases(p.119)
- • Expansion of hospital capacity with committed pipeline of 30 new beds(p.50)
- • Rising medical tourism with India as global destination(p.120)
- • Government support for healthcare infrastructure through multiple schemes(p.121)
- • Growing health-tech sector with 15-20% hiring projection in 2024(p.120)
- • Inorganic growth through acquisitions and strategic alliances(p.101)
- • Untapped potential in tier-II and tier-III cities(p.119)
- • Intense competition from established hospital chains and multinationals(p.49)
- • Regulatory risk from changing healthcare laws and standards(p.40)
- • Pharmaceutical pricing regulation affecting profitability(p.51)
- • Shortage of qualified healthcare professionals in the market(p.38)
- • Medical malpractice litigation and regulatory action risks(p.42)
- • Economic downturn affecting patient volume and affordability(p.46)
- • Inflation increasing operational costs faster than pricing(p.62)
- • Natural disasters, pandemics and external shocks affecting operations(p.61)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dr. Kamal Baghi | Promoter | 30.00% | — |
| Dr. Saurabh Baghi | Promoter | 68.50% | — |
| Dr. Vaishali Saini | Promoter | 1.50% | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| ABH Healthcare Limited THIS ISSUE | 7.05 | 21.58 | 20.69, computed at the offer price | 4.73, computed at the offer price | 34.26% |
| 2.17 | 23.30 | 24.52 | 2.30 | 16.20% | |
| -3.64 | 42.67 | -34.11 | 2.95 | -8.10% | |
| 8.47 | 49.62 | 27.63 | 4.78 | 18.65% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.