IPO Overview
ABH Healthcare Limited was originally incorporated as a private limited company on March 2, 2021, under the name “ABH Healthcare Private Limited”. In 2022, the company acquired the sole proprietorship concern of Dr. Kamal Baghi — “Anil Baghi Hospital” — through a Business Transfer Agreement. The company was subsequently converted to a public limited company in November 2024.
ABH Healthcare is a tertiary care hospital operator focused on providing affordable, accessible, and specialised medical services in Tier 3 cities of Punjab. The company operates the 150-bed Anil Baghi Hospital in Ferozepur, offering 25 medical specialties covering critical care, cardiology, neurology, neurosurgery, orthopaedics, gastroenterology, nephrology, urology, and obstetrics, among others. Its infrastructure includes 70 ICU beds, 10 dialysis beds, and advanced diagnostic and surgical equipment including cath labs, CT and MRI scanners. The company follows a doctor-led operating model.
The company is launching its SME IPO on the NSE SME platform, aiming to raise approximately ₹34.98 crore through a fully fresh issue of equity shares. The price band is ₹96 to ₹102 per share, with a lot size of 2,400 shares. The IPO opens on 24 August 2026 and closes on 26 August 2026, with listing expected on 31 August 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME |
| IPO Open Date | 24 August 2026 |
| IPO Close Date | 26 August 2026 |
| Allotment Date | 27 August 2026 (Expected) |
| Refund Initiation | 28 August 2026 |
| Credit to Demat | 28 August 2026 |
| Listing Date | 31 August 2026 (Tentative) |
| Price Band | ₹96 – ₹102 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,44,800 (2 lots = 2,400 shares) |
| Issue Size | ₹34.98 crore |
| Fresh Issue | ₹34.98 crore |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | 1,72,800 shares (Reserved) |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire IPO is a fresh issue, and all proceeds will be received directly by the company. No promoter exit is involved.
Objects of the Issue (Fund Utilization)
The company plans to use the IPO proceeds for repayment of borrowings worth ₹17 crore, funding working capital requirements of ₹5 crore, funding inorganic growth through acquisitions or strategic investments, and general corporate purposes.
- Repayment / prepayment of existing borrowings — ₹17 crore
- Working capital requirements — ₹5 crore
- Inorganic growth / acquisitions / strategic investments
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Fedex Securities Pvt. Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
Promoters & Management
The promoters of ABH Healthcare are Dr. Kamal Baghi, Dr. Saurabh Baghi, and Dr. Vaishali Saini. The company follows a doctor-led operating model with clinical leadership at its core.
As of 30 June 2026, the company had 37 doctors and 101 nurses, with a total workforce of 309 employees.
Company Details
ABH Healthcare Limited operates a 150-bed multi-speciality hospital in Ferozepur, Punjab, under the brand name “Anil Baghi Hospital”. The hospital offers 25 medical specialities including cardiac sciences, neurology, minimally invasive spine and brain surgery, medical and surgical gastroenterology, laparoscopic and bariatric surgery, urology, pulmonology, nephrology, ENT, and maxillofacial surgery.
Sectors Served:
- Tertiary & Critical Care
- Cardiology & Cardiac Sciences
- Neurology & Neurosurgery
- Gastroenterology & Bariatric Surgery
- Nephrology, Urology & Dialysis
Key Infrastructure:
- 150-bed hospital in Ferozepur, Punjab
- 70 ICU beds
- 10 dialysis beds
- Cath labs, CT scanners, MRI scanners
Insurance & Government Empanelment:
The hospital is empanelled with more than 30 insurance companies and TPAs, along with major government healthcare schemes including ECHS, Railways, FCI, BSNL, and Ayushman Bharat–Sarbat Sehat Bima Yojana, providing a diversified patient and payer base.
Future Expansion Plans:
Going forward, ABH Healthcare plans to expand into higher-end specialties including oncology and cardiothoracic & vascular surgery, while pursuing outpatient clinics, urgent care centres, and asset-light expansion models to strengthen its regional presence.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹41.39 | ₹1.66 |
| FY25 | ₹49.32 | ₹5.35 |
| FY26 | ₹52.59 | ₹5.64 |
Key Financial Metrics
- Revenue grew from ₹41.39 crore in FY24 to ₹49.32 crore in FY25 (~19% YoY), and further to ₹52.59 crore in FY26 (~7% YoY) — reflecting steady top-line growth
- PAT saw a sharp recovery — from ₹1.66 crore in FY24 to ₹5.35 crore in FY25, and ₹5.64 crore in FY26 — a ~241% turnaround over two years
- PAT margins have improved significantly — from ~4% in FY24 to ~10.7% in FY26, indicating improving operational efficiency
- Total borrowings of ₹35.83 crore in FY24 against net worth of ₹6.30 crore — high debt-to-equity ratio of 5.69x; post-IPO debt repayment of ₹17 crore expected to materially improve balance sheet
Company Strengths
- Established 150-bed multispeciality hospital with diversified presence across 25 medical disciplines in an underserved Tier 3 city of Punjab
- Strong PAT recovery — profit jumped from ₹1.66 crore in FY24 to ₹5.64 crore in FY26, a ~241% improvement, reflecting better cost control and operational maturity
- Doctor-led professional management model — promoters are practising medical professionals with deep domain expertise
- Strong empanelment with 30+ insurance companies, TPAs, and multiple government healthcare schemes including Ayushman Bharat, ensuring a diversified and cashless patient base
- Entire IPO is a fresh issue — no promoter exit; all capital raised will be deployed into the business
- Significant debt reduction planned — ₹17 crore repayment from IPO proceeds will reduce the high debt burden and lower finance costs
Key Risks & Challenges
- Revenue growth has been slowing — from ~19% YoY in FY25 to ~7% YoY in FY26 — suggesting potential plateauing of top-line momentum at the current single-facility scale
- Debt-to-equity ratio remains high at 5.69x as of FY24 — though post-IPO debt repayment should improve this significantly
- Single-hospital, single-city model — entire revenue depends on one facility in Ferozepur, Punjab, with no geographic diversification
- Financial data supplied in the offer document was previously inconsistent — investors must verify all figures carefully from the final RHP before investing
- High minimum retail investment of ₹2,44,800 makes this a high-stakes SME bet with limited secondary market liquidity
- Scaling beyond current capacity will require significant capital expenditure, land acquisition, and regulatory approvals — execution risk remains high
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
