ASG Eye Hospital Plans $500 to 600 Mn IPO to Accelerate National Expansion

The funds are intended to support both organic growth and acquisitions, enabling the hospital chain to expand its footprint up to 700 centres nationwide by 2030.

ASG Eye Hospital has set the stage for a USD 500-600 Mn initial public offering, aiming to tap capital markets to fund aggressive expansion while positioning itself as a major player in India’s rapidly growing organised eye-care sector.

The offering, which is expected to value the company at around USD 3.4 Bn, would result in approximately 15 per cent equity dilution. The company has appointed Axis Capital, Morgan Stanley, Nomura, Motilal Oswal, and HSBC as investment bankers for the proposed IPO.

The move comes as ASG looks to strengthen its balance sheet ahead of a large-scale expansion. Backed by private equity firm General Atlantic, ASG has outlined capital expenditure of nearly INR 2,000 Cr through 2030.

The funds are intended to support both organic growth and acquisitions, enabling the hospital chain to expand its footprint to between 500 and 700 centres nationwide by the end of the decade.

India’s eye-care market has been witnessing steady growth, driven by an ageing population, increasing screen time, and a rise in lifestyle-related eye conditions such as cataracts, glaucoma, and diabetic retinopathy.

At the same time, there has been a gradual shift toward organised healthcare providers, particularly in secondary and tertiary care, as patients seek standardized clinical outcomes and advanced technology. These trends have created a favourable environment for large eye-care chains to scale operations.

ASG’s operating model focuses on combining tertiary eye-care services with outreach programmes in tier-II and tier-III cities. This approach allows the company to serve underserved regions while maintaining clinical depth in complex ophthalmic procedures.

Acquisitions have played an important role in ASG’s growth journey. In recent years, the company has acquired multiple regional eye-care providers to add capacity, talent, and geographic reach.

The merger with Sharp Sight is among the latest transactions aimed at strengthening clinical capabilities and expanding presence in key northern markets ahead of the IPO.

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