ASG Hospital Eyes $500M IPO, Planning Growth Across Tier 2 & 3 Cities

ASG Hospital currently operates more than 175 hospitals and over 200 vision centres across 90-plus cities, while also maintaining an international presence in Nepal and Uganda.

ASG Hospital has begun preparations for an IPO expected to raise nearly $500Mn (INR 41.8 Bn) later this month. The offering is likely to include a fresh equity issue of around 15% along with an offer-for-sale component from existing shareholders.

Founded as a specialized eye-care provider, ASG Hospital, headquartered in Rajasthan, has expanded aggressively across India by focusing on tier 2 and tier 3 markets, where organized ophthalmology services remain underpenetrated.

ASG Hospital currently operates more than 175 hospitals and over 200 vision centres across 90-plus cities, while also maintaining an international presence in Nepal and Uganda. Its growth strategy has centred on building accessible eye-care infrastructure outside major metropolitan areas, supported by advanced diagnostics and surgical capabilities.

The hospital chain has attracted significant investor backing over the years. Bahrain-based Investcorp first invested in the company in 2017 before exiting in 2022 through a deal reportedly valued at INR 15 Bn. That transaction brought in General Atlantic and Kedaara Capital as investors.

ASG Hospital also secured funding from UAE-based Foundation Holdings in a separate INR 3 Bn financing round, strengthening its expansion ambitions.

The company has earlier outlined plans to invest nearly INR 20 Bn in capital expenditure through 2030 as it works toward scaling its footprint to 700 centres through a mix of organic expansion and acquisitions.

Several investment banks, including Axis Capital, Motilal Oswal Investment Advisors, HSBC Holdings, Morgan Stanley, and Nomura Holdings, are advising on the proposed transaction.

ASG Hospital’s IPO plans arrive amid heightened activity in India’s healthcare capital markets. Companies such as Manipal Health Enterprises, Indira IVF Hospital, and Yashoda Healthcare Services are also exploring listings.

In 2025, Dr Agarwal’s Health Care raised approximately USD 350 Mn through its market debut, underscoring sustained investor appetite for scalable healthcare platforms. Max Healthcare Institute currently remains India’s most valuable listed hospital company with a market capitalization estimated at over USD 10 Bn.

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