ASG Hospital Mulls INR 35 Bn IPO at USD 2.6 Bn Valuation

The company is targeting a valuation of around USD 2.6 billion, with the offering likely to take place next year.

ASG Hospital Pvt., the super-specialty eye-care chain backed by General Atlantic and Kedaara Capital, is considering an initial public offering that may raise to INR 35 billion (USD 391 million), according to people familiar with the discussions. The company is targeting a valuation of around USD 2.6 billion, with the offering likely to take place next year.

The hospital chain has initiated preliminary conversations with investment banks and invited proposals for roles in the potential listing, the sources said, requesting anonymity as the information is private. The share sale is expected to dilute roughly 15% of the company’s equity and will include both fresh issuance and an offer for sale by existing investors. One of the people said the founders will not participate in the stake sale.

ASG Hospital has not yet commented on the development.

If the deal materializes, it will add to the wave of healthcare listings in India’s active IPO market. Recent debuts include Dr. Agarwal’s Health Care Ltd., Global Health Ltd., and Jupiter Life Line Hospitals Ltd., pointing to sustained investor interest in healthcare service providers in one of the world’s fastest-growing major economies.

India’s capital markets continue to show strong momentum. Companies have raised nearly USD 19.5 billion so far this year, following a record USD 21 billion in 2024, according to data compiled by Bloomberg.

Founded in 2005, ASG Hospital operates more than 167 super-specialty eye hospitals across 83 Indian cities, offering a wide range of ophthalmology services. The company expanded its southern India presence through the 2023 acquisition of Vasan Eye Care, strengthening its national network as specialty care demand grows.

The planned IPO would mark another significant entry from the healthcare sector, aligning with broader market activity driven by investor appetite for scaled healthcare delivery chains.

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