SBI General Insurance, Abakkus Acquires 1.6% Stake in IPO-Bound Park Hospital

Park Medi World, the operator of the Park Hospital chain, has received fresh investment of ₹100 crore from SBI General Insurance and Abakkus Asset Manager, as per the news reports. 

The transaction forms part of the company’s ongoing pre-IPO fundraising efforts ahead of its planned public issue.

SBI General and Abakkus Acquire 1.6% Stake 

Promoter Ajit Gupta transferred a total of 61.72 lakh shares to the 2 investors, giving them a combined 1.6% stake at a valuation of ₹7,187 crore. SBI General purchased 30.86 lakh shares for ₹50 crore, followed by an equivalent purchase by Abakkus Diversified Alpha Fund and Abakkus Diversified Alpha Fund–2. 

The share transfers took place at ₹162 each, reducing the promoter’s holding from 88.23% to 86.64%.

Part of Park Medi World's Pre-IPO Placement Plan

The investment is included in Park Medi World’s ₹192 crore pre-IPO placement, which precedes its proposed ₹1,260 crore initial public offering. 

The IPO structure will feature a ₹960 crore fresh issue and a ₹300 crore offer for sale by promoter Ajit Gupta. The company had filed its draft prospectus earlier this year, with approval granted in August.

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Conclusion

The latest investment strengthens Park Medi World’s capital base as it moves closer to launching its public offering. The company proposed to utilise funds raised from the fresh issue for repayment of certain borrowings and development of new and existing hospitals.

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