PE-Backed ASG Eye Hospital Appoints Morgan Stanley, Nomura and Others For IPO

ASG Eye Hospital has appointed investment banks as part of its plans to list on the stock market, as per PTI reports.  

The company is considering an Initial Public Offering (IPO) that could raise $500-600 million, or around ₹3,900 crore. The listing is being planned for FY27, subject to market conditions and regulatory approvals. 

Investment Banks Appointed 

The company has appointed Morgan Stanley, Axis Capital, HSBC, Nomura, and Motilal Oswal to manage the proposed issue. The IPO is expected to result in an equity dilution of about 15% for existing shareholders. 

Valuation and Ownership 

The offering could value ASG Eye Hospital at around $3.4 billion, as per the reports. The company is majority owned by private equity funds General Atlantic and Kedaara Capital. Both investors have backed the company as it expanded its hospital network across India. 

Capital Expenditure Plans 

Separately, ASG has outlined capital expenditure of close to ₹2,000 crore through 2030. The spending is expected to go towards adding new hospitals, expanding capacity at existing locations, and upgrading equipment. The company is targeting a total network of 500-700 centres by the end of the decade. 

Presence and Operations 

ASG operates eye-care hospitals offering tertiary services, along with smaller outreach centres. A large part of its network is across tier-II and tier-III cities, in addition to some metro locations. The company has expanded steadily into smaller cities where organised eye-care services are limited. 

Acquisitions 

Over the past few years, ASG has completed several acquisitions, mainly of regional eye-care chains. Its merger with Sharp Sight is the most recent transaction and adds to its hospital base and clinical services. The acquisition activity has continued ahead of the proposed listing. 

Read More: HCCB IPO: Coca-Cola Appoints Bankers, Targets $1 Billion Listing! 

Conclusion 

With investment banks in place, ASG Eye Hospital has advanced preparations for its proposed IPO. The company continues to outline expansion and capital spending plans ahead of the expected FY27 listing. 

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