Engaged in providing Healthcare services operating 3 Super Specialty Hospitals in NCR region & 1 multi-specialty Hospital in Orchha (M.P). Total combined bed capacity of 1405. Asking valuation looks reasonable considering repayment of subsidiary debts that will deleverage balance sheet to a large extent & add to bottom-line. Subsidiary AKS and Ramraja operated hospitals Noida Extension and Jhansi-Orchha respectively are still at a nascent stage. Debt levels at consolidated levels should be reasonable post repayment from IPO proceeds. While there aren't any visible further expansion plans (bed/hospital addition) but they are raising funds for replenishing existing hospitals as well as for inorganic growth. Also, looking at the data there exist reasonable opportunity for growth mainly from Noida Extension and Jhanshi-Orchha Hospitals. Cash flow looks good and receivables build up isn't a huge issue though there are 6+ months aged receivables. Company grown revenue to 5X+ & PAT to 16X+ from 2019 levels, which is incredible but expecting such humongous growth isn't practical given higher base & maturity of 2 Hospitals. Monitor both related party transactions & management compensation post listing. Overall, considering everything I find this an opportunity worth taking risk. I WILL APPLY.
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PLEASE DO YOUR OWN DUE DILIGENCE, REVIEW ACCORDING TO YOUR INVESTMENT STYLE AND THEN TAKE A DECISION.