Minerva Capital Research Solutions

ABH Healthcare

ListedListed 1 Sep 2026NSE SMENSE: ABH-SMCheck allotment
Current price₹ 42.1−58.73% since issue
Listing day−2.94%
Issue price
₹ 102
Issue size
₹ 34.98 Cr.
Min. investment
₹ 1,22,400
Listing price
₹ 99
Subscribed
1.42x
Lot size
1,200 shares
P/E
20.69
RoNW
39.07%
RoCE
19.09%
PAT margin
10.74%
EPS
₹ 4.93
Promoter stake
69.99%

About

ABH Healthcare Limited runs a hospital under the name Anil Baghi Hospital. It is a multi speciality hospital with 150 beds. The hospital offers 25 medical specialities. These include cardiac sciences, neurology, minimally invasive spine and brain surgery, medical and surgical gastroenterology, laparoscopic and bariatric surgery, urology, pulmonology, nephrology, ENT and maxillofacial surgery. The hospital is empanelled with 30 private and public health insurance companies and third party administrators, so patients can take cashless treatment. It also takes part in major government health schemes such as the Ex-Servicemen Contributory Health Scheme, Railways, Food Corporation of India, Bharat Sanchar Nigam Limited and Ayushman Bharat Sarbat Sehat Bima Yojana. As on 31 March 2025 it had 29 doctors and 137 nurses.

Timeline

  1. Opens
    24 Aug
    done
  2. Closes
    27 Aug
    done
  3. Allotment
    27 Aug
    done
  4. Refunds
    28 Aug
    done
  5. Demat credit
    28 Aug
    done
  6. Listing
    1 Sep
    done

Subscription

How many times each investor group bid for its share, as of 01 Sep 2026, 06:31 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,200₹ 1,22,400
Retail (Max)11,200₹ 1,22,400
HNI (Min)22,400₹ 2,44,800

Company overview

Financials

Financials by year
Assets26.2732.9651.3561.03
Total Income3.529.6141.3936.42
Profit After Tax0.090.711.663.32
EBITDA8.996.894.050.24
NET Worth9.586.34.620.09
Reserves and Surplus7.674.352.70.09
Total Borrowing39.6735.8320.9920.64

Strengths

  • The hospital covers 25 medical specialities across 150 beds, so it is not dependent on one type of treatment.
  • It is empanelled with 30 private and public insurance companies and third party administrators, which brings in cashless patients.
  • It takes part in major government health schemes including ECHS, Railways, Food Corporation of India, BSNL and Ayushman Bharat Sarbat Sehat Bima Yojana, which gives a steady flow of patients.
  • Net worth has improved every year shown, from Rs 0.09 crore in FY2022 to Rs 4.62 crore in FY2023, Rs 6.30 crore in FY2024 and Rs 9.58 crore as on 31 December 2024.
  • The hospital runs under an established local name, Anil Baghi Hospital, and is led by a doctor led management team.
  • It offers advanced procedures such as minimally invasive spine and brain surgery and bariatric surgery, which usually earn better than routine treatment.
  • Rs 17.00 crore of the issue money will repay borrowings, which will reduce the interest burden.

Risks

  • The financial data in the offer document is very old for an issue opening in August 2026. The latest period shown ends 31 December 2024 and is only a nine month stub, so there is no recent full year to judge the company on.
  • The figures shown are internally inconsistent. For the period ended 31 December 2024 total income is shown as Rs 3.50 crore while EBITDA is shown as Rs 8.99 crore, which cannot both be right. These numbers must be checked in the RHP before relying on them.
  • Profit has been falling year after year in the periods shown, from Rs 3.32 crore in FY2022 to Rs 1.66 crore in FY2023 and Rs 0.71 crore in FY2024.
  • Debt is very high against own funds. Total borrowing was Rs 39.67 crore as on 31 December 2024 against a net worth of only Rs 9.58 crore, which is about four times.
  • Total assets have been shrinking, from Rs 61.03 crore in FY2022 to Rs 51.35 crore in FY2023, Rs 32.96 crore in FY2024 and Rs 26.27 crore as on 31 December 2024.
  • A part of the money is kept for inorganic growth through unidentified acquisitions. The company has not named any target, so investors do not know where that money will go.
  • The whole business is one hospital, so any problem at that single location, whether staff, regulatory or reputational, affects everything.
  • Government scheme patients usually come at fixed low rates and payments can be delayed, which puts pressure on cash flow.
  • The hospital runs with 29 doctors and 137 nurses. In healthcare, patients often follow individual doctors, so losing a few key consultants can affect revenue.
  • This is an SME issue. One lot is 1,200 shares, which is about Rs 1.22 lakh at the upper band of Rs 102, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Repayment / prepayment, in part or full, of certain of our borrowings17
Funding our Working Capital Requirements; and4.3
Funding inorganic growth through unidentified acquisitions and general corporate purposes (collectively referred to as “Objects”)—

Promoters

  • Kamal Baghi
  • Saurabh Baghi
  • Vaishali Saini
Promoter holding69.99%→69.99%before → after the issue

Registrar, lead managers and documents

Listing on
NSE SME
Face value
₹ 10 a share
Registrar
Bigshare Services Private Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.