ASG Eye Hospitals, a major super-specialty eye-care chain backed by PE firms General Atlantic and Kedaara Capital, is exploring a public listing that could raise up to ₹ 35 billion (~US $391 million), valuing the company at around US $2.6 billion. The move is seen as a step toward scaling its nationwide footprint.
Glimpse:
The IPO expected possibly next year would likely involve both fresh shares and an offer-for-sale by existing investors, and could dilute roughly 15% of the company’s equity. ASG already operates 167 super-specialty eye hospitals across 83+ cities, and the public listing is intended to fuel its aggressive expansion plans including greenfield centres and further acquisitions, especially in tier-2 and tier-3 regions.
ASG Eye Hospitals has initiated preliminary discussions with investment banks and invited proposals to handle the planned IPO, according to people familiar with the matter. The proposed public offering could raise up to ₹ 35 billion, with the company targeting a valuation of about US $2.6 billion.
The listing proposal includes a mix of fresh share issuance and offer-for-sale (OFS) by existing investors reportedly diluting around 15% of total equity. However, the company’s promoters are expected not to sell shares in this round.
ASG’s network today spans more than 167 super-specialty eye-care hospitals across 83 cities, offering a wide suite of ophthalmology services. The chain’s scale plus past strides such as acquiring Vasan Eye Care to deepen southern India presence position it well for listing at this valuation.
The IPO proceeds are expected to fuel the chain’s future expansion plans. ASG has previously stated its ambition to grow to 600–700 centres nationwide, with a mix of new greenfield hospitals and acquisition of niche practices especially targeting underserved districts.
Given the growing demand for quality eye-care services in India driven by rising prevalence of visual impairment, ageing population, and greater awareness ASG’s expansion strategy aligns with broader market potential. Analysts note that the planned IPO could attract significant investor interest, especially given recent momentum in healthcare listings domestically
“With this IPO, we aim not just to raise capital but to accelerate our mission of making advanced eye care accessible across India’s districts and towns.”
By
HB Team
