IPO Overview and Key Dates
ABH Healthcare, the Punjab-based multi-speciality hospital operator, launched its initial public offering (IPO) on August 24, 2026. The issue will remain open for subscription until August 27, 2026. The company's shares are proposed to be listed on the NSE SME platform Emerge on September 1, 2026.
The public issue is entirely a fresh issue of up to 34.29 lakh equity shares, with a price band fixed at Rs 96-102 per share. The total issue size stands at Rs 34.98 crore.
Company Profile and Financial Performance
Incorporated in 2021 and based in Firozpur, Punjab, ABH Healthcare provides healthcare services under the brand name "Anil Baghi Hospital". The hospital operates 150 beds and offers 25 medical specialities, including cardiac sciences, neurology, minimally invasive spine and brain surgeries, gastroenterology, urology, pulmonology, and more. The hospital is empanelled with 30 private and public health insurance providers and third-party administrators, and participates in major government healthcare schemes. As of June 30, 2026, it had a team of 37 doctors and 101 nurses.
Financially, the company has shown growth over the last three years. Consolidated revenue rose from Rs 41.38 crore in FY24 to Rs 52.51 crore in FY26. Profit after tax increased more than threefold to Rs 5.64 crore from Rs 1.66 crore during the same period, as reported by Moneycontrol.
Use of Proceeds
ABH Healthcare plans to use Rs 17 crore of the net proceeds towards repayment of borrowings in part or in full. An additional Rs 5 crore will be allocated to working capital requirements. The remaining balance will be used for inorganic growth through unidentified acquisitions and general corporate purposes.
Subscription and Grey Market Premium
On the first day of subscription, ABH Healthcare IPO was subscribed 2% against its offered 34.29 lakh shares, according to early subscription data from The Economic Times. The grey market premium (GMP) for ABH Healthcare is reportedly flat, with platforms tracking grey market activity indicating no unofficial premium at present. In contrast, a separate SME IPO, Madhur Knit, opened the same day with a GMP of Rs 16, implying a potential listing price of around Rs 116 against its upper price band of Rs 100.
It is worth noting that Business Today reported a GMP range of Rs 5 to Rs 25 for ABH Healthcare, citing multiple anonymous sources. This discrepancy in GMP figures highlights the variability in grey market data, which is often based on unverified sources.
Investment Details and Allotment Timeline
The lot size for ABH Healthcare IPO is 1,200 shares. Retail investors need to apply for a minimum of two lots, consisting of 2,400 equity shares, worth Rs 2,44,800 at the upper price band. HNI investors need to apply for a minimum of 3 lots, consisting of 3,600 equity shares, worth Rs 3,67,200. Each lot of 1,200 shares costs Rs 1,22,400 at the upper end of the price band.
The basis of allotment is expected to be finalized on August 28, 2026, with refunds to be processed on August 31, 2026. The shares are tentatively scheduled to list on NSE Emerge on September 1, 2026.
The issue allocation breaks down as follows: after deducting the market maker portion, 6.12% of the net offer is allocated to qualified institutional bidders (QIBs), while non-institutional investors and retail investors each receive 46.94%.
Fedex Securities is the sole book-running lead manager for the issue, and Bigshare Services is the registrar.
Management Comment
Saurabh Baghi, Managing Director of ABH Healthcare, said: "As we enter the next phase of our journey as a listed company, we remain focused on strengthening our clinical capabilities, enhancing patient care and building on the trust that Anil Baghi Hospital has established over the years."
Analyst Perspective: Concentration Risks
Business Today cited an analysis by Equivision, which flagged potential risks due to ABH Healthcare's single-hospital dependency and speciality concentration. According to the analysis, the single hospital in Ferozepur contributed 100% of the company's standalone revenue in FY25 and FY26. Additionally, Internal Medicine & Critical Care accounted for 52.40% of FY26 operating revenue. This concentration could increase exposure to key-specialist dependency, a factor that investors may want to consider.
Comparative Context: Madhur Knit IPO
Madhur Knit IPO, which also opened on August 24, 2026, is a fresh issue of 53 lakh shares with an issue size of Rs 53.27 crore. Its price band is Rs 95 to Rs 100 per share. The lot size is 1,200 shares, and the minimum retail investment stands at Rs 2.40 lakh for 2,400 shares. The issue will close on August 27, with allotment expected on August 28 and listing on NSE SME on September 1. SKI Capital Services is the lead manager, and Skyline Financial Services is the registrar. The company plans to deploy around Rs 3.68 crore for solar panels, Rs 15.92 crore for working capital, and Rs 20.85 crore for repayment or prepayment of borrowings.