General Atlantic-backed ASG Eye Hospital appoints bankers for USD 500-600-mn IPO

ASG Eye Hospital Prepares for $500-600 Million IPO Backed by General Atlantic

Global private equity major General Atlantic-backed ASG Eye Hospital is taking steps to list on the capital markets through an initial public offering (IPO) worth $500-600 million (approximately ₹3,900 crore), according to sources familiar with the matter.

Investment Banks Mandated for the IPO

• Axis Capital has been mandated to assist with the proposed offering.
• Morgan Stanley has also been tapped for the IPO.
• Nomura is another investment bank that will be working on the offering.
• Motilal Oswal has been brought on board to assist with the IPO process.
• HSBC is also part of the team of investment banks mandated for the proposed offering.

Company Valuation and Equity Dilution

The proposed IPO is expected to value the company at approximately $3.4 billion, resulting in roughly 15% equity dilution for existing shareholders.

Expansion Plans

ASG has outlined capital expenditure of around ₹2,000 crore through 2030 as it looks to expand its footprint across India.

Network Expansion

• The company plans to scale up its network over the rest of the decade, targeting between 500 and 700 centres by 2030.
• This expansion will be achieved through a combination of organic expansion and acquisitions.

Market Trends and Outlook

The expansion strategy aligns with broader demand trends in the country's eye-care segment, including an ageing population, the rising prevalence of lifestyle-related eye disorders, and the gradual shift towards organised healthcare providers beyond major metropolitan markets.

Operating Model

ASG's operating model focuses on combining tertiary eye-care services with outreach in tier-II and tier-III cities, enabling the chain to scale while serving relatively underserved regions.

Recent Acquisitions

In recent years, the company has completed several acquisitions, with a particular focus on regional players to build scale and deepen its presence in key markets.

Merger with Sharp Sight

The merger with Sharp Sight is the latest transaction aimed at strengthening its clinical capabilities and geographic reach ahead of the planned public offering.