ASG Eye Hospital Appoints Bankers for USD 500–600 Million IPO

Investment Banks Mandated for Public Issue​

ASG Eye Hospital, backed by private equity major General Atlantic, has appointed investment bankers as it prepares to enter the capital markets with an initial public offering valued at USD 500 to 600 million, equivalent to around Rs 3,900 crore.

The banks mandated for the proposed offering include Axis Capital, Morgan Stanley, Nomura, Motilal Oswal, and HSBC.

Valuation and Equity Dilution​

People familiar with the matter said the IPO is expected to value the company at about USD 3.4 billion. The offering is likely to result in approximately 15 percent equity dilution for existing shareholders.

Expansion Plans and Capital Expenditure​

Separately, ASG has outlined capital expenditure of around Rs 2,000 crore through 2030 as it looks to significantly expand its presence across India. The company plans to scale up its network over the rest of the decade, targeting between 500 and 700 centres by 2030 through a mix of organic growth and acquisitions.

Growth Strategy and Market Focus​

The expansion strategy aligns with broader demand trends in India’s eye care segment, including an ageing population, increasing prevalence of lifestyle-related eye disorders, and a gradual shift towards organised healthcare providers beyond major metropolitan areas.

ASG’s operating model focuses on combining tertiary eye care services with outreach in tier II and tier III cities. This approach enables the hospital chain to scale while addressing demand in relatively underserved regions.

Acquisitions Strengthen Clinical and Geographic Reach​

In recent years, the company has completed several acquisitions, with a focus on regional players to build scale and deepen its presence in key markets. The merger with Sharp Sight is the latest transaction aimed at strengthening ASG’s clinical capabilities and geographic footprint ahead of the planned public offering.