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Shalby Hospital IPO Prospectus
What Are Analysts Saying?
Should you subscribe to Shalby IPO?
Hem Securities, 06 Dec 2017
Company is bringing the issue at price band of Rs 245-248 /share at p/e multiple of 46-47. Hence, we recommend \"Subscribe” on issue for long term.
Shalby IPO: Specialization to lead its value; Subscribe
Prabhudas Lilladher, 06 Dec 2017
Better ROE/ROCE amongst the peers: Shalby has superior margins as compared to its peers and earnings are likely to increase, only if there is improvement in the occupancy levels at new hospitals going forward.
Shalby IPO: All that you need to know
Rudra Shares and Stock Brokers, 05 Dec 2017
Considering, higher RONW amongst its peers with delivering higher EBITDA & PAT margins, company’s forthcoming expansion plans combined with reduction in debt plans, initiatives to improve operational efficiencies, we foresee growth for the company . Considering all these factors, we recommend to SUBSCRIBE the IPO with long term perspective.
Shalby IPO: Sustainable business model with strong visibility; Subscribe
Reliance Securities, 05 Dec 2017
We believe the Indian hospitals industry is poised to grow in favour of the organised sector with rising affordability, awareness and increasing medical/health insurance penetration. Shalby’s growth prospects appear to be promising in medium to long-term on the back of sustainable business model and strong earnings visibility. Thus, we recommend SUBSCRIBE to the Issue.
Shalby Hospitals IPO: A good long term investment; Subscribe
SPA Securities, 05 Dec 2017
The company has showcased healthy EBITDA margins in the range of 20-25% consistently. At the upper price band of INR 248/share, the issue is valued at a PE of 35x with FY17 Adj.EPS of INR 7.0. We recommend to SUBSCRIBE to the issue as a good long term investment.
Issue Details
Open Date: 05 Dec 17
Close Date: 07 Dec 17
Offer Price: Rs. 245
Issue Size: Rs. 480 Cr
Min Application Amount:
Rs. 14700
Min bid (No. of shares): 60
Listing Exchanges: BSE, NSE
About the Company
"Incorporated in 2004, Shalby Limited is Ahmedabad, Gujrat based one of the leading multi-specialty chain of hospitals in India. Company provides inpatient and outpatient healthcare services through 8 fully operational hospitals with an aggregate operational bed count of 781 beds. Company also provides outpatient consultative healthcare services through 3 hospitals and 68 Outpatient Clinics. Company has 8 shared surgery centers within third party hospitals.

Shalby hospitals are well known for its orthopaedic services. Shalby Hospital had a 15% market share of all joint replacement surgeries conducted by private corporate hospitals in India in 2016. Apart from a focus on orthopaedics, Shalby hospitals provide advanced levels of care across various specialties such as neurology, cardiac care, critical care, oncology, and nephrology.

Since March 2007, Shalby hospitals have conducted an aggregate of 84,579 surgeries, and provided healthcare services to an aggregate of 923,441 patients, consisting 121,576 inpatients and 801,865 outpatients.

Shalby hospitals operate across five states and Outpatient Clinics operate across 53 cities in 16 states in India. Company also has six Outpatient Clinics and one Shalby Arthroplasty Centre of Excellence (SACE) in Africa, and two SACE in the UAE.

Shalby hospital is led by Dr Vikram Shah, an orthopaedic surgeon with more than 25 years of professional experience. Dr Vikram Shah is one of the promoters of the company.

As of December 31, 2016, Shalby hospital employed 1,599 employees and engaged 267 professional consultants, consisting 242 doctors who are full-time consultants and 25 doctors who are part-time consultants. Hospital's staff strength also comprises 458 nurses and 1,141 paramedical, corporate and support staff and pharmacists."
Objective of the Issue
"Objects of the Issue:

The Offer comprises of the Fresh Issue and the Offer for Sale.

Company proposes to utilise the Net Proceeds from the Fresh Issue towards the following objects:
1. Repayment or prepayment in full, or in part of certain loans availed by the Company;
2. Purchase of medical equipment for existing, recently set up, and upcoming hospitals;
3. Purchase of interiors, furniture, and allied infrastructure for upcoming hospitals; and
4. General corporate purposes.

Company will not receive any proceeds from the Offer for Sale."
Subscription Details
Investor Category No of times
Qualified Institutional Investor -
Non Institutional Investor -
Retail Investor -
Total -