ASG Eye, Backed by Private Equity, Selects Morgan Stanley for Major IPO, ETHealthworld
Mumbai: ASG Hospital Private Limited, one of India’s largest eye care hospital chains, has appointed four investment banks—Morgan Stanley, Axis Capital, HSBC and Nomura—as lead bankers for its proposed initial public offering, according to sources familiar with the matter.
The company, which is majority-owned by private equity funds General Atlantic and Kedaara Capital, is planning to raise around ₹3,000–4,000 crore through the IPO in FY27.
About 70% of ASG is held by General Atlantic, Kedaara Capital and Foundation Holdings, with GA and Kedaara having jointly invested about ₹1500 crore in 2022 to acquire a controlling stake.
In FY23, General Atlantic and Kedaara infused ₹827 crore in three tranches by subscribing to fresh CCPS, while existing shareholders provided additional capital in FY25, according to a CARE Ratings report. During this round, the GA–Kedaara consortium also acquired Investcorp’s 15% stake through a secondary transaction.
Arun Singhvi, managing director of ASG, could not be reached for comments.
Founded in 2007 by Dr Arun Singhvi and Dr Shilpi Gang, ASG operates a network of 180 clinics across 90 cities in 24 states.
ASG’s asset-light model, with most centres operating on leased premises, helps keep capital expenditure in check. The company benefits from a geographically diversified revenue base, with 64% of its FY24 standalone revenue coming from its top five states—Rajasthan, West Bengal, Bihar, Madhya Pradesh and Maharashtra—a mix expected to broaden further as new centres are added, the report said.
In FY24, ASG reported standalone surgical revenue of ₹285 crore, largely driven by cataract procedures, followed by retina, LASIK, cornea, glaucoma and squint treatments.
In 2023, ASG strengthened its presence in southern India by acquiring the operations of debt-laden Vasan Eye Care through a ₹550-crore NCLT-approved resolution.
The IPO plans come against the backdrop of strong public market appetite for the sector, highlighted by Temasek- and TPG-backed Dr Agarwal’s Health Care Limited, which raised ₹3,027 crore through its January 2025 IPO and currently commands a market capitalisation of about ₹15,363 crore.
