The initial public offer (IPO) of Sangani Hospitals was subscribed 5.53 times. The issue opened for bidding on 4 August 2023 and it closed on 8 August 2023. The price band of the IPO was fixed at Rs Rs 37 to Rs 40 per share. The IPO comprised fresh issue of 37,92,000 shares.
The company plans to utilize the net proceeds for several purposes, including capital expenditure for the expansion of Sangani Hospital in Keshod, Gujarat, and Sangani Super Speciality Hospital in Veraval, Gujarat. Additionally, the funds will be allocated towards general corporate purposes.
Sangani Hospital is a multi-speciality healthcare provider with a combined bed capacity of 68 beds. It operates out of two hospitals in Keshod and Veraval, Gujarat. The hospital offers a comprehensive range of healthcare services in specialties and super specialties, including cardiac sciences, neurosciences, orthopaedics, renal sciences and mother & childcare.
The hospital has been certified with ISO 9001:2015 for Quality Management System and NABH certification for general medicine, general surgery, orthopaedic surgery (including arthroscopy), urology, 2D Echo, X-Ray, clinical bio-chemistry, clinical pathology, haematology and pharmacy. The hospital is a part of Ayushman Bharat and Mukhyamantri Amrutam (MA) scheme. The hospital's primary focus is Gujarat healthcare market where there is a significant need for quality and affordable healthcare services.
As at June 2023, the company employed 43 employees and engaged 27 professional consultants, which comprised 7 doctors who are full-time consultants and 20 doctors who are part-time consultants. Its staff strength also comprises 12 nurses and 31 paramedical, corporate and support staff and pharmacists.
On a consolidated basis, the company recorded a revenue from operations of Rs 15.67 crore and net profit of Rs 1.48 crore for the period ended as on 31 March 2023.
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