MUMBAI, THURSDAY, DECEMBER 11, 2025 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL LXV NO. 292, 28 PAGES, `12.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY AND IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY OUTSIDE INDIA. INITIAL PUBLIC OFFERING OF EQUITY SHARES ON THE MAIN BOARD OF THE BSE LIMITED (“BSE”) AND NATIONAL STOCK EXCHANGE OF INDIA LIMITED (“NSE”, AND TOGETHER WITH BSE, THE “STOCK EXCHANGES”) IN COMPLIANCE WITH CHAPTER II OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2018, AS AMENDED (“SEBI ICDR REGULATIONS”). PARK MEDI WORLD LIMITED (Please scan the QR code to view the RHP) Our Company was incorporated in New Delhi as ‘Park Medi World Private Limited’ as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated January 20, 2011, issued by the Registrar of Companies, Delhi and Haryana at New Delhi (“RoC”). Subsequently, our Company was converted to a public limited company and the name of our Company has been changed to ‘Park Medi World Limited’ pursuant to a resolution passed by our Board on November 15, 2024 and by our Shareholders on November 18, 2024 and a fresh certificate of incorporation dated December 20, 2024 was issued by the Registrar of Companies, Central Processing Centre. For details of changes in the name of our Company, see ‘History and Certain Corporate Matters’ on page 308 of the Red Herring Prospectus dated December 04, 2025 (“Red Herring Prospectus” or “RHP”) filed with the Registrar of Companies, Delhi & Haryana at New Delhi (“RoC”). Registered Office: 12, Meera Enclave Near Keshopur, Bus Depot, Outer Ring Road, New Delhi 110 018, Delhi | Corporate Office: Park Tower, Plot no. 521, Udyog Vihar Phase 3, Gurugram 122 022, Haryana Contact Person: Abhishek Kapoor (Company Secretary and Compliance Officer), Tel.: +91 124 696 0000, E-mail: company.secretary@parkhospital.in, Website: www.parkhospital.in, Corporate Identity Number: U85110DL2011PLC212901 THE PROMOTERS OF OUR COMPANY ARE DR. AJIT GUPTA AND DR. ANKIT GUPTA INITIAL PUBLIC OFFER OF UP TO [●] EQUITY SHARES OF FACE VALUE OF `2 EACH (“EQUITY SHARES”) OF PARK MEDI WORLD LIMITED (“COMPANY”) FOR CASH AT A PRICE OF `[●] PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF `[●] PER EQUITY SHARE) (“OFFER PRICE”) AGGREGATING UP TO ` 9,200.00 MILLION COMPRISING A FRESH ISSUE OF UP TO [●] EQUITY SHARES OF FACE VALUE OF `2 EACH AGGREGATING UP TO ` 7,700.00 MILLION BY OUR COMPANY (“FRESH ISSUE”) AND AN OFFER FOR SALE OF UP TO [●] EQUITY SHARES OF FACE VALUE OF `2 EACH AGGREGATING UP TO ` 1,500.00 MILLION (“OFFERED SHARES”) BY DR. AJIT GUPTA (“THE PROMOTER SELLING SHAREHOLDER”) (“OFFER FOR SALE”, AND TOGETHER WITH THE FRESH ISSUE, THE “OFFER”). THE FACE VALUE OF EQUITY SHARES IS ` 2 EACH. THE OFFER PRICE IS [●] TIMES THE FACE VALUE OF THE EQUITY SHARES. THE PRICE BAND AND THE MINIMUM BID LOT WILL BE DECIDED BY OUR COMPANY, IN CONSULTATION WITH THE BOOK RUNNING LEAD MANAGERS AND WILL BE ADVERTISED IN ALL EDITIONS OF AN ENGLISH NATIONAL DAILY NEWSPAPER FINANCIAL EXPRESS AND ALL EDITIONS OF A HINDI NATIONAL DAILY NEWSPAPER, JANSATTA (HINDI ALSO BEING THE REGIONAL LANGUAGE OF DELHI, WHERE OUR REGISTERED OFFICE IS LOCATED) EACH WITH WIDE CIRCULATION, AT LEAST TWO WORKING DAYS PRIOR TO THE BID/ OFFER OPENING DATE AND SHALL BE MADE AVAILABLE TO BSE AND NSE (TOGETHER WITH BSE, THE “STOCK EXCHANGES”) FOR THE PURPOSE OF UPLOADING ON THEIR RESPECTIVE WEBSITES IN ACCORDANCE WITH THE SEBI ICDR REGULATIONS. NAME OF THE PROMOTER SELLING SHAREHOLDER Dr. Ajit Gupta # DETAILS OF THE OFFER FOR SALE NUMBER OF EQUITY SHARES OFFERED / AMOUNT (IN ` MILLION) Up to [●] Equity Shares of face value of `2 each aggregating up to ` 1,500.00 million TYPE Promoter Selling Shareholder WEIGHTED AVERAGE COST OF ACQUISITION (IN ` PER EQUITY SHARE)# 0.08 As certified by Agiwal & Associates, Chartered Accountants, by way of their certificate dated December 04, 2025. PRICE BAND: `154 TO `162 PER EQUITY SHARE OF FACE VALUE OF `2 EACH. THE FLOOR PRICE IS 77 TIMES OF THE FACE VALUE AND THE CAP PRICE IS 81 TIMES OF THE FACE VALUE OF THE EQUITY SHARES. BIDS CAN BE MADE FOR A MINIMUM OF 92 EQUITY SHARES AND IN MULTIPLES OF 92 EQUITY SHARES THEREAFTER. THE PRICE TO EARNINGS RATIO BASED ON DILUTED EPS FOR FISCAL 2025 AT THE UPPER END OF THE PRICE BAND IS 29.19 TIMES AND AT THE LOWER END OF THE PRICE BAND IS 27.75 TIMES. WEIGHTED AVERAGE RETURN ON NETWORTH FOR LAST THREE FINANCIAL YEARS IS 21.79%. BID/OFFER OPEN BID/OFFER SCHEDULE # BID/OFFER CLOSES ON FRIDAY, DECEMBER 12, 2025# UPI mandate end time and date shall be at 5:00 pm IST on Bid/ Offer Closing Date, i.e. Friday, December 12, 2025. We are a private hospital chain in North India with an aggregate bed capacity of 3,250 as of September 30, 2025. THE OFFER IS BEING MADE THROUGH THE BOOK BUILDING PROCESS IN ACCORDANCE WITH REGULATION 6(1) OF THE SEBI ICDR REGULATIONS. THE EQUITY SHARES OF THE COMPANY WILL GET LISTED ON THE MAIN BOARD OF NSE AND BSE. NSE SHALL BE THE DESIGNATED STOCK EXCHANGE. QIB Portion: Not more than 50% of the Offer | Non-Institutional Investor Portion: Not less than 15% of the Offer | Retail Portion: Not less than 35% of the Offer IN MAKING AN INVESTMENT DECISION, AND PURCHASE IN THE OFFER, POTENTIAL INVESTORS MUST ONLY RELY ON THE INFORMATION INCLUDED IN THE RED HERRING PROSPECTUS AND THE TERMS OF THE OFFER, INCLUDING THE RISKS INVOLVED AND NOT RELY ON ANY OTHER EXTERNAL SOURCES OF INFORMATION ABOUT THE OFFER AVAILABLE IN ANY MANNER. In accordance with the recommendation of committee of Independent Directors of our Company, pursuant to the resolution dated December 04, 2025, the above provided price band is justified based on quantitative factors/ KPIs disclosed in the “Basis for the Offer Price” section of the RHP vis-a-vis the weighted average cost of acquisition (“WACA”) of primary and secondary transaction(s) as applicable, disclosed in the “Basis for the Offer Price” on page 150 of the RHP and provided below in the advertisement. In making an investment decision, potential investors must only rely on the information included in the RHP and the terms of the Offer, including the merits and risks involved and not rely on any other external sources of information about the Offer available in any manner. In relation to Price Band, potential Investors should only refer to this Price Band advertisement for the Offer and should not rely on any media articles/reports in relation to the valuation of the Company as these are not endorsed, published or confirmed either by the Company or the BRLMs. RISK TO INVESTORS | For details, refer to the section titled “Risk Factors” on page 35 of the RHP. 1. Certain of our Subsidiaries, including Park Medicity World, DMR Hospitals, Park Medicity Haryana, RGS and Kailash Super-Speciality, have incurred losses in recent Fiscals due to low revenues, high costs, or strategic decisions. Continued losses could impact their operations and adversely affect our overall financial performance. Six months ended September 30, 2025 Park Elite(1) (1.39) Park Medicity World* 60.44 Park Imperial(1) (0.04) (1)* Park Medicity NCR (3.62) DMR Hospitals* 36.39 Park Medicity Haryana 0.66 RGS* 185.29 Park Medical Centre(1) (0.03) Kailash Super-Speciality* 27.69 Devina Derma Private Limited(2) (1.36) *These subsidiaries shall also receive part of Net Proceeds of IPO Name of the Subsidiary Six months ended September 30, 2024 (1.33) (43.24) (0.01) (0.01) 17.76 6.68 80.82 0.01 8.65 - Fiscal 2025 Fiscal 2024 (2.61) (89.78) (0.03) (6.70) 29.58 14.90 20.46 0.01 43.61 - (2.37) (119.45) (0.02) (0.02) (31.54) (13.51) (474.73) 7.89 51.03 - Fiscal 2023 (23.68) (145.00) (0.02) (0.02) 16.93 4.04 (0.14) (37.81) - Notes: These entities were not operational during the periods indicated above. (2) Acquired by our Company through our Subsidiary, Aggarwal Hospital, with effect from June 12, 2025 and is currently not operational. Downgrade in Credit rating: Our credit rating was downgraded by CARE Ratings Limited from CARE A- (Stable) to CARE BBB+ (Stable) and Brickwork Ratings Limited (“BRL”) from BWR BBB (Stable) to BWR BB- (Stable), however these were subsequently removed. Further the credit rating of our Subsidiary RGS was downgraded from BWR BB (Stable) to BWR BB- (Stable), which was subsequently withdrawn by BRL. Any adverse revision in our credit ratings could result in the imposition of stringent covenants by lenders or trigger an event of default under our financing arrangements, and adversely affect our access to capital and debt markets, adversely affecting our interest margins, our business, results of operations, financial condition and cash flows. Decrease in revenue: Revenue from operations decreased by 1.88% from `12,545.95 million in Fiscal 2023 to `12,310.66 million in Fiscal 2024, mainly due to a decrease in sale of services in in-patient hospital receipts due to floods in Punjab affecting operations in hospitals in Ambala and Patiala, and hospital renovations at the hospital in New Delhi. During this period, we also incurred higher material costs on account of a change in the mix of specialties and super-specialties offered at our hospitals, as well as an increase in total expenses and finance costs associated with the acquisition which led to a 33.39% decline in restated profit after tax from ` 2,281.86 million in Fiscal 2023 to ` 1,520.07 million in Fiscal 2024. Revenue concentration related risks: a. Dependence on Key Specialties A significant portion of our revenues is derived from key specialties such as internal medicine, neurology, urology, gastroenterology, cardiology, general surgery and orthopedics, which together contributed 86.13%, 92.18%, 88.34%, 92.87% and 92.42% of revenue from operations in the six months ended September 30, 2025 and September 30, 2024, and Fiscals 2025, 2024 and 2023, respectively. Any decline in demand, technological changes, or pricing restrictions in these specialties could adversely impact our business, financial condition and results of operations b. Dependence on In-Patient Revenues We derive a significant portion of revenue from operations from in-patient services (94.89% in six month ended September 30, 2025, 96.20% in six months ended September 30, 2024, 96.00% in Fiscal 2025, 96.27% in Fiscal 2024, 97.34% in Fiscal 2023). Our bed occupancy rate declined from 75.13% in Fiscal 2023 to 59.81% in Fiscal 2024, and marginally increased to 61.63% in Fiscal 2025 and to 68.14% in six months ended September 30, 2025, while ARPOB was `27,105 in six months ended September 30, 2025 (lowest among listed peers as per CRISIL). If we are unable to improve occupancy rates and returns on capital invested in bed capacity and infrastructure, our operating efficiency and profitability may be adversely affected. c. Dependence on Government Schemes & Receivables A significant share of revenue from operations comes from government schemes and PSUs — 83.38% six months ended September 30, 2025, 89.27% in six months ended September 30, 2024, 88.46% in Fiscal 2025, 90.59% in Fiscal 2024, 92.37% in Fiscal 2023. Delays in payments or claim rejections remain key risks, with disallowed claims at `945.10million (11.69% of revenue from operations) in six months ended September 30, 2025, `529.39 million (7.66%) in six months ended September 30,2024, `1,152.48 million (8.27%) in Fiscal 2025, `1,341.53 million (10.90%) in Fiscal 2024, and `1,976.89 million (15.76%) in Fiscal 2023. Trade receivable days remain high (173.48 in six months ended September 30, 2025), which may impact cash flows. Personnel Attrition Risk: If we are unable to attract or retain doctors, nurses, medical professionals and support staff required for our operations and overall performance, we may not be able to provide or maintain the quality of our services, which may have an adverse effect on our business, results of operations and financial condition 8. 9. Particulars (1) 2. 3. 4. 5. 10. 11. 12. 13. 7. State Haryana Punjab Rajasthan Delhi Uttar Pradesh* Total Six months ended September 30, 2025 Percentage Amount of Revenue (in ` from Operamillion tions (%) 5,584.60 69.06% 1,295.04 16.01% 705.74 8.73% 496.62 6.14% 4.56 0.06% 8,086.57 100.00% Six months ended Fiscal 2025 Fiscal 2024 Fiscal 2023 September 30, 2024 Percentage Percentage Amount Percentage of Percentage of of Revenue Amount Amount of Revenue Amount (in ` Revenue from Revenue from from Opera- (in ` million (in ` million from Opera- (in ` million million Operations (%) Operations (%) tions (%) tions (%) 5,160.05 74.62% 10,232.34 73.43% 9,469.81 76.92% 10,527.47 83.91% 755.61 10.93% 1,706.33 12.24% 990.14 8.04% 49.23 0.39% 593.63 8.58% 1,183.67 8.49% 1,043.26 8.47% 977.53 7.79% 405.77 5.87% 813.36 5.84% 807.46 6.56% 991.72 7.90% 6,915.06 100.00% 13,935.70 100.00% 12,310.66 100.00% 12,545.95 100.00% Six months ended Six months ended September 30, 2025 September 30, 2024 Amount Percentage Amount Percentage of (in ` of Total Ex(in ` Total Expensmillion) penses (%) million) es (%) 1,408.18 21.68% 1,486.82 26.55% Fiscal 2025 Fiscal 2024 Amount Percentage Amount (in ` of Total Ex(in ` million) penses (%) million) 2,824.11 24.79% 2,468.33 Fiscal 2023 Percentage Amount Percentage of of Total Ex(in ` Total Expenspenses (%) million) es (%) 23.70% 1,944.91 20.36% Cost of materials consumed / services rendered Employee benefit 1,541.76 23.74% 1,306.80 23.34% 2,757.43 24.20% 2,319.56 22.27% 2,182.17 22.84% expenses Professional and 1,213.33 18.27% 1,562.89 15.00% 1,344.65 18.68% 934.04 16.68% 2,081.59 14.07% consultancy fees Total 4,163.27 64.10% 3,727.66 66.57% 7,663.13 67.26% 6,350.78 60.97% 5,471.74 57.27% Acquisition and integration delay risk: We have expanded our network through acquisitions, including eight operational hospitals in North India and adding 1,650 beds to our network through such initiatives as of September 30, 2025, and are pursuing further opportunities. However, delays in approvals, integration challenges, undisclosed liabilities, or failure to realize anticipated synergies could adversely affect our business, financial condition, and results of operations. Risk in relation to implementation of our expansion plans: Delays in construction, approvals, financing, staffing, or integration, as well as industry challenges, could adversely affect our business, financial condition, and results of operations. While we have not experienced instances in the six months ended September 30, 2025 and the last three Fiscals where we had any delay in the development of our hospitals, we cannot assure you that such instances will not occur in the future. We have entered into transactions with related parties in the past and from, time to time, we may enter into related party transactions in the future. All such transactions have been conducted on an arm’s length basis, in accordance with applicable regulations. Further, certain related party transactions may potentially involve conflicts of interest, which may be detrimental to the interests of our Company. Market risk: The determination of the Price Band is based on various factors and assumptions and the Offer Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Offer. The determination of the Price Band is based on various factors and assumptions, and has been determined by our Company in consultation with the BRLMs. Furthermore, the Offer Price of the Equity Shares will be determined by our Company in consultation with the BRLMs through the Book Building Process. These will be based on numerous factors, including factors as described under “Basis for Offer Price” on page 150 of the RHP and the Offer Price determined by the Book Building Process may not be indicative of the market price for the Equity Shares after the Offer. The Price to Earnings (P/E) Ratio based on Diluted EPS for Fiscal 2025 for our Company at the upper end i.e., Cap Price of the Price Band is as high as 29.19 as compared to the average industry peer group P/E Ratio of 69.11. The details of ratios based on Fiscal 2025 financials are as follows: Name of Company P/E EPS (`) Basic Diluted 5.55 5.55 100.56 100.56 10.26 10.26 38.90 38.90 11.07 11.01 9.61 9.61 17.92 17.92 29.47 29.47 14.72 14.72 NAV (Rs. per share) RONW (%) ROCE (%) 14. Park Medi World Limited [●] 26.58 20.08 Apollo Hospitals Enterprise Limited 73.43 570.37 17.63 Fortis Healthcare Limited 90.42 118.06 8.69 Narayana Hrudalaya Limited 50.10 177.37 21.80 Max Healthcare Institute Limited 101.54 96.50 11.47 Krishna Institute of Medical Sciences Limited 69.53 53.43 17.89 Global Health Limited 66.41 125.64 14.27 Jupiter Lifeline Hospitals Ltd 48.59 206.85 14.27 Yatharth Hospital & Trauma Care Services Limited 52.85 166.62 8.15 For further details and relevant footnotes, please refer to page 151 of the RHP. The Weighted Average Cost of acquisition of all Equity Shares transacted in last three years, 18 months and one year preceding the date of the RHP: 15. Weighted Average Cap Price is ‘X’ times the Range of acquisition price: Cost of Acquisition Weighted Average Cost of Lowest Price – Highest # (in `)* Acquisition^$ Price^ (in `) Last one year preceding the date of the Red Herring Prospectus 164.31 0.99 162.00 – 200.00 Last 18 months preceding the date of the Red Herring Prospectus 164.31 0.99 162.00 – 200.00 Last three years preceding the date of the Red Herring Prospectus 164.31 0.99 162.00 – 200.00 # As certified by Agiwal & Associates, Chartered Accountants, by way of their certificate dated December 04, 2025. *Pursuant to resolutions passed by our Board and our Shareholders dated February 13, 2025 and February 15, 2025, our Company has sub-divided two equity shares of face value of `5 each into five Equity Shares of face value of `2 each. The impact of the subdivision has been considered in the calculation of acquisition price per Equity Share. $ Excluding transactions of gifts Weighted average cost of acquisition compared to Floor Price and Cap Price: Category 6. As of September 30, 2025 As of September 30, 2024 As of March 31, 2025 As of March 31, 2024 As of March 31, 2023 Doctors(1) 1,014 891 912 793 813 Attrition rate(2) (%) 33.72% 44.77% 38.36% 46.95% 46.99% Consultants 562 480 527 382 339 Attrition rate (%) 18.61% 28.77% 20.90% 23.30% 27.26% Resident medical officers 452 411 385 411 474 Attrition rate (%) 52.02% 61.56% 58.29% 66.21% 62.27% Nurses 2142 1,912 1,949 1,722 1,749 Attrition rate (%) 29.55% 30.38% 32.07% 36.99% 35.01% 730 671 669 582 539 Medical Professionals(3) Attrition rate (%) 28.21% 32.08% 29.42% 31.04% 32.95% (4) 2,025 1,761 1,877 1,561 1,491 Support Staff Attrition rate (%) 19.22% 22.28% 20.88% 23.98% 23.96% (1) Includes consultants and resident medical officers. (2) Attrition rate is calculated as (number of employees that have exited divided by average of headcount at the beginning and at the end of the year)*100. (3) Medical professionals comprises technicians, dieticians, medical records department and the central sterile services department. (4) Support staff comprises IT, marketing, finance and other staff. Dependency on consultants’ risk: As of September 30, 2025, we engaged 562 consultants (55.43% of our total number of doctors), compared to 480 (53.89%) as at September 30, 2024, 527 (57.79%) as at March 31, 2025, 382 (48.17%) as at March 31, 2024 and 339 (41.70%) as at March 31, 2023, under one-year renewable consultancy agreements. Further, during the six months ended September 30, 2025 and September 30, 2024 and Fiscals 2025, 2024 and 2023, we had 138, 214, 240, 127 and 171 consultants joined our hospitals and 103, 116, 95, 84 and 80 consultants left our hospitals, respectively., and although no premature terminations occurred, we cannot assure this will not happen in the future. Geographical Concentration Risk: We operate 14 hospitals across Haryana, Punjab, Rajasthan, and New Delhi, with significant portion of revenue being generated from hospitals in Haryana. The state-wise breakdown of our revenue is set forth below: *Indicates revenue generated from out-patient services provided by Devina Derma Private Limited In Fiscal 2024, the revenue from operations from hospitals in Haryana declined due to losses incurred by our Subsidiary, DMR Hospitals which operates Park Hospital, Karnal, Haryana, as a result of a strategic decision to down size its operations on account of delays in receiving payments pursuant to government schemes and PSUs from government agencies; as well as due to severe floods in Punjab. Dependence on this region exposes us to economic, political, and natural risks, which may adversely affect our business, financial condition, and profitability. As of September 30, 2025, our contingent liabilities (excluding corporate guarantees) represented 11.66% of our net worth, while corporate guarantees provided by the Company and its subsidiaries amounted to 71.58% of our net worth. If these liabilities materialize, they could adversely impact our business, financial condition, and results of operations. Dependency on 3rd party vendor and staff: Our business involves high costs such as medical consumables, employee expenses, and consultancy fees. Dependence on third-party vendors, rising staff costs, and limited ability to pass on expenses due to pricing restrictions may adversely impact our business, financial condition, and results of operations 17.47 21.85 20.15 22.37 29.20 19.74 20.74 18.67 13.26 Period Types of transactions Weighted average cost of acquisition for last 18 months for primary / new issue of shares (equity/ convertible securities), excluding shares issued under an employee stock option plan/employee stock option scheme and issuance of bonus shares, during the 18 months preceding the date of the Red Herring Prospectus, where such issuance is equal to or more than five per cent of the fully diluted paid-up share capital of the Company (calculated based on the pre-issue capital before such transaction/s and excluding employee stock options granted but not vested), in a single transaction or multiple transactions combined together over a span of rolling 30 days Weighted average cost of acquisition for last 18 months for secondary sale / acquisition of shares equity/convertible securities), where the Promoters, Promoter Group, the Promoter Selling Shareholder or shareholder(s) having the right to nominate director(s) in our Board are a party to the transaction (excluding gifts), during the 18 months preceding the date of the Red Herring Prospectus, where either acquisition or sale is equal to or more than five per cent of the fully diluted paid-up share capital of the Company (calculated based on the pre-issue capital before such transaction/s and excluding employee stock options granted but not vested), in a single transaction or multiple transactions combined together over a span of rolling 30 days Weighted average Floor Cap cost of acquiprice* (i.e. price* (i.e. sition (Rs. per INR 154) INR 162) Equity Share) N.A^ NA NA N.A ^^ NA NA Continued on next page...