Shanmuga Hospital Limited, a Multispecialty Hospital, was strategically established in Salem. Equipped with advanced healthcare technology and having 151 bed capacity, it addresses the community’s medical needs, serving patients from nearby regions. Accredited by the National Accreditation Board for Hospitals and Healthcare (NABH Accredited) and National Accreditation Board for Testing and Calibration Laboratories ("NABL Accredited"), the hospital is committed to high-quality healthcare services, including prevention, treatment, and rehabilitation.

Shanmuga Hospital, an Fixed Price Issue amounting to ₹ 20.62 Crores, consisting an entirely Fresh Issue of 38.18 Lakh Shares. The subscription period for the Shanmuga Hospital IPO opens on February 13, 2025, and closes on February 17, 2025. The allotment is expected to be finalized on or about Tuesday, February 18, 2025, and the shares will be listed on the NSE SME with a tentative listing date set on or about Friday, February 21, 2025.

The Share price of Shanmuga Hospital IPO is set at ₹ 54 per equity share. The Market Capitalisation of the Shanmuga Hospital Limited at IPO price of ₹ 54 per equity share will be ₹ 73.51 Crores. The lot size of the IPO is 2,000 shares. Retail investors are required to invest a minimum of ₹ 1,08,000, while the minimum investment for High-Net-Worth Individuals (HNIs) is 2 lots (4,000 shares), amounting to ₹ 2,16,000.

FINSHORE MANAGEMENT SERVICES LIMITED is the book running lead manager of the Shanmuga Hospital IPO, while INTEGRATED REGISTRY MANAGEMENT SERVICES (P) LTD is the registrar for the issue. Black Fox Financial Private Limited is the Market Maker for Shanmuga Hospital IPO.

Shanmuga Hospital Limited IPO GMP Today
The Grey Market Premium of Shanmuga Hospital Limited IPO is expected to be ₹ 8 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

Shanmuga Hospital Limited IPO Live Subscription Status Today: Real-Time Update
As of 07:00 PM on 17 February, 2025, the Shanmuga Hospital Limited IPO live subscription status shows that the IPO subscribed 2.43 times on its Final day of subscription period. Check the Shanmuga Hospital IPO Live Subscription Status Today at BSE.

Shanmuga Hospital Limited Day Wise IPO GMP Trend

Date	IPO Price	Expected Listing Price	GMP	Last Updated
8 February 2025	₹ 54	₹ 62	₹ 8 (14.81%)	05:00 PM; 8 Feb 2025

Shanmuga Hospital Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Shanmuga Hospital IPO allotment date is 18 February, 2025, Tuesday. Shanmuga Hospital IPO Allotment will be out on 18 February, 2025 and will be live on Registrar Website from the allotment date. Check Shanmuga Hospital IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Shanmuga Hospital Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

Objectives of Shanmuga Hospital Limited IPO
Shanmuga Hospital proposes to utilise the Net Proceeds towards the following objects: 
A. ₹ 1,452.50 Lakhs is required for Funding Capital Expenditure towards Purchase of additional Medical Equipment
B. ₹ 383.28 Lakhs is required for General Corporate Purposes

Refer to Shanmuga Hospital Limited RHP for more details about the Company.

Check latest IPO Review & analysis, Live IPO GMP today, Live IPO Subscription Status Today, Share Price, Financial Information and other details before applying in the IPO.

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About Shanmuga Hospital Limited

Business Overview

Shanmuga Hospital Limited, a multispecialty hospital strategically located in Salem, operates with a 151-bed capacity and is equipped with advanced healthcare technology. Serving patients from nearby regions, it is NABH and NABL accredited, ensuring high standards in prevention, treatment, and rehabilitation.

The medical facility includes an Oncology Unit, High Dependency Unit (HDU), Emergency Department (ED), Cardiac Care Unit (CCU), Intensive Care Unit (ICU), Neonatal Intensive Care Unit (NICU), Labour Room, Endoscopy Room, Neurosurgery Unit, and Cardiac Unit. The Diagnostic Centre offers X-Ray, Ultrasound, CT Scan, MRI, and modular operation theatres, supporting comprehensive inpatient and outpatient care across various medical and surgical specialties.

The hospital is empanelled with multiple government agencies and organizations, including:

• Employees State Insurance Corporation (ESIC) – Providing treatment/diagnostic facilities to ESI beneficiaries.
• Railway Hospital – Comprehensive medical care for employees, pensioners, and family members.
• Ex-Servicemen Contributory Health Scheme (ECHS) – Treatment for ECHS members and dependents.
• Airport Authority of India (AAI) – Medical treatment and diagnostic facilities for AAI beneficiaries.
• Food Corporation of India (FCI) – Healthcare services for employees and members under an MoU.

Aiming to be a leading healthcare provider, the hospital focuses on cutting-edge medical practices and state-of-the-art infrastructure. Dedicated committees ensure operational excellence, including Pharmacy, Hospital Infection Control (HIC), Safety, Quality, Cardiopulmonary Resuscitation (CPR), Purchase & Condemnation, Prevention of Sexual Harassment (POSH), and Green Committees.

As on January 31, 2025, the Company had total 249 employees in which there are 71 doctors, out of whom 9 doctors were Resident Doctors, 7 Junior Doctors, 28 Senior Consulting Doctors and 27 Consulting Visiting Doctors. The Banker to the Company is ICICI Bank Limited.

Industry Analysis

INDIAN HEALTH SCENARIO
Over recent decades, India's health sector has made steady and significant progress. The average life expectancy has surpassed 70 years, and there is a noticeable decrease in infant and under-five mortality rates, as well as overall disease incidence. Major achievements in recent years include the eradication of diseases like polio, guinea worm disease, yaws, and tetanus. Despite various programs and initiatives run by the government, private sector, NGOs, and other healthcare organizations to address healthcare challenges, India, as of 2023, ranks 112th out of 162 countries in the SDG Index, according to the United Nations' Sustainable Development Solutions Network. India's health sector faces significant challenges due to one of the lowest allocations of health funding as a percentage of GDP globally. India’s healthcare system faces numerous challenges, including a large population (1.4 billion estimated in 2023), social and gender disparities, geographical gaps, and a shortage of resources.

Communicable diseases continue to be a major public health concern in the country, posing significant threats to both national and international health security. The COVID-19 pandemic has highlighted the vulnerabilities in the health systems of the country and the need for robust infectious disease surveillance and response mechanisms. Older diseases, such as HIV/AIDS, TB, malaria, and neglected tropical diseases, continue to challenge the country’s public health efforts. Additionally, vectorborne diseases, such as dengue and acute encephalitis syndrome, remain areas of concern. Moreover, the growing problem of antimicrobial resistance poses a significant global health challenge, necessitating immediate and comprehensive action.

India is undergoing a significant health transition marked by an increasing burden of non-communicable diseases (NCDs) that account for 66% of all deaths in the country. Cardiovascular diseases, cancers, diabetes, and chronic respiratory diseases constitute approximately 80 per cent of these NCD-related deaths. These conditions are primarily driven by lifestyle factors such as tobacco use, harmful alcohol consumption, unhealthy diets, and physical inactivity, each of which plays a significant role in the development and progression of these diseases. India is also facing a significant demographic change, with the number of individuals aged 60 years or older expected to increase to almost 20% of the total Indian population by 2050, which will be equivalent to 319 million people. This change is likely to result in a rise in the prevalence of conditions like dementia. At present, approximately 8.8 million Indians aged 60 years or older are living with dementia, which is considered an emerging epidemic. Non-Alcoholic Fatty Liver Disease has emerged as one of the leading causes of cirrhosis, hepatocellular carcinoma, and Liver transplant in India. The burden of liver disease is significant because it alone contributes to 18.3% of the two million world liver disease-related death.

The country continues to experience high maternal and infant mortality rates, largely due to inadequate access to healthcare, prevalent malnutrition, and limited awareness of maternal and child health practices. Nutritional issues, manifesting as undernutrition, micronutrient deficiencies, and obesity, variably affect different population segments across regions. Mental health issues are increasingly recognized as critical public health concerns, aggravated by stigma, a lack of awareness, and inadequate mental health care infrastructure. Moreover, significant disparities in healthcare access and infrastructure persist between urban and rural areas, resulting in unequal healthcare services and outcomes. Environmental factors, notably air and water pollution, further contribute to a range of health issues, including respiratory and waterborne diseases.

The private healthcare sector in India caters to a considerable share of healthcare needs. However, this sector is highly diverse, consisting of healthcare providers ranging from state-of-the-art urban hospitals to quacks in many rural areas. The lack of consistent and uniform application of regulations has led to the emergence and flourishing of self-proclaimed healers, unscientific mixing of different systems of healing by a large number of practitioners, and unauthorized and irrational prescriptions of life-saving medicines, including antibiotics, that further muddle the already complex health systems, resulting in people receiving widely variable quality of care across healthcare facilities. Despite this, the authorized private health sector with qualified healthcare providers plays a substantial role in the country, while major issues related to accessibility, affordability, and standardization persist.

COMMUNICABLE DISEASES
In India, the landscape of communicable diseases presents formidable challenges. Tuberculosis (TB) stands out, with 2.8 million cases in 2022, contributing to 27% of the global burden, and 600,000 cases went unreported to the National TB Elimination Programme (NTEP). COVID-19 has significantly impacted the nation, recording 45 million confirmed cases and 533,295 deaths. Estimated 2.4 million people are living with HIV/AIDS, primarily in the 15-49 age group, with women constituting 42% of cases. An estimated 40 million people are infected with Hepatitis B virus, with 21 million annual infections due to unsafe injections. India reports 1.4% of global Malaria cases and 0.9% of deaths, Plasmodium vivax malaria contributes to 66% of cases. Vector-borne diseases like dengue (94,198 cases, 91 deaths), chikungunya, and Zika remain prevalent. As per NVBDCP, the active Indian cases of dengue increased by 23.21 % in 6 years from 2015 to 2022. Nipah virus caused over 100 deaths since the first outbreak in 2001 and the last case was reported in Kerala in 2023. Communicable diseases like dengue (188,366 cases, 247 deaths), Acute Encephalitis Syndrome (5,946 cases, 216 deaths), Kala-Azar (1,353 cases, 28 deaths), and Japanese Encephalitis (754 cases, 66 deaths) pose ongoing health threats, emphasizing the complex public health scenario in India. In India, 550,000 cases of lymphedema and 150,000 cases of hydrocele were reported in 2022 across 339 districts in 20 states/Union Territories. As of 2022, over 336millionchildren in India require preventive chemotherapy for soil-transmitted helminthiasis is caused by soil contamination from human waste, leading to nutritional and physical impairments. Intestinal worm infestations contribute to iron deficiency anemia, increasing the risks of maternal and infant mortality, as well as low birth weight. In India, the latest cholera outbreak in July 2023 impacted over 400 people. In 2019, H1N1 cases numbered 28,798 cases, resulting in 1218 deaths, adding to the multifaceted challenges faced by the country's healthcare system. Due to COVID-19 pandemic, these numbers have drastically reduced to 2752 confirmed cases and 44 deaths in 2020 and 778 confirmed cases and 10 deaths in 2021.

NONCOMMUNICABLE DISEASES
In India, nearly 6 million people die from NCDs every year, which accounts for 66% of total deaths. CVDs are the leading cause of death accounting for 28% followed by COPD (12%), cancer (10%), and diabetes (4%). The national prevalence rates for various health conditions are as follows: diabetes at 11.4%, prediabetes at 15.3%, hypertension at 35.5%, generalized obesity at 28.6%, abdominal obesity at 39.5%, hypercholesterolemia at 24%, and high LDL cholesterol at 20.9%. Changing consumption patterns, rapid urbanization and increasing longevity have contributed to the rise in NCDs which account for about 55% of DALY loss in the country. Based on current estimates, 101 million individuals have diabetes, which is expected to rise to over 134 million by 2045. Only about 15.7% people with diabetes in India have their diabetes under control. In approximately 57% of these individuals with diabetes, the condition remains undiagnosed. An estimated 33% of urban and 25% of rural Indians are hypertensive. Of these, only 25% of rural and 42% of urban are aware of their hypertensive status. Only about 12% of people with hypertension have their blood pressure under control. India witnesses over 1.3 million new cancer cases annually and one in nine people are likely to develop cancer in their lifetime. Lung and breast cancers were the leading sites of cancer in males and females, respectively. According to the Global Burden of Disease project, there were about 1.2 million new cases of stroke in India in 2016. The annual incidence rate of stroke ranges from 105 to 152 per 100,000 individuals. India has a severe shortage of mental health professionals, with only 0.7 professionals for every 100,000 people, and far below the recommended ratio of three psychiatrists per 100,000 population.

INDIAN HEALTHCARE INDUSTRY OVERVIEW
Healthcare has become one of India’s largest sectors, both in terms of revenue and employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services, and increasing expenditure by public as well as private players.

India’s healthcare delivery system is categorised into two major components - public and private. The government, i.e., the public healthcare system, comprises limited secondary and tertiary care institutions in key cities and focuses on providing basic healthcare facilities in the form of Primary Healthcare Centers (PHCs) in rural areas. The private sector provides the majority of secondary, tertiary, and quaternary care institutions with a major concentration in metros, tier-I, and tier-II cities.

India's competitive advantage lies in its large pool of well-trained medical professionals. India is also cost-competitive compared to its peers in Asia and Western countries. The cost of surgery in India is about one-tenth of that in the US or Western Europe. The low cost of medical services has resulted in a rise in the country’s medical tourism, attracting patients from across the world. Moreover, India has emerged as a hub for R&D activities for international players due to its relatively low cost of clinical research.

The Indian Healthcare industry continued its healthy growth in 2023 and reached a value of US$ 372 billion driven by both the private sector and the government. As of 2024, the Indian healthcare sector is one of India’s largest employers as it employs a total of 7.5 million people. Progress in telemedicine, virtual assistants, and data analytics is expected to create 2.7-3.5 million new tech jobs.

India’s public expenditure on healthcare touched 2.1 % of GDP in FY23 and 2.2% in FY22, against 1.6% in FY21, as per the Economic Survey 2022-23.

India's hospital market was valued at US$ 98.98 billion in 2023, projected to grow at a CAGR of 8.0% from 2024 to 2032, reaching an estimated value of US$ 193.59 billion by 2032.

In FY24 (Till February 2024), premiums underwritten by health insurance companies grew to Rs. 2,63,082 crore (US$ 31.84 billion). The health segment has a 33.33% share in the total gross written premiums earned in the country.

Indian medical tourism market was valued at US$ 7.69 billion in 2024 and is expected to reach US$ 14.31 billion by 2029. According to India Tourism Statistics, around 634,561 foreign tourists came for medical treatment in India in 2023, which was nearly 6.87% of the total international tourists who visited the nation. With US$ 5-6 billion size of medical value travel (MVT) and 500000 International patients annually, India is among the global leader destinations for international patients seeking advanced treatment.

The e-health market size is estimated to reach US$ 10.6 billion by 2025. As per information provided to the Lok Sabha by the Minister of Health & Family Welfare, Dr. Bharati Pravin Pawar, the doctor population ratio in the country is 1:854, assuming 80% availability of 12.68 lakh registered allopathic doctors and 5.65 lakh AYUSH doctors.

India’s healthcare sector is extremely diversified and is full of opportunities in every segment, which includes providers, payers, and medical technology. With the increase in the competition, businesses are looking to explore the latest dynamics and trends which will have a positive impact on their business. The hospital industry in India is forecast to increase to Rs. 8.6 lakh crore (US$ 132.84 billion) by FY22 from Rs. 4 lakh crore (US$ 61.79 billion) in FY17 at a CAGR of 16–17%.

India is a land full of opportunities for players in the medical devices industry. The country has also become one of the leading destinations for high-end diagnostic services with tremendous capital investment for advanced diagnostic facilities, thus catering to a greater proportion of the population. Besides, Indian medical service consumers have become more conscious towards their healthcare upkeep. Rising income levels, an ageing population, growing health awareness and a changing attitude towards preventive healthcare are expected to boost healthcare services demand in the future. Greater penetration of health insurance aided the rise in healthcare spending, a trend likely to intensify in the coming decade.

The Government aims to develop India as a global healthcare hub and is planning to increase public health spending to 2.5% of the country's GDP by 2025.

Business Strengths

1. Advanced Oncology Services
A robust oncology department with a dedicated team, state-of-the-art technology, and advanced treatment modalities positions the hospital as a leading cancer care provider in the region. Comprehensive diagnosis, treatment, and supportive care ensure personalized and holistic treatment plans, attracting patients seeking high standards of oncology expertise.

2. Promoters with Over Four Decades of Experience
Backed by over 40 years of healthcare expertise, the promoters bring a legacy of excellence. The acquisition of a longstanding partnership firm in December 2023 further strengthens the hospital’s foundation, reinforcing its commitment to clinical excellence, patient-centric care, and continuous innovation.

3. Affordable Healthcare for the Regional Population
High-quality healthcare services are provided at affordable costs, catering to the diverse socioeconomic backgrounds of patients. Transparent pricing, financial assistance programs, and flexible payment plans ensure access to care without financial strain, enhancing patient trust and satisfaction.

4. Cutting-Edge Medical Technology
Equipped with specialized medical infrastructure, including Linear Accelerators (LINAC), Catheterization Laboratories (CATHLAB), MRI, and Modular Operation Theatres (OT), enabling precise diagnostics and advanced treatment. This investment in modern technology enhances therapeutic efficacy and positions the hospital at the forefront of medical innovation.

5. Strategic Tie-Ups with Government and Private Insurers
Collaborations with government agencies and private insurance providers facilitate cashless treatments, financial assistance, and streamlined administrative processes. These partnerships ensure seamless healthcare access, reinforcing the hospital’s reputation as a trusted provider for both public and private stakeholders

Business Strategies

1. Ultra-Modern Medicinal Practices
Commitment to advanced medical and surgical care solutions through state-of-the-art infrastructure and cutting-edge treatment methodologies, ensuring high-quality healthcare services.

2. Strategic Hospital Location
Situated at 51/24, Saradha College Road, Salem, Tamil Nadu, in a prime and well-developed area spanning 45,311 sq. ft. The hospital is easily accessible due to excellent road connectivity, facilitating smooth patient inflow from across the city.

3. Expert Medical Team
A highly skilled team of full-time doctors, consultants, and healthcare professionals ensures exceptional patient care. The workforce includes Doctors, Quality Managers, Clinical Pharmacists, Microbiologists, Medical Officers, Clinical Assistants, Nursing Staff, Paramedics, Dietitians, and Biomedical Engineers, all trained to handle diverse medical conditions and emergencies.

4. Clinical Excellence at Affordable Costs
Since its inception in 2020, the hospital has been delivering high-quality, multi-specialty healthcare services, including Cardiology, Oncology, Nephrology, Neurology, and Plastic Surgery, supported by top medical expertise, patient safety protocols, and modern technology—all at affordable prices.

5. Enhanced Operational Efficiencies
Focus on maximizing profitability through waste reduction, optimized resource utilization, and strengthened supply chain management. Improved integration and efficiency measures ensure sustainable growth and enhanced patient services

Business Risk Factors and Concerns

1. Dependence on Healthcare Professionals
Operations heavily rely on skilled healthcare professionals, including doctors and nurses, many of whom work on a consultancy basis. As of August 31, 2024, the hospital employed 72 doctors, including resident, junior, senior consulting, and visiting consulting doctors. Recruiting and retaining top medical professionals remains challenging due to market competition and workforce shortages.

2. Pending Procurement of Medical Equipment
Medical equipment procurement for the hospital is yet to be finalized, with ₹1,452.50 lakhs allocated for purchases. Delays in placing orders or supply chain disruptions could increase costs and impact operational timelines. Vendor quotations are time-sensitive and subject to commercial and technical revisions.

3. Exposure to Government Health Schemes
Revenue is partially dependent on government-sponsored health schemes such as CGHS and PMJAY. Any regulatory changes, tariff revisions, delays in payments, or termination of agreements could significantly impact patient inflow and financial performance.

4. Bed Occupancy and Profitability
Sustaining profitability depends on maintaining high bed occupancy rates. Factors such as brand recognition, availability of skilled professionals, and competition from other hospitals influence patient volume. Failing to maintain optimal occupancy while incurring capital expenditures could negatively affect financial performance.

5. Revenue Dependence on Inpatient Treatments
A significant portion of revenue comes from inpatient treatments, with outpatient services contributing less. A decline in inpatient admissions, either due to competition or shifting patient preferences, could adversely affect revenue growth and overall financial stability.

6. Risks Associated with Radioactive Equipment
Radiotherapy and diagnostic imaging involve radioactive substances regulated by the Atomic Energy Regulatory Board (AERB). Despite strict compliance, operational risks include radiation exposure or substance leaks, which could result in severe health hazards, legal liabilities, and financial penalties.

7. Impact of Medical Supply Costs on Profitability
Profitability is influenced by the cost of medical consumables, drugs, and surgical instruments. The need for advanced technology and equipment adds financial pressure. Negotiations with suppliers for cost efficiency are ongoing, and any increase in material costs without the ability to adjust pricing could impact operational margins.

Shanmuga Hospital faces several key risks impacting its business operations. These include reliance on attracting and retaining skilled healthcare professionals, potential delays in procuring necessary medical equipment, and dependence on government health schemes for revenue. The hospital also faces risks from maintaining optimal bed occupancy rates, heavy reliance on inpatient treatments for revenue, and the complex nature of using radioactive equipment. Additionally, fluctuations in the cost of medical supplies and consumables could adversely affect profitability. These factors highlight the challenges and uncertainties that could impact the hospital's financial performance and operational efficiency.