GIC-backed Asia Healthcare plans to launch IPO within 12-18 months

Asia Healthcare Holdings (AHH) is considering listing its shares within the next 12 to 18 months, although it remains wary of market ​volatility, Executive Chairman Vishal Bali said.

The company, which is backed by Singapore’s ‌GIC and TPG (TPG.O), opens new tab and has invested more than $300 million in healthcare businesses over the past decade, continues to monitor market trends closely before taking a final decision on an IPO, Bali said.

“We believe an IPO is the right trajectory for AHH ​over the next year to 18 months, but it all depends on ⁠the market stability,” Bali said. “With the current bloodbath, one should not even think about ​it.”

AHH invests in and expands single-specialty healthcare companies, and is exploring opportunities in gastroenterology ​and pathology diagnostics as it seeks to fuel its next phase of growth.
India’s pathology laboratory services market, valued at roughly $19.5 billion in 2025, is projected to more than double to $45 billion by 2034, growing ​at an annual rate of 9% due to the increase in healthcare awareness and ​rising burden of chronic diseases, according to market research firm IMARC Group.

AHH’s interest in pathology diagnostics ‌is driven ⁠by the volumes generated by its hospitals. The company currently produces about 400 million rupees ($4.20 million) worth of pathology work, Bali explained.

Growth in gastroenterology services is also expected to remain steady, supported by similar structural trends in healthcare demand.

Once a platform is established ​in a specialty, it ​can attract clinicians ⁠to join its ecosystem, Bali said, adding that such an opportunity is emerging in gastroenterology.

AHH has previously acquired and scaled up businesses ​such as Motherhood Hospitals, Nova IVF, and the Asian Institute of ​Nephrology and ⁠Urology, and now plans to expand their services in Tier-2 and Tier-3 cities.

The company is not considering individual exits from its portfolio companies, Bali said.

AHH does not need to raise additional ⁠capital, ​Bali said, noting that it could deploy up to $150 ​million over the next two years. Investments would be made only when the company identifies a new vertical. Reuters