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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment or prepayment of loans
Repayment or prepayment in full or in part of certain debt facilities availed by the company and its subsidiaries.
Purchase of medical equipment
Procurement of medical equipment for existing, recently commissioned, and upcoming hospital facilities.
Infrastructure and interior setup for upcoming hospitals
Purchase of interiors, furniture, and allied infrastructure for new hospital projects.
General corporate purposes
Meeting general corporate expenses and working capital requirements.
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(₹ in Crore)
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Shalby Limited is one of India's leading multi-specialty hospital chains, renowned for its expertise in joint replacement surgeries and orthopedic care. Incorporated in 2004, the company offers a broad range of tertiary and quaternary healthcare services across multiple medical specialties, including cardiology, oncology, neurology, nephrology, and trauma care. The company operates an extensive network of multi-specialty hospitals predominantly across western and central India, with a total bed capacity exceeding 2,000 beds. Shalby's operational model focuses on clinical excellence, cost-effective care delivery, and establishing state-of-the-art healthcare facilities in tier-1 and tier-2 cities. Beyond core hospital operations, Shalby provides outpatient healthcare services, diagnostic centers, and home healthcare solutions. The company's expansion strategy centers on widening its geographic presence, augmenting specialty treatment offerings, and leveraging its leadership in arthroplasty to drive clinical volume growth.
Ahead of the IPO, Shalby Limited raised ₹150.54 crore by allocating 60,70,150 equity shares to 11 anchor investors at ₹248 per share. Notable participants included Goldman Sachs, Nomura, Citigroup, SBI Life Insurance, and Reliance Nippon Life Insurance.
Source: RHP • Analysis provided for informational purposes
Last Updated: 30 July 2026, 4:07 PM
Established Market Leadership in Arthroplasty
Shalby is a recognized leader in joint replacement surgeries in India, holding a dominant market share in knee and hip arthroplasty procedures.
Integrated Multi-Specialty Hospital Network
The company operates an extensive network of multi-specialty hospitals across western and central India, providing comprehensive tertiary and quaternary healthcare services.
Experienced Promoter and Professional Management
Founded by renowned orthopedic surgeon Dr. Vikram Shah, the company benefits from strong clinical expertise, standardized treatment protocols, and experienced management.
Revenue Concentration in Joint Replacement Segment
A significant portion of overall revenue is derived from orthopedic procedures, exposing the business to specialized demand fluctuations.
Regulatory and Price Control Risks
Government caps on medical implant prices, surgical procedures, and essential drugs could impact operational margins and profitability.
Capital-Intensive Expansion and Bed Occupancy Risks
Setting up new hospital facilities requires substantial capital expenditure, and lower bed occupancy in newer units may strain financial performance.
Shalby Limited
Opposite Karnavati Club, Sarkhej Gandhinagar Highway, Near Prahlad Nagar Garden, Ahmedabad 380015, Gujarat, India
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