By Rishika Sadam and Haripriya Suresh
BENGALURU, June 2 (Reuters) – 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 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 told Reuters in an interview.
“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.
($1 = 95.1725 Indian rupees)
(Reporting by Rishika Sadam and Haripriya Suresh in Bengaluru; Editing by Sherry Jacob-Phillips)
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