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Hannah Joseph Hospital Ltd IPO

Status: Closed

Overview

IPO date
22 Jan 2026 to 28 Jan 2026
Face value
₹ 10 per share
Price
₹ 67 to ₹70 per share
Issue Size
6,000,000 shares
(aggregating up to ₹ 42 Cr)
Allotment Date
29 Jan 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Healthcare

Objectives of Hannah Joseph Hospital Ltd IPO

Hannah Joseph Hospital Ltd IPO Strategy

About Hannah Joseph Hospital Ltd

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T&C*

Strengths vs Risks of Hannah Joseph Hospital Ltd

Know the pros & cons

Strengths

  • arrowFounder led company supported by a highly experienced and professional management team.
  • arrowCompany is reputed for providing quality health care and wellness.
  • arrowHigh consistency and success rates in handling complicated surgeries.
  • arrowGrowth opportunities in existing facilities and diversification into new services.
  • arrowAbility to attract and retain high quality doctors, consultants and medical support staff.

Risks

  • arrowWe intend to utilize a portion of the Net Proceeds for setting up the Proposed Radiation Oncology Centre adjacent to the current hospital campus. We are yet to place orders for medical equipments and apply for requisite government approvals for the Proposed Radiation Oncology Centre. If we are unable to commission our Proposed Radiation Oncology Centre without time and cost overruns or unable to adhere to the schedule of implementation it may adversely affect our business, results of operations and financial conditions.
  • arrowWe are required to obtain statutory and regulatory approvals, licenses or permits for our proposed radiation oncology centre. If we fail to obtain, maintain or renew our statutory and regulatory approvals or permits, our business, results of operations, financial condition, and cash flows could be adversely affected.
  • arrowThere are outstanding legal proceedings involving our Company. Any adverse decisions could impact our net worth, profitability, cashflows and divert management time and attention and have an adverse effect on our business, prospects, results of operations and financial condition.
  • arrowOur Company did not open a separate bank account for private placements made in the past, utilized the proceeds from the issuance prior filing of Form PAS- 3, and issued private placement offer cum application letter before filing the Form MGT-14 with registrar and determined the relevant date within 30 days prior to the date of general meeting in violation of Section 42 of the Companies Act, 2013 and the rules made thereunder, which may have a material adverse effect on our business.
  • arrowThere may have been certain instances of irregularities, discrepancies and non-compliances with respect to certain corporate actions taken by our Company in the past. Consequently, we may be subject to regulatory actions and penalties.
  • arrowOur company failed to obtain prior shareholder approval for a loan conversion option as required under Section 62(3) of the Companies Act, 2013 nor did it obtain the necessary valuation report for the same.
  • arrowWe are dependent on a number of key personnel, including our Promoters and senior management, and the loss of or our inability to attract or retain such persons could adversely affect our business, financial condition, results of operations and cash flows.
  • arrowOur revenues are significantly dependent on our single hospital in Madurai. Any change in the economic or political circumstances in or around the areas of Madurai, could materially affect our business, financial condition and results of operations.
  • arrowWe are dependent on certain field of specialty for a substantial portion of our revenue, i.e. neurosciences, interventional neuro-radiology, trauma services and radiology services. Any material impact on our earnings from these fields will impact our financial condition and results of operations significantly.
  • arrowDiscontinuation of association by doctors and other healthcare professionals with our hospitals for any reason, and our inability to retain them may adversely affect our business and results of operations.
  • arrowIf we are unable to maintain bed occupancy rates at sufficient levels or if it is underutilized, we may not be able to generate adequate returns on our capital expenditure, which could adversely affect our operating efficiencies and our profitability.
  • arrowOur revenue is primarily dependent on in-patient treatments, which could decline due to a variety of factors. Any such decline will adversely affect our financial condition and results of operations.
  • arrowWe do not own the certain premises which we use for the purpose of our business operations.
  • arrowFailure to obtain or renew approvals, licenses, registrations and permits to operate our business in a timely manner, or at all, may adversely affect our business, financial condition, results of operations and cash flows.
  • arrowIf we are unable to keep pace with technological changes, new equipment and service introductions, changes in patients' needs and evolving industry standards, our business and financial condition may be adversely affected.
  • arrowThere is a slight likelihood that the Income Tax Survey could be reopened, potentially impacting the hospital's financial health.
  • arrowThere is a possibility of Penalties for Delayed Submission of Specified Financial Transactions (SFT) Statements.
  • arrowPotential Delays and Additional Efforts Due to Company Name Discrepancy in AERB Application.
  • arrowOur Company has experienced multiple instances of minor delays in filing of returns required under the CGST Act, 2017, and Income-tax Act, 1961.
  • arrowWe generate certain revenues from the arrangements with government sponsored health schemes, any adverse change in these regulations/government policies related to such schemes may adversely affect our business, results of operations, cash flows and prospects.
  • arrowOur lenders have a charge over our movable and immoveable properties in respect of finance availed by us.
  • arrowOur Promoters and Promoter Group will be able to exercise significant influence and control over our operations after the issue and may have interests that are different from those of our other shareholders.
  • arrowOur Promoter is involved in a number of businesses, in her personal capacities, which are independent of our Company, and we may not be aware of events or circumstances related to the Promoters that could have a negative impact on our businesses.
  • arrowDelay in receipt of payment from our patients / customers/insurance companies and government bodies may affect our cash flows, which may, in turn affect our financial condition and results of operations.
  • arrowThe failure to maintain the quality of services provided at our facilities may negatively impact our brand or reputation.
  • arrowIf we fail to achieve favourable pricing on medical consumables, pharmacy items, drugs, and surgical instruments from our suppliers or are unable to pass on any cost increases to our payers, our profitability could be materially and adversely affected.
  • arrowOur Company is dependent on limited number of external suppliers for its medicine and consumables requirements. Any delay or failure on the part of such suppliers to deliver products at acceptable prices, may adversely affect our business, profitability and reputation.
  • arrowWe administer certain educational courses to student's post-MBBS and doctors. Resultantly, we are required to meet accreditation requirements and standards stipulated by third parties as a result. Failure to meet such requirements and standards could result in our being unable to provide these courses.
  • arrowWe may not be able to protect our brand name and trademark.
  • arrowOur insurance coverage may not adequately protect us against potential risk, and this may have a material adverse effect on our business.
  • arrowCertain of our Promoters, Directors and Key Managerial Personnel and members of senior management hold Equity Shares in our Company and are therefore interested in our performance in addition to their remuneration and reimbursement of expenses.
  • arrowSome of the details mentioned in the respective KYC Documents of our promoters and Directors are not same as other KYC documents.
  • arrowThe experience of our Promoters, Mosesjoseph Arunkumar and Fenn Kavitha Fenn Arunkumar, is substantiated based on their degree certificates and undertakings, as they are unable to locate their experience certificates.
  • arrowIts ability to provide high- quality healthcare depends on effective capital management, optimising occupancy rate, and controlling operating costs. Any significant increase in these costs could adversely impact the company business, financial condition and overall operations.
  • arrowIts faces competition from other hospitals and healthcare facilities. If the company unable to compete effectively, its business and results of operations may be materially and adversely affected.
  • arrowAny downtime for maintenance and repair of it medical equipment could lead to business interruptions that could be expensive and harmful to our reputation and to the company business.
  • arrowAny downtime for maintenance and repair of its medical equipment could lead to business interruptions that could be expensive and harmful to our reputation and to the company business.
  • arrowThe company mays be subject to manpower unrest, slowdowns and work stoppages, which could affect its reputation, business, financial condition and results of operations.
  • arrowChanges in healthcare laws, rules and regulations may materially adversely affect its business.
  • arrowThe deployment of funds raised through this Issue shall not be subject to any monitoring agency and shall be purely dependent on the discretion of the management of the Company.
  • arrowThe company has in past entered into related party transactions and its mays continue to do so in the future.
  • arrowThe company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
  • arrowIts funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and the company management will have broad discretion over the use of the Net Proceeds.
  • arrowAny variation in the utilizations of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • arrowThe determination of the Prices Band is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares upon listing on the Stock Exchanges.
  • arrowIts hospital is susceptible to risks arising on account of fire and other incidents.
  • arrowThe average cost of acquisition of Equity Shares by its Promoters, could be lower than the price determineds at time of filing the Draft Red Herring Prospectus.
  • arrowThe company mays not be successful in implementing its business strategies.
  • arrowIts ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
  • arrowRequirements of being a listed company may strain its resources.
  • arrowCertain key performance indicators for certain listed industry peers included in this Draft Red Herring Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.
  • arrowThe company cannot guarantee the accuracy or completeness of facts and other statistics with respect to India, the Indian economy and industry in which its operate contained in the Draft Red Herring Prospectus.
  • arrowThe trading volumes and market price of the equity shares may be volatile following the issue.
  • arrowThere are restrictions on daily weekly monthly movement in the price of the equity shares, which may adversely affect the shareholder's ability to sell for the price at which it can sell, equity shares at a particular point in time.
  • arrowThe Equity Shares have never been publicly traded, and, after the issue, the equity shares may experience price and volume fluctuations, and an active trading market for the equity shares may not developes. Further, the price of the equity shares may be volatile, and you may be unable to resell the equity shares at or above the issue price, or at all.
  • arrowThere is no guarantee that its Equity Shares will be listed on the SME Platform of BSE Limited in a timely manner or at all.
  • arrowThere are restrictions on daily movements in the price of the Equity Shares, which mays adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
  • arrowThe investors will not be able to sell immediately on an Indian stocks exchange any of the Equity Shares they purchase in the Issue.
  • arrowAny futures issuance of Equity Shares may dilute the investors' shareholdings or sales of its Equity Shares by its Promoters or Promoter Group may adversely affect the trading price of the company Equity Shares.
  • arrowYou may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
  • arrowInvestors including non-institutional investors and Corporate Bodies are not permitted to withdraw or lower their Applications (in terms of quantity of Equity Shares or the Amount) at any stages after submitting an Application.
  • arrowApplicants to this Issue are not allowed to withdraw their Applications after the Issues Closing Date.
  • arrowRights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
  • arrowPursuant to listing of the Equity Shares, the company mays be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors.
  • arrowThe company intend to utilize a portion of the Net Proceeds for setting up the Proposed Radiation Oncology Centre adjacent to the current hospital campus. The company is yet to place orders for medical equipments and apply for requisite government approvals for the Proposed Radiation Oncology Centre. If the company is unable to commission our Proposed Radiation Oncology Centre without time and cost overruns or unable to adhere to the schedule of implementation, it may adversely affect its business, results of operations and financial conditions.
  • arrowThe company is required to obtain statutory and regulatory approvals, licenses or permits for its proposed radiation oncology centre. If the company fails to obtain, maintain or renew its statutory and regulatory approvals or permits,the company's business, results of operations, financial condition, and cash flows could be adversely affected.
  • arrowThere are outstanding legal proceedings involving the Company. Any adverse decisions could impact its net worth, profitability, cashflows and divert management time and attention and have an adverse effect on the company's business, prospects, results of operations and financial condition.
  • arrowThe Company did not open a separate bank account for private placements made in the past, utilized the proceeds from the issuance prior filing of Form PAS- 3, and issued private placement offer cum application letter before filing the Form MGT-14 with registrar and determined the relevant date within 30 days prior to the date of general meeting in violation of Section 42 of the Companies Act, 2013 and the rules made thereunder, which may have a material adverse effect on its business.
  • arrowWhile generating the UDIN for the Re-audited financial statements for FY 2023-24, the 'Certificate' category was selected due to unavailability of a specific 'Re-audit' or 'Restatement' option on the ICAI UDIN portal, which may be viewed as a procedural irregularity.
  • arrowThere may have been certain instances of irregularities, discrepancies and non-compliances with respect to certain corporate actions taken by the Company in the past. Consequently, the company may be subject to regulatory actions and penalties.
  • arrowThe company failed to obtain prior shareholder approval for a loan conversion option as required under Section 62(3) of the Companies Act, 2013 nor did it obtain the necessary valuation report for the same. Any penalty or actions take by regulatory authorities for such non-compliance may have an adverse impact on its business.
  • arrowThe company is dependents on a number of key personnel, including its Promoters and senior management, and the loss of or its inability to attract or retain such persons could adversely affect the company's business, financial condition, results of operations and cash flows.
  • arrowThe company's revenues are significantly dependent on its single hospital in Madurai. Any change in the economic or political circumstances in or around the areas of Madurai, could materially affect the company's business, financial condition and results of operations.
  • arrowThe company generates certain revenues from the arrangements with government sponsored health schemes, any adverse change in these regulations/government policies related to such schemes may adversely affect its business, results of operations, cash flows and prospects.
  • arrowThe company is dependents on certain field of specialty for a substantial portion of its revenue, i.e. neurosciences, interventional neuro-radiology, trauma services and radiology services. Any material impact on the company's earnings from these fields will impact its financial condition and results of operations significantly.
  • arrowDiscontinuation of association by doctors and other healthcare professionals with its hospitals for any reason, and its inability to retain them may adversely affect the company's business and results of operations.
  • arrowIf the company is unable to maintain bed occupancy rates at sufficient levels or if it is underutilized, the company may not be able to generate adequate returns on the company's capital expenditure, which could adversely affect its operating efficiencies and its profitability.
  • arrowThe company's revenue is primarily dependent on in-patient treatments, which could decline due to a variety of factors. Any such decline will adversely affect its financial condition and results of operations.
  • arrowThe company's Registered Office, Pharmacy, Hostel etc are situated in land not owned by the company. In the event of any disruption of its rights as licensee / lessee or termination of the agreements with our licensors/ lessors, the company's Business, Financial Condition and Results of Operations and Cash Flows could be adversely affected.
  • arrowFailures to obtain or renew approvals, licenses, registrations and permits to operate its business in a timely manner, or at all, may adversely affect the company's business, financial condition, results of operations and cash flows.
  • arrowIf the company is unable to keep pace with technological changes, new equipment and service introductions, changes in patients' needs and evolving industry standards, the company's business and financial condition may be adversely affected.
  • arrowThere is a slight likelihood that the Income Tax Survey could be reopened, potentially impacting the hospital's financial health.
  • arrowThere is a possibility of Penalties for Delayed Submission of Specified Financial Transactions (SFT) Statements which might affect financial health of the Company.
  • arrowThe Company has experienced multiple instances of minor delays in filing of returns required under the CGST Act, 2017, and Income-tax Act, 1961 and the company cannot guarantee that this might not happen in future.
  • arrowThe company's lenders have a charge over its movable and immoveable properties in respect of finance availed by the company and and in the event of any default under the company's existing financing arrangements, the company's lenders hold a prior charge over substantially of its movable and immovable properties, which could lead to foreclosure, seizure of assets, and a material adverse effect on its business operations and financial condition.
  • arrowThe company's Promoters and Promoter Group will be able to exercise significant influence and control over its operations after the issue and may have interests that are different from those of its other shareholders.
  • arrowThe company's Promoter is involved in a number of businesses, in her personal capacities, which are independent of its Company, and the company may not be aware of events or circumstances related to the Promoters that could have a negative impact on its businesses.
  • arrowDelay in receipt of payment from the company's patients / customers/insurance companies and government bodies may affect its cash flows, which may, in turn affect the company's financial condition and results of operations.
  • arrowThe failures to maintain the quality of services provided at its facilities may negatively impact the company's brand or reputation and operations of its business.
  • arrowIf the company fails to achieve favourable pricing on medical consumables, pharmacy items, drugs, and surgical instruments from its suppliers or are unable to pass on any cost increases to its payers, the company's profitability could be materially and adversely affected.
  • arrowThe Company is dependent on limited number of external suppliers for its medicine and consumables requirements. Any delay or failures on the part of such suppliers to deliver products at acceptable prices or failures of third parties to meet their obligation may adversely affect its business, profitability and reputation.
  • arrowThe company administers certain educational courses to student's post-MBBS and doctors. Resultantly, the company is required to meet accreditation requirements and standards stipulated by third parties as a result. Failures to meet such requirements and standards could result in discontinuation of each educational courses and which can ultimately effect on financials of the Company
  • arrowThe company may may fails to protect its intellectual property rights and may be exposed to misappropriation and infringement claims by third parties, which may have an adverse effect on its business and reputation.
  • arrowThe company's insurance coverage may not adequately protect the company against potential risk, and this may have a material adverse effect on its business.
  • arrowCertain of its Promoters, Directors and Key Managerial Personnel and members of senior management hold Equity Shares in the Company and are therefore interested in the company's performance in addition to their remuneration and reimbursement of expenses.
  • arrowSome of the details mentioned in the respective KYC Documents of its Promoters and Directors are not same as other KYC documents which may result in verification or compliance challenges.
  • arrowThe experience of its Promoters, Mosesjoseph Arunkumar and Fenn Kavitha Fenn Arunkumar, is substantiated based on their degree certificates and undertakings, as they are unable to locate their experience certificates which may hinder independent verification and attract regulatory scrutiny.
  • arrowThe company's ability to provide high- quality healthcare depends on effective capital management, optimising occupancy rate, and controlling operating costs. Any significant increase in these costs could adversely impact its business, financial condition and overall operations.
  • arrowThe company faces competition from other hospitals and healthcare facilities. If the company is unable to compete effectively, the company's business and results of operations may be materially and adversely affected.
  • arrowMost of its radiology and diagnostic imaging equipment contain radioactive and nuclear materials or emit radiation during operation which could make the company liable for damages.
  • arrowAny downtime for maintenance and repair of its medical equipment could lead to business interruptions that could be expensive and harmful to the company's reputation and to its business.
  • arrowThe company may be subject to manpower unrest, slowdowns and work stoppages, which could affect its reputation, business, financial condition and results of operations.
  • arrowChanges in healthcare laws, rules and regulations may materially adversely affect its business.
  • arrowThe deployment of funds raised through this Issue shall not be subject to any monitoring agency and shall be purely dependent on the discretion of the management of the Company the company cannot entirely rule out the risk of unintended deviations in their use
  • arrowThe company has in past entered into related party transactions and the company may continue to do so in the future, however, there can be no assurance that such transactions, individually or taken together, will not have an adverse effect on its business, prospects, results of operations and financial conditions.
  • arrowThe company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule, the company's growth plans, business operations and financial conditions.
  • arrowThe company's funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and its management will have broad discretion over the use of the Net Proceeds.
  • arrowAny variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • arrowThe determination of the Price Band is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares upon listing on the Stock Exchanges
  • arrowThe company's hospital is susceptible to risks arising on account of fire and other incidents which might lead to additional liabilities, litigations and that will effect the Company's financial conditions.
  • arrowThe average cost of acquisition of Equity Shares by its Promoters, could be lower than the price determined at time of filing the Red Herring Prospectus
  • arrowThe Company's success depends on successful implementation of its business strategies and the company might not be successful in implementing these strategies successfully that may affect its potential future growth.
  • arrowThe company's ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
  • arrowThe company is not a publicly listed company, the company has not historically operated under the heightened scrutiny and regulatory obligations typically associated with public listing. Meeting such requirements may place a considerable demand on its resources
  • arrowCertain key performance indicators for certain listed industry peers included in this Red Herring Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.
  • arrowThe company cannot guarantee the accuracy or completeness of facts and other statistics with respect to India, the Indian economy and industry in which the company operates contained in the Red Herring Prospectus.
  • arrowThe trading volume and market price of the equity shares may be volatile following the issue.
  • arrowThere are restrictions on daily weekly monthly movement in the price of the equity shares, which may adversely affect the shareholder's ability to sell for the price at which it can sell, equity shares at a particular point in time.
  • arrowThe Equity Shares have never been publicly traded, and, after the issue, the equity shares may experience price and volume fluctuations, and an active trading market for the equity shares may not develop. Further, the price of the equity shares may be volatile, and you may be unable to resell the equity shares at or above the issue price, or at all.
  • arrowThere is no guarantee that the company's Equity Shares will be listed on the SME Platform of BSE Limited in a timely manner or at all.
  • arrowThere are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
  • arrowThe investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
  • arrowAny future issuance of Equity Shares may dilute the investors' shareholdings or sales of our Equity Shares by its Promoters or Promoter Group may adversely affect the trading price of the company's Equity Shares.
  • arrowYou may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
  • arrowInvestors including non-institutional investors and Corporate Bodies are not permitted to withdraw or lower their Applications (in terms of quantity of Equity Shares or the Amount) at any stage after submitting an Application.
  • arrowApplicants to this Issue are not allowed to withdraw their Applications after the Issue Closing Date.
  • arrowRights of shareholders under Indian law may be more limited than under the laws of other jurisdictions
  • arrowPursuant to listing of the Equity Shares, the company may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors
  • arrowThe company's Equity Shares are quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign currency

Hannah Joseph Hospital Ltd Peer Comparison

Understand the company’s industry standing

Hannah Joseph Hospital Ltd
Asarfi Hospital Ltd
Maitreya Medicare Ltd
Face Value
10
10
10
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
77.9
128.13
44.85
EPS-Basis
4.32
5.58
2.8
EPS-Diluted
4.32
5.58
2.8
NAV Per Share
26.3
41.39
39.49
P/E-Basic EPS
---
32.26
74.29
P/E-Diluted EPS
---
---
---
RONW(%)
14.74
13.48
7.1
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 22 Jan 2026 & closes on 28 Jan 2026.

Hannah Joseph Hospital Limited is one of the first centres in Asia to adopt DTI Fibertracking 3.0, a revolutionary navigation tool for brain tumour surgeries. To provide comprehensive range of neurosurgery and neurology services, Mosesjoseph Arunkumar established a hospital in the name of Hannah Joseph Hospital' as a sole proprietorship in Madurai town of Tamil Nadu, in 2008. On September 9, 2008, the hospital became a member of Nursing Homes and Hospital Board, Indian Medical Association Tamil Nadu State. Later, Hannah Joseph Hospital Limited was incorporated as a private limited as 'Hannah Joseph Hospital Private Limited' at Tamil Nadu as a private limited company , dated October 24, 2011, issued by the Registrar of Companies, Tamil Nadu. Subsequently, Company changed its status to a public limited company and the name of the Company was changed to Hannah Joseph Hospital Limited' vide fresh certificate of incorporation dated July 29, 2022. Company is being promoted by Mosesjoseph Arunkumar (Neurosurgeon at Hospital), and Fenn Kavitha Fenn Arunkumar (Consultant Psychiatrist at Hospital). Recognizing the demand for increased bed capacity and lack of space, the hospital was relocated in year 2020. This expansion mark a notable development for the Company, signifying sustained growth and progress in the healthcare services. Hannah Jospeh Hospital Limited, a multi-speciality healthcare provider, strategically located in Madurai, operating in a two acres campus, centrally air-conditioned hospital with central water heating system with a combined bed capacity of 150 beds. Company is rendering medical services to public through Hannah Joseph Hospital, which is a renowned center of excellence for Neurology, Neurosurgery and Psychiatry treatment. The medical facility encompasses full-fledged department of neuroradiology and has added the department of cardiac sciences with a Cath lab and cardiac operation theatres. The Company now performs complex coronary angioplasties and open-heart Surgeries. Currently, their primary focus is Neurology, Cardiology, Physchiarty and Trauma healthcare where the Hospital has a understanding of global nuances, customer culture and the mindset of medical professionals and where there is a significant need for quality and affordable healthcare services. In 2023, rare case of the Temporomandibular Joint Replacement Surgery was done by the Department of Oral Maxillofacial Surgery. In 2024, Brain lab Fiber tracking Navigation 3.0 version for removing brain tumours has been launched. Company raised Rs 42 Crore by issuing 60,00,000 equity shares of Rs 10 each through IPO on January 28, 2026. The Company is proposing to set up he Proposed Radiation Oncology Centre adjacent to the current hospital campus in 2026.

Hannah Joseph Hospital Ltd IPO will close on 28 Jan 2026.

  • Founder led company supported by a highly experienced and professional management team.
  • Company is reputed for providing quality health care and wellness.
  • High consistency and success rates in handling complicated surgeries.
  • Growth opportunities in existing facilities and diversification into new services.
  • Ability to attract and retain high quality doctors, consultants and medical support staff.

S.No Promoters Name Pre Issue Shares Pre Issue Percentage Post Issue Shares Post Issue Percentage
1 Mosesjoseph Arunkumar 15162925 90.8 15162925 66.8
2 Fenn Kavitha Fenn Arunkumar 432000 2.59 432000 1.9
3 James Prabhukumar Moses 29430 0.18 29430 0.13
4 Arunkumar Nalina 15 --- 15 ---
5 Noyel Arunkumar 15 --- 15 ---
6 Daniel Dayanand Fenn 15 --- 15 ---

  • We intend to utilize a portion of the Net Proceeds for setting up the Proposed Radiation Oncology Centre adjacent to the current hospital campus. We are yet to place orders for medical equipments and apply for requisite government approvals for the Proposed Radiation Oncology Centre. If we are unable to commission our Proposed Radiation Oncology Centre without time and cost overruns or unable to adhere to the schedule of implementation it may adversely affect our business, results of operations and financial conditions.
  • We are required to obtain statutory and regulatory approvals, licenses or permits for our proposed radiation oncology centre. If we fail to obtain, maintain or renew our statutory and regulatory approvals or permits, our business, results of operations, financial condition, and cash flows could be adversely affected.
  • There are outstanding legal proceedings involving our Company. Any adverse decisions could impact our net worth, profitability, cashflows and divert management time and attention and have an adverse effect on our business, prospects, results of operations and financial condition.
  • Our Company did not open a separate bank account for private placements made in the past, utilized the proceeds from the issuance prior filing of Form PAS- 3, and issued private placement offer cum application letter before filing the Form MGT-14 with registrar and determined the relevant date within 30 days prior to the date of general meeting in violation of Section 42 of the Companies Act, 2013 and the rules made thereunder, which may have a material adverse effect on our business.
  • There may have been certain instances of irregularities, discrepancies and non-compliances with respect to certain corporate actions taken by our Company in the past. Consequently, we may be subject to regulatory actions and penalties.
  • Our company failed to obtain prior shareholder approval for a loan conversion option as required under Section 62(3) of the Companies Act, 2013 nor did it obtain the necessary valuation report for the same.
  • We are dependent on a number of key personnel, including our Promoters and senior management, and the loss of or our inability to attract or retain such persons could adversely affect our business, financial condition, results of operations and cash flows.
  • Our revenues are significantly dependent on our single hospital in Madurai. Any change in the economic or political circumstances in or around the areas of Madurai, could materially affect our business, financial condition and results of operations.
  • We are dependent on certain field of specialty for a substantial portion of our revenue, i.e. neurosciences, interventional neuro-radiology, trauma services and radiology services. Any material impact on our earnings from these fields will impact our financial condition and results of operations significantly.
  • Discontinuation of association by doctors and other healthcare professionals with our hospitals for any reason, and our inability to retain them may adversely affect our business and results of operations.
  • If we are unable to maintain bed occupancy rates at sufficient levels or if it is underutilized, we may not be able to generate adequate returns on our capital expenditure, which could adversely affect our operating efficiencies and our profitability.
  • Our revenue is primarily dependent on in-patient treatments, which could decline due to a variety of factors. Any such decline will adversely affect our financial condition and results of operations.
  • We do not own the certain premises which we use for the purpose of our business operations.
  • Failure to obtain or renew approvals, licenses, registrations and permits to operate our business in a timely manner, or at all, may adversely affect our business, financial condition, results of operations and cash flows.
  • If we are unable to keep pace with technological changes, new equipment and service introductions, changes in patients' needs and evolving industry standards, our business and financial condition may be adversely affected.
  • There is a slight likelihood that the Income Tax Survey could be reopened, potentially impacting the hospital's financial health.
  • There is a possibility of Penalties for Delayed Submission of Specified Financial Transactions (SFT) Statements.
  • Potential Delays and Additional Efforts Due to Company Name Discrepancy in AERB Application.
  • Our Company has experienced multiple instances of minor delays in filing of returns required under the CGST Act, 2017, and Income-tax Act, 1961.
  • We generate certain revenues from the arrangements with government sponsored health schemes, any adverse change in these regulations/government policies related to such schemes may adversely affect our business, results of operations, cash flows and prospects.
  • Our lenders have a charge over our movable and immoveable properties in respect of finance availed by us.
  • Our Promoters and Promoter Group will be able to exercise significant influence and control over our operations after the issue and may have interests that are different from those of our other shareholders.
  • Our Promoter is involved in a number of businesses, in her personal capacities, which are independent of our Company, and we may not be aware of events or circumstances related to the Promoters that could have a negative impact on our businesses.
  • Delay in receipt of payment from our patients / customers/insurance companies and government bodies may affect our cash flows, which may, in turn affect our financial condition and results of operations.
  • The failure to maintain the quality of services provided at our facilities may negatively impact our brand or reputation.
  • If we fail to achieve favourable pricing on medical consumables, pharmacy items, drugs, and surgical instruments from our suppliers or are unable to pass on any cost increases to our payers, our profitability could be materially and adversely affected.
  • Our Company is dependent on limited number of external suppliers for its medicine and consumables requirements. Any delay or failure on the part of such suppliers to deliver products at acceptable prices, may adversely affect our business, profitability and reputation.
  • We administer certain educational courses to student's post-MBBS and doctors. Resultantly, we are required to meet accreditation requirements and standards stipulated by third parties as a result. Failure to meet such requirements and standards could result in our being unable to provide these courses.
  • We may not be able to protect our brand name and trademark.
  • Our insurance coverage may not adequately protect us against potential risk, and this may have a material adverse effect on our business.
  • Certain of our Promoters, Directors and Key Managerial Personnel and members of senior management hold Equity Shares in our Company and are therefore interested in our performance in addition to their remuneration and reimbursement of expenses.
  • Some of the details mentioned in the respective KYC Documents of our promoters and Directors are not same as other KYC documents.
  • The experience of our Promoters, Mosesjoseph Arunkumar and Fenn Kavitha Fenn Arunkumar, is substantiated based on their degree certificates and undertakings, as they are unable to locate their experience certificates.
  • Its ability to provide high- quality healthcare depends on effective capital management, optimising occupancy rate, and controlling operating costs. Any significant increase in these costs could adversely impact the company business, financial condition and overall operations.
  • Its faces competition from other hospitals and healthcare facilities. If the company unable to compete effectively, its business and results of operations may be materially and adversely affected.
  • Any downtime for maintenance and repair of it medical equipment could lead to business interruptions that could be expensive and harmful to our reputation and to the company business.
  • Any downtime for maintenance and repair of its medical equipment could lead to business interruptions that could be expensive and harmful to our reputation and to the company business.
  • The company mays be subject to manpower unrest, slowdowns and work stoppages, which could affect its reputation, business, financial condition and results of operations.
  • Changes in healthcare laws, rules and regulations may materially adversely affect its business.
  • The deployment of funds raised through this Issue shall not be subject to any monitoring agency and shall be purely dependent on the discretion of the management of the Company.
  • The company has in past entered into related party transactions and its mays continue to do so in the future.
  • The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
  • Its funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and the company management will have broad discretion over the use of the Net Proceeds.
  • Any variation in the utilizations of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • The determination of the Prices Band is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares upon listing on the Stock Exchanges.
  • Its hospital is susceptible to risks arising on account of fire and other incidents.
  • The average cost of acquisition of Equity Shares by its Promoters, could be lower than the price determineds at time of filing the Draft Red Herring Prospectus.
  • The company mays not be successful in implementing its business strategies.
  • Its ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
  • Requirements of being a listed company may strain its resources.
  • Certain key performance indicators for certain listed industry peers included in this Draft Red Herring Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.
  • The company cannot guarantee the accuracy or completeness of facts and other statistics with respect to India, the Indian economy and industry in which its operate contained in the Draft Red Herring Prospectus.
  • The trading volumes and market price of the equity shares may be volatile following the issue.
  • There are restrictions on daily weekly monthly movement in the price of the equity shares, which may adversely affect the shareholder's ability to sell for the price at which it can sell, equity shares at a particular point in time.
  • The Equity Shares have never been publicly traded, and, after the issue, the equity shares may experience price and volume fluctuations, and an active trading market for the equity shares may not developes. Further, the price of the equity shares may be volatile, and you may be unable to resell the equity shares at or above the issue price, or at all.
  • There is no guarantee that its Equity Shares will be listed on the SME Platform of BSE Limited in a timely manner or at all.
  • There are restrictions on daily movements in the price of the Equity Shares, which mays adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
  • The investors will not be able to sell immediately on an Indian stocks exchange any of the Equity Shares they purchase in the Issue.
  • Any futures issuance of Equity Shares may dilute the investors' shareholdings or sales of its Equity Shares by its Promoters or Promoter Group may adversely affect the trading price of the company Equity Shares.
  • You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
  • Investors including non-institutional investors and Corporate Bodies are not permitted to withdraw or lower their Applications (in terms of quantity of Equity Shares or the Amount) at any stages after submitting an Application.
  • Applicants to this Issue are not allowed to withdraw their Applications after the Issues Closing Date.
  • Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
  • Pursuant to listing of the Equity Shares, the company mays be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors.
  • The company intend to utilize a portion of the Net Proceeds for setting up the Proposed Radiation Oncology Centre adjacent to the current hospital campus. The company is yet to place orders for medical equipments and apply for requisite government approvals for the Proposed Radiation Oncology Centre. If the company is unable to commission our Proposed Radiation Oncology Centre without time and cost overruns or unable to adhere to the schedule of implementation, it may adversely affect its business, results of operations and financial conditions.
  • The company is required to obtain statutory and regulatory approvals, licenses or permits for its proposed radiation oncology centre. If the company fails to obtain, maintain or renew its statutory and regulatory approvals or permits,the company's business, results of operations, financial condition, and cash flows could be adversely affected.
  • There are outstanding legal proceedings involving the Company. Any adverse decisions could impact its net worth, profitability, cashflows and divert management time and attention and have an adverse effect on the company's business, prospects, results of operations and financial condition.
  • The Company did not open a separate bank account for private placements made in the past, utilized the proceeds from the issuance prior filing of Form PAS- 3, and issued private placement offer cum application letter before filing the Form MGT-14 with registrar and determined the relevant date within 30 days prior to the date of general meeting in violation of Section 42 of the Companies Act, 2013 and the rules made thereunder, which may have a material adverse effect on its business.
  • While generating the UDIN for the Re-audited financial statements for FY 2023-24, the 'Certificate' category was selected due to unavailability of a specific 'Re-audit' or 'Restatement' option on the ICAI UDIN portal, which may be viewed as a procedural irregularity.
  • There may have been certain instances of irregularities, discrepancies and non-compliances with respect to certain corporate actions taken by the Company in the past. Consequently, the company may be subject to regulatory actions and penalties.
  • The company failed to obtain prior shareholder approval for a loan conversion option as required under Section 62(3) of the Companies Act, 2013 nor did it obtain the necessary valuation report for the same. Any penalty or actions take by regulatory authorities for such non-compliance may have an adverse impact on its business.
  • The company is dependents on a number of key personnel, including its Promoters and senior management, and the loss of or its inability to attract or retain such persons could adversely affect the company's business, financial condition, results of operations and cash flows.
  • The company's revenues are significantly dependent on its single hospital in Madurai. Any change in the economic or political circumstances in or around the areas of Madurai, could materially affect the company's business, financial condition and results of operations.
  • The company generates certain revenues from the arrangements with government sponsored health schemes, any adverse change in these regulations/government policies related to such schemes may adversely affect its business, results of operations, cash flows and prospects.
  • The company is dependents on certain field of specialty for a substantial portion of its revenue, i.e. neurosciences, interventional neuro-radiology, trauma services and radiology services. Any material impact on the company's earnings from these fields will impact its financial condition and results of operations significantly.
  • Discontinuation of association by doctors and other healthcare professionals with its hospitals for any reason, and its inability to retain them may adversely affect the company's business and results of operations.
  • If the company is unable to maintain bed occupancy rates at sufficient levels or if it is underutilized, the company may not be able to generate adequate returns on the company's capital expenditure, which could adversely affect its operating efficiencies and its profitability.
  • The company's revenue is primarily dependent on in-patient treatments, which could decline due to a variety of factors. Any such decline will adversely affect its financial condition and results of operations.
  • The company's Registered Office, Pharmacy, Hostel etc are situated in land not owned by the company. In the event of any disruption of its rights as licensee / lessee or termination of the agreements with our licensors/ lessors, the company's Business, Financial Condition and Results of Operations and Cash Flows could be adversely affected.
  • Failures to obtain or renew approvals, licenses, registrations and permits to operate its business in a timely manner, or at all, may adversely affect the company's business, financial condition, results of operations and cash flows.
  • If the company is unable to keep pace with technological changes, new equipment and service introductions, changes in patients' needs and evolving industry standards, the company's business and financial condition may be adversely affected.
  • There is a slight likelihood that the Income Tax Survey could be reopened, potentially impacting the hospital's financial health.
  • There is a possibility of Penalties for Delayed Submission of Specified Financial Transactions (SFT) Statements which might affect financial health of the Company.
  • The Company has experienced multiple instances of minor delays in filing of returns required under the CGST Act, 2017, and Income-tax Act, 1961 and the company cannot guarantee that this might not happen in future.
  • The company's lenders have a charge over its movable and immoveable properties in respect of finance availed by the company and and in the event of any default under the company's existing financing arrangements, the company's lenders hold a prior charge over substantially of its movable and immovable properties, which could lead to foreclosure, seizure of assets, and a material adverse effect on its business operations and financial condition.
  • The company's Promoters and Promoter Group will be able to exercise significant influence and control over its operations after the issue and may have interests that are different from those of its other shareholders.
  • The company's Promoter is involved in a number of businesses, in her personal capacities, which are independent of its Company, and the company may not be aware of events or circumstances related to the Promoters that could have a negative impact on its businesses.
  • Delay in receipt of payment from the company's patients / customers/insurance companies and government bodies may affect its cash flows, which may, in turn affect the company's financial condition and results of operations.
  • The failures to maintain the quality of services provided at its facilities may negatively impact the company's brand or reputation and operations of its business.
  • If the company fails to achieve favourable pricing on medical consumables, pharmacy items, drugs, and surgical instruments from its suppliers or are unable to pass on any cost increases to its payers, the company's profitability could be materially and adversely affected.
  • The Company is dependent on limited number of external suppliers for its medicine and consumables requirements. Any delay or failures on the part of such suppliers to deliver products at acceptable prices or failures of third parties to meet their obligation may adversely affect its business, profitability and reputation.
  • The company administers certain educational courses to student's post-MBBS and doctors. Resultantly, the company is required to meet accreditation requirements and standards stipulated by third parties as a result. Failures to meet such requirements and standards could result in discontinuation of each educational courses and which can ultimately effect on financials of the Company
  • The company may may fails to protect its intellectual property rights and may be exposed to misappropriation and infringement claims by third parties, which may have an adverse effect on its business and reputation.
  • The company's insurance coverage may not adequately protect the company against potential risk, and this may have a material adverse effect on its business.
  • Certain of its Promoters, Directors and Key Managerial Personnel and members of senior management hold Equity Shares in the Company and are therefore interested in the company's performance in addition to their remuneration and reimbursement of expenses.
  • Some of the details mentioned in the respective KYC Documents of its Promoters and Directors are not same as other KYC documents which may result in verification or compliance challenges.
  • The experience of its Promoters, Mosesjoseph Arunkumar and Fenn Kavitha Fenn Arunkumar, is substantiated based on their degree certificates and undertakings, as they are unable to locate their experience certificates which may hinder independent verification and attract regulatory scrutiny.
  • The company's ability to provide high- quality healthcare depends on effective capital management, optimising occupancy rate, and controlling operating costs. Any significant increase in these costs could adversely impact its business, financial condition and overall operations.
  • The company faces competition from other hospitals and healthcare facilities. If the company is unable to compete effectively, the company's business and results of operations may be materially and adversely affected.
  • Most of its radiology and diagnostic imaging equipment contain radioactive and nuclear materials or emit radiation during operation which could make the company liable for damages.
  • Any downtime for maintenance and repair of its medical equipment could lead to business interruptions that could be expensive and harmful to the company's reputation and to its business.
  • The company may be subject to manpower unrest, slowdowns and work stoppages, which could affect its reputation, business, financial condition and results of operations.
  • Changes in healthcare laws, rules and regulations may materially adversely affect its business.
  • The deployment of funds raised through this Issue shall not be subject to any monitoring agency and shall be purely dependent on the discretion of the management of the Company the company cannot entirely rule out the risk of unintended deviations in their use
  • The company has in past entered into related party transactions and the company may continue to do so in the future, however, there can be no assurance that such transactions, individually or taken together, will not have an adverse effect on its business, prospects, results of operations and financial conditions.
  • The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule, the company's growth plans, business operations and financial conditions.
  • The company's funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and its management will have broad discretion over the use of the Net Proceeds.
  • Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • The determination of the Price Band is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares upon listing on the Stock Exchanges
  • The company's hospital is susceptible to risks arising on account of fire and other incidents which might lead to additional liabilities, litigations and that will effect the Company's financial conditions.
  • The average cost of acquisition of Equity Shares by its Promoters, could be lower than the price determined at time of filing the Red Herring Prospectus
  • The Company's success depends on successful implementation of its business strategies and the company might not be successful in implementing these strategies successfully that may affect its potential future growth.
  • The company's ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
  • The company is not a publicly listed company, the company has not historically operated under the heightened scrutiny and regulatory obligations typically associated with public listing. Meeting such requirements may place a considerable demand on its resources
  • Certain key performance indicators for certain listed industry peers included in this Red Herring Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.
  • The company cannot guarantee the accuracy or completeness of facts and other statistics with respect to India, the Indian economy and industry in which the company operates contained in the Red Herring Prospectus.
  • The trading volume and market price of the equity shares may be volatile following the issue.
  • There are restrictions on daily weekly monthly movement in the price of the equity shares, which may adversely affect the shareholder's ability to sell for the price at which it can sell, equity shares at a particular point in time.
  • The Equity Shares have never been publicly traded, and, after the issue, the equity shares may experience price and volume fluctuations, and an active trading market for the equity shares may not develop. Further, the price of the equity shares may be volatile, and you may be unable to resell the equity shares at or above the issue price, or at all.
  • There is no guarantee that the company's Equity Shares will be listed on the SME Platform of BSE Limited in a timely manner or at all.
  • There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
  • The investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
  • Any future issuance of Equity Shares may dilute the investors' shareholdings or sales of our Equity Shares by its Promoters or Promoter Group may adversely affect the trading price of the company's Equity Shares.
  • You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
  • Investors including non-institutional investors and Corporate Bodies are not permitted to withdraw or lower their Applications (in terms of quantity of Equity Shares or the Amount) at any stage after submitting an Application.
  • Applicants to this Issue are not allowed to withdraw their Applications after the Issue Closing Date.
  • Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions
  • Pursuant to listing of the Equity Shares, the company may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors
  • The company's Equity Shares are quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign currency

The Issue type of Hannah Joseph Hospital Ltd is Book Building - SME.

The minimum application for shares of Hannah Joseph Hospital Ltd is 4000.

The total shares issue of Hannah Joseph Hospital Ltd is 6000000.

Initial public issue of up to 60,00,000 equity shares of face value of Rs. 10/- each ("Equity Shares") of Hannah Joseph Hospital Limited ("Company" / "Issuer") for cash at a price of Rs.70 per equity share (including a share premium of Rs.60 per equity share) ("Issue Price") aggregating up to Rs.42 crores ("Issue"), of which 3,00,000 equity shares of face value of Rs. 10/- each for cash at a price of Rs.70 per equity share including a share premium of Rs.60 per equity share aggregating to Rs. 2.1 crores will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. net issue of 57,00,000 equity shares of face value of Rs. 10/- each at a price of Rs.70 per equity share including a share premium of Rs.60 per equity share aggregating to Rs.39.9 crores is herein after referred to as the "Net Issue". The issue and the net issue will constitute 26.43% and 25.11%, respectively, of the post issue paid up equity share capital of the company. Price Band: Rs. 70/- for equity share of face value of Rs. 10 each. The floor is 7.00 times of the face value of the equity shares. Bids can be made for a minimum of 4000 equity shares and in multiples of 2000 equity shares thereafter.