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Brains, Beds, and Breakthroughs: The Hannah Joseph Hospital IPO

21 January 2026

Hannah Joseph Hospital Limited is a specialty-focused tertiary care hospital based in Madurai, with a strong emphasis on neurosurgery, neurology, trauma, and critical care.
The hospital operates a high-acuity, procedure-led model supported by advanced technologies such as AI-assisted neuro-navigation, enabling treatment of complex cases typically referred to metro centres.

IPO Details
Parameter
Details
Issue Type
100% Fresh Issue
Issue Size
INR 42 crore
Price Band
INR 67-70 per share
Lot Size
2,000 shares
Net Issue
60,00,000 Shares
Listing Platform
BSE SME
Issue Opens
January 22, 2026
Issue Closes
January 27, 2026
Listing Date
January 30, 2026

Strengths
Weaknesses
Niche Specialization & Reputation: The hospital is a renowned centre for Neurosciences and Trauma Care, with a high reputation for handling complex surgeries with high success rates.It is led by Dr. Mosesjoseph Arunkumar, a prominent neurosurgeon, and Dr. Fenn Kavitha, a distinguished psychiatrist, ensuring strong clinical leadership.
Geographical & Asset Concentration: The company derives almost all revenue from a single hospital in Madurai. Any regional economic or political downturn could significantly impact business.
Specialty Dependence: A substantial portion of revenue comes from Neurosciences, Interventional Neuro-radiology, and Trauma. A decline in these specific fields would severely impact financials,.
Advanced Infrastructure & Technology: The hospital utilizes specialized imported surgical equipment (e.g., Brainlab Navigation, Neuro Cath Lab) comparable to corporate hospitals. It has a sanctioned capacity of 150 beds with modern facilities like laminar airflow theatres and advanced ICUs.
Regulatory & Compliance Issues: Past Non-Compliances: The company has instances of past non-compliance, including failure to obtain shareholder approval for loan conversions, delayed statutory filings, and procedural lapses in appointing KMPs, leading to compounding applications.
Quality Accreditations: The hospital holds NABH (National Accreditation Board for Hospitals) accreditation and NABL (National Accreditation Board for Testing and Calibration Laboratories) certification, validating its quality standards.
Project Implementation Risks: The company is using IPO proceeds to set up a Radiation Oncology Centre. It has not yet placed orders for major equipment or fully secured all necessary government approvals. Failure to commission this on time or within budget could hurt profitability.
High Operating Leverage Model: Fixed-cost-heavy infrastructure leads to strong margin expansion once utilisation thresholds are crossed, as reflected in sustained EBITDA margins of ~26–30%.
Talent Retention & Manpower: The business is highly dependent on the Promoters and senior doctors. Inability to retain them or high attrition among medical professionals could adversely affect the business.

Company Origin Story

The institution traces its roots to 2008 when Dr. Mosesjoseph Arunkumar, neurosurgeon, established "Hannah Joseph Hospital" as a sole proprietorship in Madurai, Tamil Nadu. The primary objective at inception was to provide a comprehensive range of specialized neurology and neurosurgery services to the region. The entity was formalized as a corporate body on October 24, 2011, incorporating as "Hannah Joseph Hospital Private Limited". The company was founded by Dr. Arunkumar alongside his spouse, Dr. Fenn Kavitha Fenn Arunkumar, a consultant psychiatrist and Whole-time Director, who has been associated with the hospital since its inception. A significant milestone in the company's history occurred in 2020 when the hospital relocated to a new, larger campus spread over 2 acres to accommodate increased bed capacity and infrastructure needs. Subsequently, in July 2022, the company converted from a private limited entity to a public limited company, rebranding as "Hannah Joseph Hospital Limited" to facilitate further growth and capital raising.
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Parameter	Details
Issue Type	100% Fresh Issue
Issue Size	INR 42 crore
Price Band	INR 67-70 per share
Lot Size	2,000 shares
Net Issue	60,00,000 Shares
Listing Platform	BSE SME
Issue Opens	January 22, 2026
Issue Closes	January 27, 2026
Listing Date	January 30, 2026

Strengths	Weaknesses
Niche Specialization & Reputation: The hospital is a renowned centre for Neurosciences and Trauma Care, with a high reputation for handling complex surgeries with high success rates.It is led by Dr. Mosesjoseph Arunkumar, a prominent neurosurgeon, and Dr. Fenn Kavitha, a distinguished psychiatrist, ensuring strong clinical leadership.	Geographical & Asset Concentration: The company derives almost all revenue from a single hospital in Madurai. Any regional economic or political downturn could significantly impact business. Specialty Dependence: A substantial portion of revenue comes from Neurosciences, Interventional Neuro-radiology, and Trauma. A decline in these specific fields would severely impact financials,.
Advanced Infrastructure & Technology: The hospital utilizes specialized imported surgical equipment (e.g., Brainlab Navigation, Neuro Cath Lab) comparable to corporate hospitals. It has a sanctioned capacity of 150 beds with modern facilities like laminar airflow theatres and advanced ICUs.	Regulatory & Compliance Issues: Past Non-Compliances: The company has instances of past non-compliance, including failure to obtain shareholder approval for loan conversions, delayed statutory filings, and procedural lapses in appointing KMPs, leading to compounding applications.
Quality Accreditations: The hospital holds NABH (National Accreditation Board for Hospitals) accreditation and NABL (National Accreditation Board for Testing and Calibration Laboratories) certification, validating its quality standards.	Project Implementation Risks: The company is using IPO proceeds to set up a Radiation Oncology Centre. It has not yet placed orders for major equipment or fully secured all necessary government approvals. Failure to commission this on time or within budget could hurt profitability.
High Operating Leverage Model: Fixed-cost-heavy infrastructure leads to strong margin expansion once utilisation thresholds are crossed, as reflected in sustained EBITDA margins of ~26–30%.	Talent Retention & Manpower: The business is highly dependent on the Promoters and senior doctors. Inability to retain them or high attrition among medical professionals could adversely affect the business.