Report
EUR 95.47 For Business Accounts Only

Kids Clinic India Pre-IPO

Kids Clinic India (KCI) is looking to raise approximately US$160m in its upcoming India IPO.

KCI is a super-specialty mother and baby-care provider. It offers end-to-end coverage of all stages of the parenthood journey, beginning with fertility treatments, through maternity, neonatology and paediatrics. Most of its centres provide a range of mother and baby care services, including diagnostic and laboratory services, and imaging, as well as newborn intensive care units. The company operates and manages a network of 23 centres across six states and one union territory in India.

KCI’s growth has been impressive, given that they are aggressively growing their number of clinical centres and expanding their regional footprint. They have also become operating EBITDA and CFO positive in recent years. However, it remains unclear as to which business segment or regions are KCI’s largest growth drivers. The PE overhang could put some pressure on the stock post-lockup as well.
Underlying
Kids Clinic India Ltd

Provider
Aequitas Research
Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m. 

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
 
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
 
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

Analysts
Ethan Aw

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