Marengo Asia eyes rights issue, stake sale to fund growth
Marengo Asia Healthcare is exploring a rights issue and the possibility of roping in an external investor as it looks to expand bed capacity to 3,000 by the end of 2026, a top executive told ET.
The platform, which is backed by Samara Capital, Havells Family Investment Office and Godrej Family Investment Office, is in talks for the acquisition of two hospitals which have a combined capacity of 500 beds, said Abhishek Kabra, chairman of Marengo Asia Healthcare, and partner, Samara Capital.
«The focus would be on building a differentiated and scalable business,» Kabra said in an interview, adding Marengo has the ability to take the bed capacity to 500-750 through internal accruals, additional debt and rights issues.
«Beyond 2,500 beds is where we would be open to looking at an external investor also becoming a part of the story,» Kabra said. «There could be a possibility that if we are getting visibility of 5,000 beds in early 2026, we may want to go for an IPO (initial public offering) earlier than that. So we remain flexible.»
Along with 200-500 bed hospitals, Marengo is also exploring asset-light operations and management (O&M) contracts that will serve as feeders for its anchor assets in the geographic clusters it operates, according to Kabra.
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