Rapid ageing, greater life expectancy, lack of exercise and altered lifestyles are driving incidences of osteoarthritis among Indians. Knee replacement surgery in India has been growing in double digits over the years. It is expected to emerge as fourth most common cause of physical disability in India in the next decade. Shalby is a market leader in procedure of arthroplasty (source: F&S; Report). It has ~15% market share of all joint replacement surgeries conducted by organised private corporate hospitals in India. It has performed more than one lakh joint replacements till date....

The company has a strong brand equity mainly in Gujarat. Shalby has witnessed significant growth in volumes across its hospital network. Arthroplasty continues to dominate its revenue pie although it has been witnessing greater traction in other specialities as well. Leverage free balance sheet, strong margins and continuous generation of free cash flows also provide additional cushion in a capex heavy industry. However, margins are still skewed towered the top two hospitals. We initiate Shalby with HOLD recommendation mainly due to high concentration risk. We value...

Outlook and valuation: At the upper end of the price band (`245-`248), the issue is priced at 42.8x of its FY2017 earnings vs. Apollo hospitals (73.7x) and Healthcare Global (121.2x). On EV per bed, it is available on 3.8x vs Apollo (2.3x) and Healthcare Global at 2.1x. We like its growth story, better returns profile than peers and stron..

60 Equity Shares and in multiples thereof. Public issue of 20,354,839 Equity shares of Face value Rs. RII 10 each, (Comprising of fresh issue of 19,354,839 Equity Total Public...

Ahmedabad headquartered Shalby Ltd (Shalby) is a leading multispecialty chain of hospitals in India with specific focus on joint replacement. The company provides healthcare services through a network of 11 operational hospitals with an aggregate bed capacity of 2012 beds and an operational bed count of 841 beds. The company claims 15% market share of all joint replacement surgeries conducted by private corporate hospitals (organised pie) in India in 2016 (source: F&S; Report). The company also provides outpatient services through 47 outpatient clinics and has 10 shared surgery centres within third party...

SHL is engaged in the business of providing tertiary and quaternary Face Value healthcare services with a focus on orthopaedics. SHL provides inpatient and outpatient healthcare services through 11 operational Shares for fresh issue...

Headquartered in Ahmedabad, Shalby Limited is one of the leading multi-specialty chains of hospitals in India. The company provides inpatient and outpatient healthcare services through 8 fully operational hospitals with an aggregate operational bed count of 781 beds. It also provides outpatient consultative healthcare services through 3 hospitals and 68 Outpatient Clinics. It has 8 shared surgery centers within third party hospitals. Shalby hospitals are well known for its orthopaedic services. It had a 15% market share of all joint replacement surgeries conducted by private corporate hospitals in India in 2016. The ancillary services currently offered by the company include Shalby Academy, Shalby...