Maxivision Eye Hospitals, backed by Quadria Capital, has filed confidential IPO papers to raise funds and provide exits for early investors. The chain, which operates over 90 centers, has appointed three major investment banks to lead the process. Investors will focus on the company's ability to maintain service quality while expanding its network of hospitals into new states.
Maxivision Eye Hospitals has officially initiated its journey toward a public listing by filing confidential draft papers with the Securities and Exchange Board of India (SEBI) on September 30, 2026. This confidential filing process allows the company to discuss its financial details and business plans with the market regulator without making them public immediately, providing flexibility during the early stages of the offering. The proposed IPO is expected to feature a combination of a fresh issue of shares to raise new capital and an offer for sale, which allows existing investors to sell a portion of their holdings.
The Hyderabad-based company, which has been in operation since 1996, is primarily backed by Quadria Capital. The healthcare-focused private equity firm invested approximately ₹1,300 crore in the chain in 2023, signaling strong institutional support for the company’s business model. To guide the IPO process, the company has appointed a syndicate of lead managers including ICICI Securities, IIFL Capital, and JM Financial.
Maxivision currently operates a network of over 90 eye-care centers across six Indian states. The company’s growth strategy relies heavily on a hub-and-spoke model, where a central major hospital serves as a hub for smaller, satellite clinics in the surrounding areas. As the company looks to expand further into regions such as Maharashtra, Gujarat, and Madhya Pradesh, investors will be watching how management executes this aggressive growth plan. The eye-care sector is seeing rapid consolidation, and Maxivision is among the regional chains attempting to gain scale to meet rising demand.
Like many healthcare firms, Maxivision faces specific business risks. Scaling a network rapidly often brings challenges related to the integration of newly acquired or built facilities, maintaining consistent clinical service quality, and managing operational costs. Additionally, the final success and timing of the public offer will depend on broader market conditions. For now, the company will undergo a review process with SEBI. Investors will track updates on the official draft red herring prospectus, which will provide more details on the company's financial health and the specific use of funds once the regulator completes its initial assessment.