Norvic Hospital will issue IPO soon, Convert Private Limited to Public Limited.

 Norvic International Hospital (NIH) has converted into a public limited company, aiming to float primary shares to the public to raise capital for its expansion plan.

Norvic Hospital, which has laid the foundation for quality healthcare in Nepal from the private sector, has transformed itself from a private company to a public company under the concept of expanding its services in the future and ensuring public participation in this work.

This is probably the country’s first hospital that has looked forward to issuing its shares to the general public. At a time when real sector companies are being reluctant to go public, the Capital-based hospital has decided to do so.

Som Nath Bastola, information officer for NIH, said the hospital is planning to expand its services from the locations out of the valley. According to him, they have been adding up 100 beds in the Kathmandu-based infrastructure along with opening a 100-bed hospital each in Sunsari and Bhairahawa. “The time and modality is yet to be decided to issue initial public offerings for the general people,” Bastola said. 

At the same time, the name of Norvic Hospital has been changed from the previous 'Norvic International Hospital and Medical College Pvt. Ltd.' to 'Norvic International Hospital and Medical College Limited'.

With the transformation into a public company, Norvic will also conduct an initial public offering (IPO) of ordinary shares to the public in the future. Norvic Hospital is the first hospital and medical college to be listed in the share market of Nepal, said Rajendra Bahadur Singh, executive director of the hospital.

IPO Issue Process

A new board of directors has been elected at Norvik International Hospital and Medical College after the transformation from a private limited company to a public limited company.

This is the first board of directors since the transformation of Norvik Public Limited. The same Board of Directors will implement the decisions including issuing shares to the public.

 Rajendra Bahadur Singh is the chairman of the newly appointed board of directors of Norvik. He had previously served as Norvik's executive director.

 Megha Chaudhary has been selected as the managing director while Bhuvan Chandra Bhatt, Manish Kumar Khemka and Gajendra Shrestha representing BLC Holdings have been selected as the directors.

 Harihar Sharma and Narayan Bajaj have been selected as independent directors while Saluja Shrestha has been appointed as company secretary.

 Company Secretary Shrestha informed that five people have been appointed as invitees in the board of directors.

 According to him, Basant Kumar Chaudhary is the patron and strategic advisor in the board of directors of Norvik. Madhu Ghimire, Dr. Pankaj Jalan, M.D. Agrawal. Chief Executive Officer of Norvik Ajay Kumar Mishra is also invited to the Board of Directors.

About Norvic International Hospital

A leading medical specialty centre, Norvic International hospital was established in 1994 by Chaudhary Group, one of the leading corporate houses in Nepal. Norvic International hospital is a 150 bed; state-of-the-art, super-specialty hospital located in Thapathali.

As a testimony to its high standards, Norvic is the first Hospital in Nepal with NABL accreditation with its high-tech laboratory services and are also certified for ISO 9001:2015 standards. Designed as the one of the advanced super specialty healthcare facility provider in the region, Norvic International Hospital takes prides in providing in-depth expertise in the spectrum of advanced medical & surgical interventions, comprehensive mix of inpatient and outpatient services. A combination of cutting edge technology in the hands of renowned doctors in and across the country has set new standards in healthcare. The medical practices and procedures are research based and gauged against the best from the world of healthcare. Stellar services within a warm and flexible and environment paired with affordability, has made us one of the most dependable hospitals in the country.

We are steadfast in delivering the most progressive and responsive care, pushing the boundaries of medicine while nurturing the next generation of health care providers and researchers, reshaping the health of the communities we serve- both locally and globally.

The hospital plays an active role in promoting and improving health within the community and collaborates with diverse partners to address the needs of the community actively participating to build a strong and integrated system for the regional healthcare and delivery.

(Updated on 25th July, 2021)